Do you want to join the thousands of Canadians who own crypto? Currently, it’s estimated that around 94,000 people in Canada own or use bitcoin.

Although most Canadians are aware of bitcoin, there are still many barriers to entry around owning and using cryptocurrency.

According to 2021 reports, 90% of Canadians were aware of bitcoin, but only 5% owned any. Of these, half obtained their bitcoin through online exchanges. Fast forward two years and not much has changed.

If you don’t want to navigate the complexity of online exchanges, you might want to consider buying bitcoin in person. If you purchase bitcoin in person, you can avoid the stress, hassle, and risks associated with buying online as a digital currency beginner.

Do you want to safely buy bitcoin, and avoid getting scammed or losing access to your funds? Keep reading to find out why buying bitcoin in person might be the best option for you.

Why Buying Bitcoin in Person Is Better Than Online

If you’re wondering whether you should buy bitcoin in person rather than online, here are some of the benefits you can enjoy with an in-person purchase.

First off, you can get quick responses to any and all questions. No writing long emails and waiting for an online customer service agent to get back to you. What’s more, you can ask any questions you want.

If you want to ask for advice on things like storing paper wallets or buying a hardware wallet, an in-person representative should be able to help you. With an online exchange, customer service reps aren’t there to answer general bitcoin-related questions.

They’re just there to assist you with problems you might be having with your account or the exchange.

With in-person bitcoin buying, if you have any issues with installing your bitcoin wallet, or sending and receiving transactions, you can receive prompt, personal troubleshooting assistance.

Finally, when you buy bitcoin in person you also have a wide range of payment options. For instance, here at the Toronto Bitcoin Center, you can choose between cash, wire transfer, bill payment, or debit card.

Why Buying Bitcoin in Person Is Safer Than Online

One of the biggest benefits of buying bitcoin in person is it can be a lot safer than buying online.

Although there are safe ways to purchase bitcoin and other digital assets online—if you don’t have experience with the various online platforms and exchanges you could open yourself up to all kinds of pitfalls.

Here are some of the ways you might lose your money or your bitcoin when trying to buy online for the first time.

Exchange Hacks Are Common

Although most reputable online exchanges have multiple layers of security, mistakes can (and do) happen. Last year alone saw 20 online cryptocurrency exchanges get hacked, where the perpetrators made off with at least $10 million in digital assets.

In the last six hacks of 2021, hackers managed to lift $100 million.

If you’re unlucky enough to have crypto sitting on an exchange during a hack attack, and the exchange goes down, there’s usually nothing you can do to recoup your money.

If you buy bitcoin in person, you don’t have to worry about any of this. Instead of sitting on an exchange that’s vulnerable to attack, your assets will reside securely in your private wallet on the blockchain.

You Might Lose Your Wallet Keys

Another risk of buying bitcoin online is that you may lose your bitcoin wallet keys. This can happen whether you buy crypto online, in-person, or through an ATM, but the difference is that when you buy in person through a service like ours, you can get access to face-to-face assistance.

If you buy bitcoin through the Toronto Bitcoin Center, one of our representatives will be available to walk you through everything you need to know about protecting and storing your bitcoin wallet keys.

Instead of trying to follow random guides on the internet, you can have a real person help you and answer all of your queries.

General Crypto Fraud Is on the Rise

Unfortunately, exchange hacks aren’t the only risk that comes with buying bitcoin online as a beginner. You also run the risk of losing your money to things like:

• Rug pulls
• Bitcoin Ponzi schemes
• Fraudulent bitcoin “investment managers”
• Phishing scams
• Man-in-the-middle attacks

If you’re new to crypto investing, it can be hard to spot a fake project or a fraud who’s posing as a bitcoin investment manager. Seasoned cryptocurrency traders are better equipped to identify scams but even experienced crypto investors get taken in from time to time.

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The easiest way to avoid all these unfortunate (and expensive) scenarios is to buy your bitcoin in person with a trusted service that has physical locations.

