The reasons that justify that you have taken a good decision with holding Bitcoin is that land and property, houses, businesses, vehicles, gold, weapons, fiat money, treasuries, stocks, bonds, insurance, your rights can all be seized and therefore they do not make a true asset; however, Bitcoin is hailed to be a true asset.
Bitcoin Magazine recently published, “Canadian Government unable to seize ~70% of the $1 million in Bitcoin donated to freedom convoy protestors. – CBS News.”
This is just proof that Bitcoin can’t be stopped. Further, Bitcoin maxis point to how the rest of 30% could not have been seized by the Canadian Government if the BTC was not in exchanges. So, the idea propagated is that BTC should not be held in exchanges and if that were the case, BTC could never be seized. This incident is also proof that if you don’t have your keys then it is not your crypto, which is proof to the fact that it is not a good idea to leave your crypto in the custody of an exchange.
One question continues to remain: “How did they seize the 30%?” It just looks like BTC holders should know how to police their own crypto otherwise they are at the risk of losing it all. It is very obvious that the government of Canada is baiting for BTC and other nations will soon follow suit. So, there is no Bitcoin Headquarters and whoever can empower BTC are trying to do it. And, Governments seemingly are more powerful with their infrastructure than BTC believers think. Ultimately to put an end to all the government will have to simply pass a single bill! And that can doom BTC overall.
The guess is that: “To be able to seize the Canadian Government had to have the private key from the owner. Either he gave told them or they found them written down or on a computer as they had a search warrant (or) the exchange capitulated.”
No matter what, the fact that they managed to seize 30% is still disappointing. It just looks like the Canadian Government is working like the head of Bitcoin (BTC) Marketing.
So, it just looks like there should be proper storage plans for those who hold BTC. BTC holders cannot any longer think that they are not touchable.
While it is true that Bitcoin is Freedom, there is a new opinion brewing that since lot of nations are beginning to involve with BTC this can eventually become almost useless.
However, nations becoming involved is essential because, “Nations are the largest spenders of wealth and if all nations will participate in Bitcoin then it will become a unified global monetized reserve. Further, instead of printing trash cash and acting as if it was backed by old gold – nations can rather hold BTC.”
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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