A crypto store that can be used to buy bitcoins online, store them and then sell them online is one option for Canadians to buy the virtual currency, but the online marketplace may not be ready for prime time.
“It’s a big challenge,” said Josh Cushman, founder and CEO of AdexCoin, which operates on the online cryptocurrency marketplace.
“We’re still working out some issues with our infrastructure.”
Cushmin said the company had been unable to secure enough funding to meet the anticipated demand for bitcoin.
Bitcoin, the virtual cryptocurrency, has risen sharply since the U.S. Federal Reserve announced a $1,000 limit on the value of the digital currency on July 16.
Since then, the price of the cryptocurrency has risen from about $1.25 to more than $2,500.
“People have been able to purchase bitcoin on the Bitcoin Exchange Market,” said Cushmon.
“But, at this point, it’s not really an easy market to participate in.”
The Adexcoin site is designed to be easy to navigate and has a list of available cryptocurrency pairs, which are similar to the Bitcoin exchange market.
It has a separate section called “Investment.”
The site also has an option to buy bitcoin with cash, which allows people to sell bitcoins at a lower rate.
“There’s a lot of liquidity available on the site right now,” said Steve Schreiber, co-founder and CEO at Coinbase, which is the largest cryptocurrency exchange.
“The only real barrier right now is getting enough investors.”
Bitcoin prices have increased by more than 50 per cent this year and could top $10,000, according to CoinDesk, although that could change as the price continues to fall.
The bitcoin price has also soared by more a few per cent since the beginning of this year.
Bitcoin is a digital currency that has existed since 2009.
The currency is traded through the blockchain, which links a person’s digital wallet to a public ledger maintained by a third party.
The blockchain is the public ledger that allows transactions to take place.
It is also the underlying technology that allows cryptocurrencies like bitcoin to function.
Bitcoin transactions can be made between people, between companies and between computers, but there are no central servers or exchanges that are part of a central bank.
The price of bitcoins is tracked through algorithms that determine the best way to trade and store the currency.
The digital currency is stored on a network of computers running software called “mining.”
The cryptocurrency is created when miners attempt to solve complex mathematical problems that involve finding solutions to mathematical problems.
The coins are then “mined” and a digital copy of the original bitcoin is created.
Cushmen said Adexcoins cryptocurrency exchange service is already working on the next step in its development, which will allow Canadians to exchange their bitcoins for Canadian dollars, the currency of choice for online retailers.
It also has a platform that allows Canadian businesses to offer customers bitcoin as an alternative payment method.
Cushing said he was not surprised by the bitcoin price’s recent gains.
“I think the demand for bitcoins has been high,” he said.
“You could argue that it’s the best currency that we have in the world right now.”
Bitcoin price is still far away from mainstream acceptance, however.
“For now, there are a lot more things that need to be done before people can really use bitcoins to buy goods online,” said David Ragan, CEO of Crypto Currency Group, which helps companies make use of bitcoin and other digital currencies.
“Until we can make bitcoin a mainstream currency, that’s the first hurdle we have to overcome.”
Ragan said it is not clear how the Adex Coin service will be able to get off the ground.
“Right now, it seems like a big hurdle to jump,” he told CBC News.
“As more people learn about bitcoin and bitcoin and blockchain technology, they’ll start to realize that the technology can work.”
Crypto currency marketplaces can still provide a service for online sellers of goods, such as bitcoin, but they will need to scale, Ragan noted.
Bitcoin will continue to rise as people learn more about the technology, he added.
“If we’re able to scale bitcoin to become mainstream, it will allow us to create a huge new market for businesses.”
Crypto Currency Groups CEO, David Ragin, says that he is working on a service that will allow Canadian merchants to accept bitcoin as payment.
“Once we scale bitcoin, it’ll be a major, massive new market,” he explained.
“A lot of the businesses are already accepting bitcoin.”