Today I found out that the ONLY...
Application I use for Cashing my Bitcoin out for fiat just got dumped by their bank.
A few months ago, Credit Card transactions got disabled, and this last blow means that there is no way to fund or withdraw with Fiat.
Great.
I had recommended the Ntrust App a couple of weeks ago in my article "The Cautious Canadian's Guide to Buying Cryptocurrency"" . This is super disappointing for me and many of my loved ones because it made everyones life so much easier. It was straightforward and easy to use, and it served as an excellent entry point into cryptocurrency investment.
It appears that we still have a long way to go in Canada. Even though there is regulation, the banks just don't seem to want to touch it. The Ntrust COO announced the bad news in an e-mail and I wanted to share how she described the situation:
So, basically Ntrust is a Bitcoin and Bcash wallet that you can sell for virtual CAD, that you can't withdraw. Brings the use value down of the app pretty drastically, I wonder if they will be able to stay afloat. After the bad news, we got some more insight into the situation, She continues...
As we move forward in time and adoption rapidly increases, one would assume that the banks would follow soon after in providing the means to exchange it into Fiat. . Thus, one of only three options that I know of will no longer will offer the service. Even worse is that the other ones charge ridicuous rates for any withdrawal under 2000. This really sucks because the crypto space has been the only thing I have found yet that has low barriers to entry and high returns without compromising my own morals.
Cryptocurrency allows everyone more economic freedom through reducing barriers to trade, avoiding inflation, and supporting tyrannical governments.
Fellow Canadians, let's recruit more people into the crypto space !
More of us are finally becoming aware that our Monopoly Money system is debt based, and fractional reserve lending allows the 5 chartered banks to create over 10X is in their reserves through unregulated "fractional reserve" lending. It is my belief that Cryptocurrency could be is humanity's last chance to change the rules of the monetary system to be more in our favor.
Nothing is perfect, but if we know something is broken, we should learn to fix it rather than pretend it will fix itself.
Unplug & Divest
-Misfit in the Matrix
Nice post! I recently made a post about Ripple Please checkn it out! Liked yours and followed you so I would be very happy if you did the same!
sure man, thanks for reading!
This is basically the reason I don't get all my canadian camgirls on steemit...cooooosss trading your crypto for CND fiat has been made VERY hard by our banks. Hard enough to explain blockchain tech and steemits particular type of chain THEN have to explain that all that sweet cryptodough..is going to be a pain in the butt to access xD
It's obvious why they're doing this...Canada is one of few countries whose banks got a "hop" on cryptocurrency blocking...they passed shit back in 2015 barring customers from making transactions vias cryptocurrency overall. ugh.
Someojne obv needs to make a crypto to CND exchange of some kind thats is affordable.
You got a 0.77% upvote from @allaz courtesy of @iwanttruth!
This post has received a 2.06 % upvote, thanks to: @iwanttruth.
You got a 4.30% upvote from @bid4joy courtesy of @iwanttruth!
You got a 1.84% upvote from @mercurybot courtesy of @iwanttruth!
@originalworks