Robert Steinadler, a year ago
The protests in Canada have gotten out of hand. It started with a few truckers who were frustrated by the fact that they had to get vaccinated or quarantined after crossing the border between Canada and the USA. Within a few weeks the protest affected the whole nation and now the honking won’t stop.
Many people now claim that these recent events prove that Bitcoin is becoming more important than ever – but why?
With major roads being blocked along with the country’s capital, prime minister Justin Trudeau invoked an emergency act. This allows him and the rest of the government to override civil rights to restore the public order. The decision caused a controversy in the country among political leaders as well as on social media.
The Canadian government tries to cut the protests funding. Banks and payments providers don’t need to wait for a judge to decide whether freezing or suspending accounts is lawful or not. Once an account is associated within certain activities it becomes easy for authorities to target protestors funding and in effect also their livelihoods.
It doesn’t really matter if you agree or disagree with the protestors or the government. What is important here is that the escalation of this conflict underlines one of the most important aspects about Bitcoin.
While the Canadian government is also monitoring cryptocurrency exchanges in Canada, the Bitcoin network itself cannot be stopped or censored in any way. Let’s imagine for a second what happens if any other government is trying to deal with dissidents or an unwanted minority.
Canada is a highly developed country with a robust democracy and eventually things will go back to normal once the blockades are dealt with. But there is at least the theoretical possibility that even developed countries could fall under tyranny.
That being said, having access to Bitcoin in your own wallet is the only thing that any individual could do to ultimately protect access to financial services. Having some Bitcoin is like building a dam. Of course, the Rhine will probably never rise to level of 10 meters but if it does you absolutely want that dam to be in place and prevent a flood!
It is probably better to have Bitcoin and not needing it than needing Bitcoin and not having it.
May 22, 2023
Every year the Bitcoin community is celebrating the fact that somebody bought two pizzas online. This looks a little bit strange at first glance but it is one of the most important moments in Bitcoin’s history. What is Bitcoin Pizza Day all about and why is everybody celebrating it?
May 22, 2023
The guys who self-identify as the Taproot Wizards - Eric Wall and Udi Wertheimer - entered the main stage of Bitcoin Miami to loud cheers. After their short and silly wizard dance, the panel discussion started in earnest. But not everyone in the Bitcoin community is a fan of their quirky attitude and projects.
May 19, 2023
We wrote about it earlier: Jason Lowery believes Bitcoin could become the world's reserve currency and that countries should engage in a peaceful "arms race" to mine Bitcoin. He believes Bitcoin is a form of digital property that will be defended similar to how navies secure maritime thoroughfare. Not everyone is sold on this concept. Let's discuss a contrarian view.
May 18, 2023
Stablecoin issuer Tether (USDT) in its recent reserves report reveals that the company holds approximately 52 thousand BTC, worth a respectable $1.5 billion. This is only a fraction of its total assets but signals an interesting potential trend of institutions allocating a piece of their capital to Bitcoin.
Sign up to stay informed via our email updates