A cryptocurrency wallet is a software application that allows you to send and receive Bitcoins (or other cryptocurrencies) between your devices. Each wallet has a unique “private key” that gives you access to your coins and prevents anyone else from stealing them. This private key must never be shared with anyone, or you will lose control of your bitcoins permanently. Each wallet also has a “public key” that can be safely shared with others so they can send you Bitcoins.Check this out :https://theinvestorscentre.com/ca/crypto/best-crypto-wallets-canada/
Cryptocurrencies exist in a decentralized network and aren’t issued by any central authority. They are instead supported by blockchain technology, which records and verifies transactions on a tamper-proof ledger. The most popular cryptocurrencies include Bitcoin and Ethereum. They’re also often used as a form of payment for goods and services online.
Choosing the Right Crypto Wallet in Canada
The CRA treats crypto assets as commodities, which means they’re taxed the same as other investment income like capital gains and dividends. If you earn a profit from trading or mining crypto, you must report it to the CRA.
If you’re buying or selling crypto on an unregulated exchange, make sure the seller is registered with your provincial/territorial securities regulator. This will help you avoid scams and fraud. You should also consider investing in a regulated crypto platform or wallet, which may have a complaints-handling procedure and consumer protections.
