Bitcoin once again embodies the miraculous tool of the people against centralization. Indeed, if the government can request the freezing of bank accounts, Bitcoin Wallet rejects their request for freezing. Protesters against Covid-19 restrictions therefore no longer have to fear that the government will suffocate them by attacking their currency. We also observe a second fact: Canadians are withdrawing more and more of their money from the banks. We can see one of bitcoin's best use-cases in practice right before our eyes. Let's analyze together the conclusions to be drawn from this life-size exercise.
- Bitcoin, safer than a bank
- Government institutions on the loose
- The popular cryptocurrency craze
Bitcoin Sovereignty
In order to stifle the demonstrators, Justin Trudeau, Canadian Prime Minister to evoke the freezing of the bank accounts of the demonstrators. A strongly criticized decision, in a so-called “democratic” country. The Prime Minister bases himself on a text called the “Emergencies Act”.
In addition to this, the government wants to add identified people to a file. Once there, they would be banned from certain jobs, in addition to being labeled as “terrorists”. In this incredible storm of restrictions, a saving element remains. Nunchuk bitcoin wallet is a bitcoin wallet. He was ordered to distribute information and terminate user accounts by the Canadian government. Nunchunk has made it known that this is impossible, thus guaranteeing the security of the cryptocurrency of its users.
Nunchuk bitcoin therefore explains: “We do not collect any identifying information from users beyond email addresses. We also do not hold keys. Therefore, we cannot “freeze” our users' assets. We cannot “prevent” them from being moved. We have no knowledge of the "existence, nature, value and location" of our users' property. This is in the very essence of Bitcoin.”
This support is all the more valuable since a GoFundMe campaign did not follow up on the 9 million raised on its platform. Activists then created a campaign to support road protesters.
Banks in Trouble?
James Melville, a business journalist from the United Kingdom observed an interesting phenomenon. Since the announcement of the possible bank freeze by the protesters, Canadians have been rushing to distributors to get their money out. James notices that Canadian banks are having more and more problems. In a tweet, he shows that withdrawal problems have multiplied by 10. For RBC, the largest Canadian bank, the factor goes up to 3,000!
I don't need to explain to you what happens when a bank runs out of money. All this climate of hostility towards banks is fueling a fervor for cryptocurrency. The famous “Truckers” are now supplied with crypto, by envelopes containing instructions. We explain to them not to go through large exchanges, and to exchange only P2P (peer to peer). They can thus cashout their Bitcoin, and live normally. By force of circumstance, all socio-professional classes in Canada are assigned cryptocurrency training.
BTC Against Governments
The Canadian government no longer has any lever of control. Ethereum creator Vitalik Buterin then explains, “If the government is not willing to follow the laws… [and] give people a chance to defend themselves… and they just want to talk to the banks and essentially cutting off people's financial livelihoods without due process, that's an example of the kind of thing that decentralized technology is here to make harder”
Quite simply, in an increasingly decentralized world, wanting to establish a small dictatorship with the help of banks is no longer possible.
We see another use for Bitcoin. It is not just a currency to fight against inflation in poor countries, such as El Salvador. It is also a means of guaranteeing its economic sovereignty. By its purely algorithmic nature, and without human interference, it is the absolute arbiter. This technology allows exchanges between individuals with appalling security, with formidable efficiency. Once again, the largest institutions in developed countries have broken their teeth trying to corrupt it. This is a waste of time. Canadians will keep in mind the banks that starved them as well as the crypto that fed them.