Secure Trading-CAD-interac

From Bitcoin Wiki
Jump to navigation Jump to search
The printable version is no longer supported and may have rendering errors. Please update your browser bookmarks and please use the default browser print function instead.

You have been mining for a while and now would be a nice time to cash out? You've learned enough about Bitcoin to know it's the best money out there - the first as good as gold and a lot easier to carry? How can you exchange easily with minimum hassle? Forget about the trust and feedback system. Real traders do business, not friendly chit-chat. (But you're always welcome on #bitcoin-cad on if you want to talk.)

In Canada you can either trade using the Over The Counter (OTC) system and its web of trust system, or register with the first Canadian-based exchange -

When conducting trades using the OTC you are strongly encouraged to check the rating of individuals you are about to trade with. Look for a cumulative rating of at least 8, that has come from at least 3 other individuals with good ratings, and that is at least 2 weeks old. if you do not have such a rating then you are going to have to trust the party that has a better trust rating than you until you have enough good trades and ratings to have built a good reputation yourself.

When sending and receiving money the preferred method is a service called Interac, which has a marvellous system called Interac e-transfer. Fees are normally between 0 and 2$ per transaction (check with your bank or credit union).

  1. E-mail the money (minus the password);
  2. Send the password by e-mail, IRC, PM on a forum, smoke messages...

(Please note it takes around 30 minutes for an Interac e-transfer transfer to be sent.)