Bitcoin (BTC, XBT, or Ƀ) is a digital currency which uses cryptography to regulate the creation of currency, verify the transfer of funds, and operates independently of a central bank. Bitcoin is a peer-to-peer remittance system which uses a public ledger (refereed to as the blockchain) which is updated and maintained by a network of computer systems running the Bitcoin software. This network ensures that all Bitcoin transactions are valid and that no Bitcoins are spent more than once. To send Bitcoin to another person, one must supply the public and private keys to complete the transaction.
Bitcoin was created in 2009 by Satoshi Nakamoto, who remains unidentified to this day. Mr. Nakamoto's goal was to create a decentralized currency, unlike government-issued currencies which are controlled by the government and banks. Since the launch of Bitcoin, many other digital currencies have since been deployed and are collectively referred to as "Altcoins".
How it Works
Bitcoin uses peer-to-peer technology making payments virtually instantaneous. "Miners", independent individuals and companies who maintain and verify transactions are rewarded for their efforts by receiving Bitcoin. They receive these rewards from the creation of new Bitcoin and from transaction fees. The miners are the decentralized authority that manage the Bitcoin network, ensuring that all transactions are valid.
mining is the process through which new Bitcoins are created. Miner's
must solve highly complex mathematical equations, using all previous
transactions in the blockchain. A successful computation creates a new
Bitcoin block which is then added to the blockchain and the miners then
receive the reward. The block reward started at 50 new Bitcoins, back in
2009. This reward is decreased every four years up until the total
amount of Bitcoin in circulation reaches the limit of 21 million. This
limit was set by the inventor to create an artificial scarcity much like
gold, platinum, etc. This limit should be reached by 2140. Although
there is a limit, Bitcoin is divisible to eight decimal places (100
millionth of a Bitcoin or 0.00000001); the smallest amount of Bitcoin.
An amount of 0.00000001 XBT is named after the inventor and referred to
as a "Satoshi".
Transactions are stored with the following format: Payer A sends X bitcoins to Payee C. Once a transaction has been requested, it is then stored on the current network node and transmitted to other nodes and their copy of the ledger for confirmation of validity. What's more, transactions need to have the digital signature of every owner requesting a transaction.
If you would like to learn more about Bitcoin, please visit our guide page here: Cryptocurrency: Introduction.
Selling Bitcoin to us easy quick and easy. Simply enter the amount of Bitcoin that you would like to sell into amount box above, to know how much you’ll receive. By simply following the simple guide below, you’ll have cashed out your Bitcoin into Canadian dollars in no time!
Important: By law we cannot make payments to third parties, so please ensure that the personal details we have on file for you match to whom we will be making payment to.
Prior to placing your Sell Bitcoin order, please update your account details with the corresponding payout method of your choice. For example, if you would like us to pay you via cash deposit, please ensure that we have the following information on file: Bank where your account is held, name on the account (this needs to match the name given for account registration on our site), bank transit, and your account number.
There are two ways to update your account information: on the checkout page, found on the left-hand side of the page (if you’re registering whilst placing your order), or via your account on our website if you are already a registered user of our site.
To update your payout details through your BuyXBT account, please follow these steps:
- Log into your account on our website (login link is found at the top-right of the page)
- Click on “Edit your account information”
- Add the details into the form
- Click on the “Continue” button
We offer a few payout options to choose from, such as, cash deposit at major banks, Interac eTransfer, and cash in the mail. Below you will find a quick checklist of the details we require to complete your payout. Note that we charge a $15 CAD fee for cash in the mail but not for the other methods mentioned. This amount will be deducted from the amount sent.
To get a fully detailed guide on the information required for each payout method, please visit the following link: Payout Methods.
Completing Your Order
Once the above information is supplied, you can enter the amount of Bitcoin you are looking to sell to us into the amount field and click on “add to cart”. By clicking on the little basket option – at the top right of your screen – and clicking on “checkout”. This will bring you to our checkout page. If you haven’t registered with us yet, you can do so from this page by filling out the form on your left.
Once you have placed your order, you will receive an email with the Bitcoin address to where you are to send your Bitcoin to. N.B. this information is also found on the checkout page.
Important: When sending your Bitcoin to us, pay extra attention to the miner fee you have set on your wallet; we have no control over this. We can only pay you for the net amount of Bitcoin that we receive.
For a fully detailed guide on how to sell to us, please visit the following link: Selling Cryptocurrency.