Cryptocurrencies have gained popularity across the world, but the situation in Canada is quite interesting. Some think it can be downright risky to purchase crypto in Canada because cryptocurrencies aren’t legal tender, unlike in the US. That means that our government does not have oversight.
But, Canadians always find a way, and Toronto has been dubbed the “Crypto City” because of how many local companies accept Bitcoin and other cryptos. It’s also the birthplace of Ethereum and home to many of the country’s top crypto companies.
A lot of Toronto’s crypto culture stems from the brain of Vitalik Buterin, who walked into Anthony Di Iorio’s home for a meeting about the latter’s software company Decentral and came up with the idea of Ethereum.
Toronto has always been a city with a divide. On the one hand, it is the financial hub of Canada. But drive just an hour outside of the city to Waterloo and you find the tech hub of the country (and coincidentally also the university that Buterin attended). But these two industries have combined brilliantly to transform Toronto into a crypto hub.
2022 was a big year for the city. The Web3 & Blockchain World Summit, ETH Toronto, the AIBC Toronto, and the local Cardano Summit all occurred that year, exposing hundreds to cryptocurrencies, blockchains, and NFTs. Today there are still dozens of crypto-related meetups in the city, attended by podcast hosts, crypto investors, and conference attendees.
It comes as absolutely no surprise that there are also several businesses in the city that are willing to accept crypto payments. This extends to online businesses too. Online casinos, which are legal in Canada when provincially managed, were quick to jump on board the digital currency train. In Canada, crypto casinos offer high levels of anonymity due to the nature of crypto transactions, as well as fast payouts, low transaction fees, and all the games found on traditional casino platforms.
It is also thanks to retailers like BitPay and Bitrefill that crypto has become a useful currency. These services allow Torontonians to purchase gift cards using crypto, and the cards can then be exchanged at many retailers, restaurants, and even travel companies.
Then there are the on-the-street retailers that have embraced the city’s nickname. You can go get your smile fixed at Downtown Dental Hygiene Clinic, tidy that mess you call your home thanks to B&B Cleaning Service, and head down to Grossman’s Tavern, all by spending from your crypto wallet. Make it a pub crawl and head to Toronto Brewing, or focus on your health instead with Vital Cryotherapy Toronto - both also accepting crypto payments.
Thanks to Coinmap you’re able to see exactly who, what and where accepts Bitcoin and other cryptocurrencies because let’s face it, writing a complete list will take all day.
You can grab a coffee at Snakes and Lattes or a meal at Clocktower Brew Pub, and pay with crypto to spend the night at Sandman Hotels or Urban Living Suites. The opportunities in Toronto really are endless. You can even pay with Bitcoin at the Toronto Coach Terminal.
There are also crypto ATMs dotted around the city, making it easy to manage your funds. These ATMs allow users to sell crypto for Canadian dollars or withdraw funds like they would at a cash ATM.
