Why Canadians should be keeping an eye on Bitcoin

The world has witnessed something quite amazing in terms of Bitcoin. Going from relative obscurity, this crypto has more and more practical applications. Having entered the mainstream, it is now something that can be spent with relative ease, much like fiat currency. As well as being able to buy cars with it, you can now even play at a bitcoin casino and use the crypto to stake on your favourite games.

While the world over should be taking note of Bitcoin, Canada is in a situation where it perhaps needs to sit up a little more to appreciate what this cryptocurrency can do. The problem in Canada right now is that an economic crisis is brewing. Inflation is skyrocketing, house prices are soaring, and everything is getting just that bit tougher. Could Bitcoin provide a solution? Let’s take a look.

Bitcoin can bring monumental wealth

If Canadians took note of Bitcoin right now, there could be an end brought to financial worries. Imagine if the country took steps to own just 10% of all the Bitcoin that’s in circulation. This would see it become one of the richest countries in the world in a short space of time.

What the country needs is a Bitcoin mining operation that is government-run to benefit everyone. Yes, Bitcoin mining brings environmental concerns, but the likes of Quebec have enough hydropower for that to be a non-issue. 

Bitcoin brings freedom

If we stop to consider how things are right now, Canada is tied to its currency. Events at home and abroad have a huge impact on this currency and, in a short space of time, it can become almost worthless. just take a look at where inflation is right now. By looking into Bitcoin as a solution, the country frees itself from a depreciating currency.

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Bitcoin is not limited to international borders. It can be moved across countries and continents with ease. There is no need to fear exchange rates and how the Canadian dollar is performing. Bitcoin is about being free. Free from the constraints of an outdated monetary system.

Security

It’s not just Canada that has an issue when it comes to security. People the world over are at the mercy of cybercriminals. There are fears over accounts being hacked and money stolen. Traditional banks, while making progress, just don’t have the infrastructure to help.

Bitcoin is based on the blockchain. This decentralised system is open and transparent. It can’t be corrupted or manipulated and offers the highest levels of protection that have ever been seen.

Final thoughts

Canada faces a choice right now. it can trudge along with the old ways. While it’s trudging it can hope that it will somehow find its way out of this latest financial crisis. The alternative is to be brave. The alternative is to embrace Bitcoin and be at the fore of what is the new way. This could spell an end to the fears of ever-increasing inflation and poverty.

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