frequently asked questions
- All
- Getting Started
- Bitcoin Basics
- Using Bitcoin Locally
- Myth Busting
- Safety and Privacy
- Legal & Practical
Bitcoin is digital money that operates without a central bank. It’s secured by a global network of computers and verified through a public ledger called the blockchain. Anyone can use it to send or receive value without needing permission from a bank or government.
Bitcoin is the only truly decentralized digital money. It has no central authority, no insider control, and no marketing team. Its rules are fixed: the supply is capped at 21 million, and no one can change that. Unlike most cryptocurrencies, which are run like tech startups or investment schemes, Bitcoin exists to be sound money – neutral, open, and resistant to corruption. That’s why it’s the only one with the potential to last.
Fiat money like the Canadian dollar loses value over time due to inflation. Bitcoin is limited in supply, can’t be debased, and lets you store value in a system no one can manipulate. It’s money that respects your time, labor, and freedom.
A Bitcoin circular economy is a local network where people buy, sell, and get paid using Bitcoin – no banks or fiat needed. It keeps value flowing within the community instead of extracting it through fees, taxes, or inflation.
It’s a growing movement of individuals and businesses in the Comox Valley who are using Bitcoin as real money. We’re building a resilient local economy based on voluntary exchange, sovereignty, and financial freedom.
You can buy Bitcoin through exchanges like Shakepay or Bull Bitcoin. Set up an account, verify your identity, and fund it with e-transfer. Always move your Bitcoin off the exchange to your personal wallet after buying.
An exchange is where you buy Bitcoin. A wallet is where you store it securely. On an exchange, the company holds your keys – meaning they control your coins. In a non-custodial wallet, only you hold the keys.
If you don’t control the private keys to your Bitcoin, you don’t truly own it. Exchanges can freeze your account or lose your funds. A non-custodial wallet gives you full control.
For beginners: Muun or Phoenix.
For advanced users: Sparrow or SeedSigner.
Choose one that’s easy to back up and doesn’t rely on third parties.
Yes, you can! Apps like Muun and Phoenix allow you to send, receive, and store Bitcoin directly from your phone, similar to a banking app but without the need for a bank. Think of Bitcoin as digital cash: a good practice is to only keep as much Bitcoin in your mobile wallet as you would comfortably carry in physical cash.
You scan a QR code or copy a Bitcoin address, then press “send” or “receive” in your wallet. It’s fast, borderless, and works 24/7.
Yes – especially when local businesses accept it. You can use Bitcoin to buy food, services, or pay your friends – instantly and without intermediaries.
You can find an updated list on our local business map and directory. It includes wellness studios, contractors, cafés, and more.
Not at all. If you can use a smartphone, you can use Bitcoin. We’ll help you every step of the way.
Absolutely. Whether you’re an employee, freelancer, or business owner, you can receive Bitcoin for your work. It’s fast, borderless, and final.
When people spend Bitcoin with local businesses and those businesses spend it locally again, it creates a closed loop of value – without banks or currency conversion draining it away.
Come to a meetup, join our online group, or connect with other Bitcoiners through our newsletter and events. Everyone’s welcome – no experience needed.
All you need is a bitcoin wallet. You can display a QR code for payment or use a point-of-sale app like Coinos or BTCPay. We offer free help to get started.
Only buy Bitcoin (BTC), not any other crypto. Don’t trust messages asking for your private keys or sending you to a sketchy website. Stick to reputable sources like Shakepay, Bull Bitcoin, and local guides.
If you’ve backed up your wallet with a recovery phrase (12 or 24 words), you can restore your Bitcoin. If not – it’s gone. Always write down your seed phrase and store it offline.
They’re more private than banks, but not completely anonymous. To improve privacy, use non-custodial wallets and avoid reusing addresses.
Why it’s not true: While Bitcoin mining consumes energy, much of it comes from renewable sources. Additionally, advancements in mining technology and the use of renewable energy sources are making Bitcoin mining more environmentally friendly.
Why it’s not true: While Bitcoin has been used for illegal activities, its primary use is for legal transactions. Many reputable businesses accept Bitcoin, and its adoption in mainstream finance is growing.
Why it’s not true: The Bitcoin network is secure due to its decentralized nature and strong cryptography. Individual wallets and exchanges can be vulnerable, but the underlying technology is robust. Users can enhance security with hardware wallets and proper key management.
Why it’s not true: Bitcoin has the first-mover advantage and a strong network effect. While other cryptocurrencies offer different features, Bitcoin’s established infrastructure and widespread adoption make it a lasting player in the crypto space.
Why it’s not true: The cryptographic algorithms used in Bitcoin make it extremely difficult to counterfeit. Each transaction is verified and recorded on a decentralized ledger, ensuring the integrity of the network.
Why it’s not true: Bitcoin’s value lies in its scarcity, decentralization, and utility as a store of value and medium of exchange. Its fixed supply and deflationary nature give it intrinsic value similar to gold.
Why it’s not true: Bitcoin wallets and exchanges have become more user-friendly, making it accessible to non-tech-savvy individuals. Many platforms offer simple interfaces and customer support to help users navigate the world of Bitcoin.
Why it’s not true: Bitcoin is regulated in many jurisdictions. Governments and financial authorities are increasingly providing guidelines and regulations for Bitcoin and other cryptocurrencies to ensure market integrity and protect consumers.
Why it’s not true: Bitcoin transactions can be slow and expensive during network congestion, but solutions like the Lightning Network enable fast and cheap transactions. Off-chain solutions and base layer improvements are also enhancing transaction efficiency.
Why it’s not true: Bitcoin’s price volatility does not mean it is a bubble destined to crash to zero. Its fixed supply and deflationary nature make it a store of value. Growing adoption and technological advancements support its long-term viability.
Yes. Bitcoin is legal in Canada and can be used for payments, business, and personal savings.
Yes. You can sell Bitcoin through apps like Shakepay or Bull Bitcoin, or trade it directly with someone in your community.
Because Bitcoin is the only truly decentralized, secure, and fixed-supply currency. Other crypto projects are often centralized, speculative, or misleading. We’re here to build freedom – not chase trends.