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DuncanP

Bitcoin in Canada

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DuncanP

Hi peoples

Can I pay by Bitcoin in Canada?

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Piper

Interesting question!

When I was in London recently you could pay taxi fares by means of all of the major cryptocurrencies. You need the exchange app on your phone though.

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SunshineGirl

@DuncanP I like the way you think!

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Tracey22

Canadian banking is quite behind the rest of the world.  However, I am aware that there is a bitcoin ATM in Vancouver where you can exchange bitcoin for Candian dollars.  Also, I heard that Tesla accepts bitcoin as well.

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Zealan
2 hours ago, DuncanP said:

Can I pay by Bitcoin in Canada?

Bitcoin is a currency that is not regulated by any financial institution in the world, and it is up to the shop/service provider as to whether they want to accept it or not. This is true no matter what country you are in.

So as long as who you want to pay in Canada has their own crypto wallet, and accepts Bitcoin, then by all means, you can pay them in Bitcoin.

It has nothing to do with any Canadian banking system. The technology is too alien to the way any conventional banking system works. It doesnt mean they wont try make it work, but if they try make it work within the bounds of their existing business model, they will fail every time.

Edited by Zealan

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Zealan
4 hours ago, Tracey22 said:

However, I am aware that there is a bitcoin ATM in Vancouver where you can exchange bitcoin for Candian dollars.

Is this a legit bank ATM? Or a third party ATM?

Because this is dodgy AF. Due to the nature of blockchain, the following is exactly why:

Lets say I am a person of dubious nature. I sell illegal things on the dark web(perhaps drugs, or even people). As is done on the dark web, I only accept BTC. But thats ok, because I can just "clean" the money by drawing it out of an ATM.

If it is a legit bank ATM, they could get into serious trouble because they cannot verify the identity of the people involved in the transaction. This means they have violated world wide regulatory requirements for KYC(Know Your Customer), and cannot comply with anti-money laundering regulations.

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Tracey22

This is a link to Bitcoin ATMs in Ontario.  https://www.instacoinatm.com/locations_sell.html

I do not think the federally regulated banks would transact in bitcoins.

Interestingly, the Bank of Canada is in the process of issuing a Canadian digital currency based on CAD.

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Zealan
6 minutes ago, Tracey22 said:

I do not think the federally regulated banks would transact in bitcoins.

Thats because of a few reasons but chiefly among them is the KYC and AML considerations I mentioned above. There is still very early work being done around using analytics in an attempt to identify the two parties in the transaction, but its not fool proof.

A CAD based blockchain is fine because if driven by the regulator, there will be identities involved. This is not the case in traditional blockchain.

 

PS. As I suspected, that ATM is not affiliated with a bank. This really is dodgy for the good guys, but awesome for the bad guys.

Edited by Zealan

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Lizelle
50 minutes ago, Zealan said:

Thats because of a few reasons but chiefly among them is the KYC and AML considerations I mentioned above. There is still very early work being done around using analytics in an attempt to identify the two parties in the transaction, but its not fool proof.

A CAD based blockchain is fine because if driven by the regulator, there will be identities involved. This is not the case in traditional blockchain.

 

PS. As I suspected, that ATM is not affiliated with a bank. This really is dodgy for the good guys, but awesome for the bad guys.

Pfft. I happen to not want the government to know what I am doing either. There is also a lot of work being done to make the blockchain transaction completely anonymous (you won't even be able to tell who was the sender and who was the receiver), and I think that is awesome.

Legislation and regulation only prevents the good guys from using things, it will never stop the bad guys from finding a way.  Case in point, how many guns used in crimes do you think are registered?

Besides, if you look at all the crap that "good guys" get away with, it seems the only distinction is the quality of lawyers that you can afford.

Edited by Lizelle
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Piper

If only my husband was on social media ... He would have had a field day writing responses to this post, but alas, he is busy analyzing the bitcoin markets ...

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Zealan
1 hour ago, Lizelle said:

Pfft. I happen to not want the government to know what I am doing either. There is also a lot of work being done to make the blockchain transaction completely anonymous (you won't even be able to tell who was the sender and who was the receiver), and I think that is awesome.

Its already there. Blockchain "identity" is nothing more than a number. If I pay you, I need your number. The chain only sees BTC being transferred from one number to another, without knowing who those numbers belong to. 

1 hour ago, Lizelle said:

Legislation and regulation only prevents the good guys from using things, it will never stop the bad guys from finding a way.  Case in point, how many guns used in crimes do you think are registered?

