Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin can be bought on exchanges, or directly from other people via marketplaces. You can pay for them in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers, or even with other cryptocurrencies, depending on who you are buying them from and where you live.
A growing number of people are using Bitcoin to remit money to family and friends in their home countries who may not have access to traditional banking systems. Bitcoin is also being used by some businesses as a way to hedge against inflation or currency fluctuations in their own countries.
The best way to buy Bitcoin in Canada is through an exchange such as QuadrigaCX or Kraken. These exchanges allow you to buy Bitcoin using your Canadian Dollars (CAD).
You will need to create an account on the exchange and deposit CAD into your account. Once you have done this, you will be able to buy Bitcoin at the current market rate.