Bitcoin Security in Canada

Buying Bitcoin safely is step one. Keeping it safe is step two. This guide covers everything Canadian Bitcoin holders need to know about security.
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The Biggest Risks to Your Bitcoin

1. Scams (Most Common Threat)

Investment scams: Someone online promises guaranteed returns on Bitcoin. Often starts with small “profits” that encourage larger deposits. These are scams.

Romance scams (pig butchering): A romantic online connection directs you to send Bitcoin to a “trading platform.” The platform is fake. Your Bitcoin is stolen.

Impersonation scams: Someone claims to be from 1Bitcoin.ca, your bank, the CRA, or a tech company and asks for Bitcoin. Legitimate companies never ask for Bitcoin urgently.

Rule: If someone is pressuring you to send Bitcoin urgently — stop. It is a scam.

2. Exchange/Platform Failures

Celsius, FTX, BlockFi, and Voyager all collapsed. Customers who held Bitcoin on these platforms lost everything.

Solution: Use non-custodial platforms. 1Bitcoin.ca delivers Bitcoin to your wallet — we never hold it.

3. Lost Seed Phrase

Your Bitcoin wallet’s seed phrase (12-24 words) is the only way to recover your wallet if your device is lost or broken. Lose the seed phrase = lose your Bitcoin.

Solution: Write it on paper. Multiple copies. Secure physical storage.

4. Hacking/Phishing

Fake websites and emails designed to steal your login credentials or private keys.

Solution: Bookmark 1bitcoin.ca. Never click email links to log in. Use hardware wallet for large amounts.

Security Best Practices

For amounts under $1,000:

– Software wallet (Blue Wallet, Muun)
– Strong password + 2FA on exchange accounts
– Never share seed phrase

For amounts $1,000–$50,000:

– Hardware wallet (Ledger, Trezor, Coldcard)
– Seed phrase on paper, stored securely
– Consider a fireproof safe

For amounts $50,000+:

– Coldcard hardware wallet
– Multi-signature setup (2-of-3 keys)
– Seed phrase in multiple secure locations
– Consider institutional custody (DWM Canada)

If You Think You've Been Scammed

1

Stop sending immediately

2

Contact 1Bitcoin.ca: help@1bitcoin.ca

3

File a report with the Canadian Anti-Fraud Centre: 1-888-495-8501

4

File a police report with your local RCMP or city police

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