Im happy with a little regulation if it means it becomes harder for people to exchange lives for profit, or fund terrorist organisations. Unfortunately, its a "This is why we cant have nice things" situation.

arguecat.png

Edited by Zealan

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Zealan
2 minutes ago, Piper said:

If only my husband was on social media ... He would have had a field day writing responses to this post, but alas, he is busy analyzing the bitcoin markets ...

This isnt really social media. Besides, I can help you find him on Facebook or Linkedin if you would like?

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Piper
2 minutes ago, Zealan said:

This isnt really social media. Besides, I can help you find him on Facebook or Linkedin if you would like?

Thanks for your generous offer, but it won't be needed.

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Lizelle
14 minutes ago, Piper said:

If only my husband was on social media ... He would have had a field day writing responses to this post, but alas, he is busy analyzing the bitcoin markets ...

:) he must be busy at the moment, the market is crazy right now

Edited by Lizelle
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Piper
1 minute ago, Lizelle said:

:) he must be busy at the moment, the market is crazy right now

@Lizelle, yes! ?

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Zealan
40 minutes ago, Piper said:

Thanks for your generous offer, but it won't be needed.

As long as he knows to get out before any useable and affordable quantum computer shows up.

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DuncanP

Thanks all. 

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Piper
2 minutes ago, Zealan said:

As long as he knows to get out before any useable and affordable quantum computer shows up.

Thank you for your genuine and consistent concern about his wellbeing, however he does not need unsolicited advice from strangers on the internet. 

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Painter lady

Geez @Zealan but you are very negative about the crypto currencies. I agree with @Lizelle, the bad guys always find a way, regulations are only restricting honest people. Anyways, Bitcoin and Ethereum gave us a reason to do a little happy dance too this week :D

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Piper

 

@Painter lady, ethereum! ?

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Merida
5 hours ago, Piper said:

Thank you for your genuine and consistent concern about his wellbeing,

however he does not need unsolicited advice from strangers on the internet. 

babypassportphot.jpg.b7d9aa2be3bb445e00e28320c05c16e3.jpg

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Zealan
10 hours ago, Painter lady said:

Geez @Zealan but you are very negative about the crypto currencies. I agree with @Lizelle, the bad guys always find a way, regulations are only restricting honest people. Anyways, Bitcoin and Ethereum gave us a reason to do a little happy dance too this week 

@Painter lady On the contrary, I would be a fool not to embrace blockchain technologies. Blockchain is currently in its infancy, and is in a stage similar to the internet before the world wide web came about. In a few years time, blockchain will take off; revolutionizing the computing world as we know it. At this point, the only reasonable implementation of blockchain is as a currency, but it has unrealised benefits pretty much everywhere else. This is what fintech and other blockchain startups are hoping to have a breakthrough with. With respect to your views on an anonymous economy, the current currencies are early adopters. The concept will evolve in the near future.

The difference between trading BTC and other currencies, is that traditional currencies are far less risky. When trading in BTC, you are putting your faith in the implementation of cryptographic algorithms. As has been seen countless times before(e.g. Heartbleed, Poodle, many others), one mistake in the implementation of the algorithm, and the implementation is useless. The BTC implementation is currently holding, but if this changes, the value of BTC will plummet to $0 in an instant. Unlike a traditional currency that will slowly decay.

In addition, the existing algorithms on which blockchain are based have an expiry date. As we saw with the SHA-1 algorithm last month(indeed, for some time coming in fact), the algorithm used in the BTC implementation will eventually be broken. The threat of quantum computing to existing public-key crypto systems makes this even more of a problem. The theoretical capabilities of a quantum computer will crack the entire chain in a matter of seconds. We still have a good ~10 years before this happens, however(depending on which scientist you trust).

The intricacies of cryptographic systems are my bread and butter, as are keeping up to date with the latest techniques used by the "bad guys" of the internet. I am not willing to lose everything because some clever 13 year old found a bug in any particular crypto currency. 

When implanted, post-cryptographically secured blockchain implementing microchips come about, then maybe I will be less pessimistic. 

PS. Us security types often come across as negative nancies. Dont bring up the topic of security at a party ;)

Edited by Zealan
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Zealan
11 hours ago, Piper said:

Thank you for your genuine and consistent concern about his wellbeing, however he does not need unsolicited advice from strangers on the internet. 

"Wise men don't need advice. Fools wont take it." -- Benjamin Franklin

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Piper
19 minutes ago, Zealan said:

"Wise men don't need advice. Fools wont take it." -- Benjamin Franklin

Once again; thank you for your concern about my husband's finances. There can really be no rational discussion as your advice is based on assumptions of his actions as opposed to hard facts.

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Painter lady

@Zealan, dude, most of what you said, sweeesh...... right over my head! I'm a right-brain artsy fartsy girl, I just clap hands when we make money :P

Edited by Painter lady
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