Learn the basics
Understand price volatility, transaction fees, addresses and the difference between an exchange account and a self-custody wallet.
Start here
Seven careful steps for a first purchase
You do not need to buy one whole bitcoin. A bitcoin can be divided into 100 million smaller units called satoshis, or “sats.”
Choose a Canadian platform carefully
Check the platform’s status with your provincial securities regulator. Compare fees, spreads, withdrawal rules, security controls and customer support—do not rely on an advertisement or influencer.
Secure the account
Use a unique password and enable strong two-factor authentication. Bookmark the real website, install apps only from official sources and never approve an unexpected login.
Buy a small amount
Begin with an amount you can afford to lose. A gradual dollar-cost-averaging plan may reduce the pressure to guess the “perfect” day, but it cannot prevent losses.
Record the transaction
Save the date, Canadian-dollar value, quantity, fees and platform statement. Canada Revenue Agency guidance says crypto transactions may have tax consequences.
Practise a withdrawal
When ready for self-custody, send a small test amount first. Check the network and compare the entire receiving address on both devices before sending the balance.
Back up and verify
Write recovery words offline, in the correct order. Keep copies in secure, separate locations and test the recovery process before storing a significant amount.
Slow is secure. It is perfectly reasonable to pause after any step until you understand what happens next.
Where should you keep Bitcoin?
There is no universal “best” choice. Security depends on the amount, how often you spend, your technical comfort and the quality of your backup plan.
On an exchange
Useful for: buying and learning with a modest amount.
Trade-off: the platform controls the keys and may be hacked, fail or restrict withdrawals. This is not the same as holding Bitcoin yourself.
Hot wallet
Useful for: smaller spending amounts and learning how on-chain withdrawals work.
Trade-off: convenient, but an internet-connected phone or computer has exposure to malware, phishing and theft.
Hardware or cold wallet
Useful for: longer-term savings after you understand self-custody and recovery.
Trade-off: strong protection from online threats, but mistakes, lost backups or poor inheritance planning can make funds unrecoverable.
“Not your keys, not your coins” is a reminder about custody—not a reason to rush into a setup you have not tested.
Your non-negotiable security rules
✓ Do
- Buy a hardware wallet directly from its manufacturer or an authorized seller.
- Create the wallet yourself and verify receiving addresses on the wallet’s own screen.
- Keep recovery words offline and private; anyone who sees them can take the Bitcoin.
- Send a small test transaction and wait for confirmation.
- Prepare clear recovery instructions for incapacity or death without exposing the keys prematurely.
✕ Never
- Type seed words into a website, email, cloud note, password manager or unsolicited “support” form.
- Photograph the seed phrase or store it as a screenshot.
- Let a stranger remotely control your computer or phone to “help” with crypto.
- Send Bitcoin because of a guaranteed-return pitch, romance contact, tax threat or urgent demand.
- Use a wallet that arrived already initialized or with recovery words supplied.
Independent reading and official guidance
Use primary sources and verify important details yourself. Links open in a new tab.
Financial Consumer Agency of CanadaCrypto-asset risks, fraud and consumer protection
Canada Revenue AgencyBooks and records for crypto-asset tax filing
Canadian Anti-Fraud CentreInvestment and cryptocurrency scam warnings
Bitcoin.orgWallet backups, encryption and offline storage
Canadian Securities AdministratorsCheck whether an investment firm or person is registered
Dice-roll seed guideFurther reading on generating wallet entropy
Optional learning community
Join Maple Bitcoin School if you would like additional education and community discussion. This link is for the school—not for buying Bitcoin.
Referral disclosure: This is Ted Lee’s referral link. The school may show “Ted Lee invited you.” Check the provider’s current trial terms, price and cancellation rules before registering.
Optional privacy tool
For secure browsing and censorship-resistant access, Ted recommends Obscura VPN, which advertises Bitcoin Lightning payment support. A VPN can improve network privacy, but it does not protect seed words, prevent investment losses or make an unsafe wallet safe.