Bull Bitcoin, a company that anticipates the monetary system of Canada to collapse, downsized the fees, increased the threshold for its bitcoins exchange, and changed the fees for bill payment services. In March more people than ever before purchased bitcoins and signed up said the founder and CEO Francis Pouliot. Bitcoin halving will happen sometime in May and the industry is looking forward to making a lot of money on the increase in demand.
The company made debit payments, electronic and wire transfers free of charge offered flat fees on all purchases and transactions. The fee for one of their services, called Bylls, that the Canadians use to pay bills, was cut in half. A new threshold for bitcoin purchase and sale is $10,000,000. The proof-of-residence and know-your-customer policy are not required anymore. Still, the company hopes to earn a lot of money.
They will sell their bitcoins for 1.3 % or 1.8 % higher rates than they bought them. The bitcoins will be in a bigger demand once the halving reduces the amount of mined bitcoins. Bull Bitcoin foresees more Canadians paying their bills with bitcoins because of the economic crisis and the loss of the employment caused by the COVID – 19 pandemics.
The fact that governments around the world are printing more money in an attempt to save businesses and help the citizens of their countries will actually increase the value of the bitcoin. As opposed to money bitcoin will be in scarcity. Even the investors who were opposing the idea of scarcity are now considering getting involved in the bitcoin industry.
Bitcoin revolution helped Canada to secure place in the digital economy
Trudeau’s government believes in the digital economy. As they took power in their hands, Canada started moving toward the digitalization of the economy. The Crypto revolution was the first step from Trudeau’s government. The digital charter was created particularly for people to control the government’s step towards the digital economy. According to the digital charter implementation of crypto was the first cycle.
In 2017, Trudeau’s government allowed digital companies to use crypto transactions. E-commerce sites and iGaming platforms were first allowed to get crypto transactions. Online casinos in Canada started the usage of crypto right away and it was a big success. Canada was the first country to offer BTC casino platforms to international players. Due to the nature of cryptocurrency, online casino players started using BTC in most cases.
Canadian BTC casinos steadily reached the top of the worldwide gaming market. Bitcoin casinos became the backbone of the Canadian gaming industry and it has reached a peak in 2019. In just one year, the gaming industry has contributed up to 20 billion CA dollars to the economy. After a big success in the last two years, the EU and the USA have replicated the blueprint of Canada’s gaming industry. Along with iGaming space, e-commerce companies based in Canada were allowed to receive and send Bitcoin payments. Crypto is not a legal currency as of now but it’s regulated by the law and that is an advantage of Canadian digital companies. Shopify (Canadian e-commerce start-up) has grown exponentially in the last two years after allowing worldwide users to have payment options like Bitcoin and PayPal along with CCs.
Hyperbitcoinization Heads to Canada with New Voucher Redeemable in BTC Only
Hyperbitcoinization is an idea stating bitcoin as the futuristic form of money and it is gaining popularity in Canada. Bull Bitcoin is selling vouchers in Canadian Dollars. The voucher is called Liquid Cad or L-CAD. It can be converted into bitcoin and used to purchase goods from the merchants that accept bitcoin as a payment method. However, once the exchange is done, you cannot convert the bitcoin back into Canadian dollars. Blockstream’s Liquid, a sidechain-based settlement network for traders and exchanges, is regulating the purchase of L-CAD with Canadian dollars. Mr Pouliot says that a one-way exchange of Canadian dollars is a way to promote the use of bitcoins and drive the country towards bitcoinization. He makes a reference to BTC supporter Pierre Rochard who in an article published in 2014 by by the Satoshi Nakamoto Institute wrote that bitcoin will be “forced” upon the people who are unwilling to adopt it now, simply because what he calls “bad money” will not be accepted anymore. Fiat money is vulnerable to speculative attacks and will quickly bleed. Bitcoin will become the major payment method. He calls this process – Hyperbitcoinization. L-CAD starts operating as the Canadian dollar is on the decline because of the economic crisis caused by the pandemics and proves itself unstable. Mr Pouliot is proud to be able to provide his digital payment services for the Canadians in times when the conventional banking system is crushing and the Canadian dollar is so unstable.
