Why is a bitcoin auction for the first time possible in Canada?
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This is the first auction for a bitcoin digital asset in Canada.
The proceeds from the sale of the digital asset will be distributed to the Canadian government.
In an interview with CoinDesk, David Eichenbaum, CEO of Canadian bitcoin exchange Coinsetter, said that the auction is “a very interesting, unique opportunity.”
He noted that “there are no other similar auctions in Canada.”
Eichenbaum said the cryptocurrency’s market capitalization of more than $1.8 billion was not a factor when the company acquired Coinsetter in May.
He also said the company was “very lucky” to have Coinsetter as its primary exchange for its digital asset, as it will be the only Canadian exchange to accept bitcoin in the coming months.
Eichenmeier added that Coinsetter has been in contact with the Canadian Bitcoin Foundation to coordinate the auction.
The Canadian Bitcoin Association (CBA) has also worked closely with the organization, which has “provided them with some additional information to help them process the paperwork,” he said.
The CBA has also given the Canadian bitcoin community a platform to coordinate events in the future, he said, noting that events like the auction will be made “accessible and transparent.”
Echenbaum said he believes that the Canadian exchange is the only one to be able to offer this kind of auction in Canada at this time.
“I think we have a great chance to help Canadians understand and be more comfortable with the cryptocurrency,” he told CoinDesk.
“There’s a lot of confusion about bitcoin and how to use it in a way that they can benefit the world,” he added.
“And there’s a lack of information out there.”
Canada’s bitcoin market is not as well-known as the U.S., but there are more bitcoin businesses operating in the country than in any other country in the world.
More than $60 million in bitcoin was traded in Canadian bitcoin exchanges in the first quarter of 2018, according to data from CoinDesk and CoinMarketCap.
Eberhart, who is also a former chief investment officer at bitcoin broker BitFury, said there are some positives to be taken from the auction, including the fact that Canadian bitcoiners have been able to experience the digital currency’s “market cap and supply.”
“I think that’s important because we have not had a large market cap of bitcoin,” Eberhart said.
“The market cap and the supply are really important factors.
The bitcoin supply is not growing at a rapid pace, it’s growing more slowly.
I think that will be important for Canada’s bitcoin economy to grow.”
Bitcoin is a digital asset that can be exchanged for fiat currencies, including dollars, yen, and bitcoins.
There is a large number of different bitcoin types, ranging from “cold” bitcoins to “hot” bitcoins.
Ebithart said that “the market cap” of the cryptocurrency in Canada “is really very high.”
He said that, unlike in the U and U.K., “there’s a good amount of diversity” in Canada’s cryptocurrency market, with “an abundance of different types of bitcoin.”
For more on digital currency, read this report from CoinJournal.com.
For more news from Canada, visit CoinDesk’s blog.
This is the first auction for a bitcoin digital asset in Canada.The proceeds from the sale of the digital asset…