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Bitcoin’s real-world problem: Virtual currency facing bank backlash in Canada

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For whatever reason, many in Canada’s small but fast growing Bitcoin community are suddenly dealing with the same problem: The banks have decided they don’t like the cryptocurrency and they’re shutting down some of the accounts of businesses that deal in it.

1 Comments in Response to

Comment by Ed Price
Entered on:

Bitcoin businesses fall into two basic classifications:
1. Those that accept Bitcoin as payment, or pay in Bitcoin;
2. Those that are in the business of Bitcoin-to-Fiat/fiat-to-Bitcoin transfers.

Those businesses that simply accept Bitcoin as payment should be okay for some time... as long as they don't try to mingle their standard Bitcoin trading with some kind of fiat transferring.

Bitcoin was made for person-to-person, for use as a currency. It should be used as such. Banks won't like it because it is competition for them on a personal level. The only ways to stop Bitcoin are to shut down the Internet or to take freedom away entirely.

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