Think of it like banking. Anybody can throw up a website and pretend to be a bank. But would you trust an obscure “bank” that only has an online presence?

You Might Lose Your Bitcoin to Malware

If you’re buying bitcoin online, you might also run the risk of losing it to malware. Unless you’re a cybersecurity nerd, there’s a chance that your computer or personal device might become infected with malware that could potentially rob you of your bitcoin.

For instance, if your device is infected with a keylogger, this piece of malignant code can track your keystrokes. If you type out or copy and paste your bitcoin wallet keys, the keylogger can record this.

Armed with your wallet keys, a hacker can easily open your wallet and transfer out the bitcoin. Because bitcoin transfers between wallet addresses on the blockchain are private and encrypted, there’s no way the authorities can track down the perpetrator or recover your money.

Why Bitcoin ATMs Aren’t Always the Answer

Most people assume that the only way to buy bitcoin in person is to visit a bitcoin ATM. While this is one way to avoid having to navigate online exchanges, it isn’t always the most secure option.

Bitcoin ATM Scams Aren’t Uncommon

As with traditional ATMs, criminals have started targeting bitcoin ATMs, often to great success. One way crypto-savvy thieves can steal your money is through “closed ATM” scams. Here, scammers print and place notices on unmonitored ATMs that say the ATM is out of order, and then give instructions for manually completing your transaction.

The notice typically contains a QR code, which, when scanned, sends the bitcoin directly to the scammer’s wallet address. Tracking down and successfully prosecuting the perpetrators is very difficult, making it almost impossible for victims to get their money back.

Buying Bitcoin Through a Bitcoin ATM Isn’t Very Convenient

Another reason why bitcoin ATMs aren’t always the answer is they require you to come with cash. You can’t buy bitcoin via a cryptocurrency ATM with your bank card.

Unless you happen to have a large amount of cash lying around (which is a security hazard in and of itself), you’ll need to go to a regular ATM, withdraw cash, and then travel to a bitcoin ATM and deposit it.

Depending on your bank fee schedule, you might incur a steep cash withdrawal charge.

While an ATM is not the safest palace to take cash and carry it around, the offices of the Toronto Bitcoin Center are specifically designed and equipped for people to securely pay or be paid large amounts of cash in Canadian and US dollars.

How to Protect Yourself While Purchasing Bitcoins in Person

If you want to avoid the potential hazards of bitcoin ATMs, the best way to buy bitcoin is in person. However, you need to go with a trusted service, not a fly-by-night operation.

Look for a well-established company, such as the Toronto Bitcoin Center. We have been in the financial services business for over 30 years. We offer a face-to-face customer service experience that’s designed to help you avoid any undesirable mistakes that might cause you to lose money when buying and transacting in bitcoin.

We believe that important financial transactions shouldn’t have to be done at corner store bitcoin ATMs. Nor should you have to send large sums of money to far-away internet-based exchanges if you want to invest in bitcoin.

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Because of this, we offer a branch-like experience to our clientele, with a focus on dedicated, personalized, superior customer service.

Along with a branch-like experience and ultimate security, our prices and exchange rates are some of the most competitive in the industry.

Conclusion: Why Buying Bitcoin Online May Not Be for You

Do you want to buy bitcoin, but don’t know where to start?

If so, buying online might not be ideal for you. Buying bitcoin online exposes you to security risks, and it can also come with hidden fees and customer service that’s very hard to communicate with.

In most cases, there isn’t a big price difference between buying bitcoin in person and online. Buying in person can also allow you to avoid potentially large, expensive mistakes.

If you’re looking for a secure, stress-free, and safe way to buy bitcoin in person, we are the people to speak to. Our goal is not just to help you buy bitcoin, but to provide a seamless experience, answer all your questions, and make sure that nobody has to buy bitcoin at a back alley BTC ATM if they don’t want to.

Do you want to enjoy a branch-like, in-person bitcoin buying experience? Come and visit us any time, or Contact us to discuss your bitcoin buying needs.