Bitcoin: Canadians’ solution to government account freeze.

Bitcoin once again embodies the people’s miraculous tool against centralization. While the government can request a freeze on bank accounts, Bitcoin Wallet rejects their request for a freeze. So protesters against Covid-19 restrictions no longer have to fear that the government will stifle them by going after their currency. We also see a second fact: Canadians are withdrawing more and more of their money from banks. We can see one of the best use-cases of bitcoin in practice before our eyes. Let’s analyze the conclusions to be drawn from this life-size exercise.

Sovereignty through Bitcoin
To stifle the protesters, Justin Trudeau, the Canadian Prime Minister, mentioned freezing the bank accounts of the protesters. A decision strongly criticized in a country called “democratic”. The Prime Minister bases his decision on the “Emergencies Act” text.

In addition to that, the government wants to add identified people to a file. Once on it, they would be forbidden specific jobs, in addition to being labelled as “terrorists”. In this incredible storm of restrictions, one saving grace remains. Nunchuck is a Bitcoin wallet. It has been ordered to distribute information and close user accounts by the Canadian government. Nunchuck has made it clear that this is impossible, guaranteeing the security of its users’ crypto-currency.

Nunchuck explains, “We do not collect any identifying information from users beyond email addresses. We also do not hold any keys. Therefore, we cannot ‘freeze’ our users’ assets. We cannot “prevent” them from being moved. We do not know of the “existence, nature, value and location” of our users’ assets. That’s in the very essence of Bitcoin.”
This support is all the more valuable because a GoFundMe campaign did not follow through on the 9 million raised on its platform. Activists had then created a campaign to support the road protesters.
Banks in trouble?

James Melville, a business journalist in the United Kingdom, has observed an interesting phenomenon. Since the announcement of the possible bank freeze of the demonstrators, Canadians have been rushed to the ATMs to get their money out. James notes that Canadian banks are having more and more problems. In a tweet, he shows that withdrawal problems have increased tenfold. For RBC, the largest Canadian bank, the factor goes up to 3,000!

I don’t have to tell you what happens when a bank runs out of money. All this climate of hostility towards banks is fueling enthusiasm for cryptocurrency. The famous “Truckers” are now being fed crypto by envelopes containing
instructions. They are told not to go through large exchanges and only exchange P2P (peer to peer). This way, they can cash out their Bitcoin and usually live. All socio-professional classes in Canada are assigned crypto-currency training by force of circumstance.
BTC versus governments

The Canadian government no longer has any leverage. Ethereum creator Vitalik Buterin then explains, “If the government is unwilling to follow the laws…[and] give people a chance to defend themselves…and they just want to talk to the banks and essentially cut off people’s financial livelihoods without due process, that’s an example of the kind of thing that decentralized technology is here to make more difficult.”

Quite simply, in an increasingly decentralized world, wanting to establish your little dictatorship with the help of the banks is no longer possible.

We are seeing another use for Bitcoin. It is a currency to fight inflation in emerging countries, as in El Salvador. It is also a way to guarantee economic sovereignty. It is absolute justice by its purely algorithmic nature and without human interference. This technology allows for exchanges between individuals with frightening security and a formidable efficiency.
Efficiency. Once again, the most important institutions of developed countries have broken their teeth trying to corrupt it. This is a lost cause. Canadians will keep in mind the banks that starved them as the crypto that will have fed them.

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