Canada is one of those countries that never resist changes and innovations. Canada is one of the leading countries in terms of modern approaches and tendencies. Thus, Canada was also one of the countries that adopted the new crypto payments, as well as massively implemented it in social life and society overall.
Canadian people are mostly very open to modern tendencies and if there is something that can make their lives easier and more comprehensible, they are always in favour. The cryptocurrencies and crypto payments became popular in Canada very rapidly and thus many people became users of the cryptos and e-wallets.
There are many fields that have been very actively implementing all the new technologies and services. Many big industries and businesses have also adopted Bitcoin very rapidly and have already benefited from it a lot, as the number of Bitcoin users is increasing on a daily basis. One such industry is the gambling industry.
Online casinos have made huge steps forward via implementing new services and payment methods on their websites. A variety of payment methods is something that attracts clients and players the most. Many online casinos introduced Bitcoin payment methods and now, cryptocurrency casino is one of the most preferable options in the gambling community.
Due to the high interest of Canadians in the cryptocurrencies and e-wallets, certain regulations and news have been introduced to the public, in order to make the usage of the cryptos more comfortable. Rumour has gone around that the Bitcoin and other cryptos have been so popular, that the government is thinking about introducing their own national cryptocurrency. This information has not been approved by any of the officials or authorities, but the National Bank already has the outline and the design for the digital asset.
The main priority of the cryptocurrency is that blockchain technology is one of the safest technologies and the currency is decentralized, thus it is less vulnerable towards the political state and regimes.
On the other hand, liquid CAD has become more common and relevant to Canadians. It has gained popularity and thus, many people have already decided to switch to CAD as a payment method. To give you a full idea regarding the liquid CAD, it is the non-custodial prepaid payment system. It is denominated by the Canadian Dollar. The main point in all of this is that the CAD consists of vouchers issued by the Liquid Network as confidential bearer assets. Those vouchers can be transacted via Liquid wallet peer-to-peer. This is very similar to the blockchain system and generally crypto transactions.
In order to get Liquid CAD, users have to withdraw their account balance out of the Bull Bitcoin and buy the Liquid CAD with the Bitcoin.
The advantage of the Liquid CAD is that it can be used by anyone. The main purpose is to receive and send payments denominated by the Canadian Dollar. While it looks very much like the blockchain transactions, here we tackle similar problems with the limitless and permissionless markets. This enables trading and transactions of the Liquid CAD to the secondary markets as well.
Another point is that via accepting Liquid CAD, you are very much accepting a gift card. Though, accepting gift cards as payment does not seem to be very appealing. This can be justified by the fact that Bitcoin is the most liquid commodity in the market and can be easily transformed into any other currency. It can be transformed into Bylls, which is mostly used to pay the bills and make the bank transfers. Bylls is also used to sell Bitcoin or transfer money to third parties. This fact should not be very comforting either.
Bitcoin all around
The main reason for creating this new payment method is to target Bitcoin users wishing to liquidate Canadian Dollar payment for Bitcoin. This is the process called “fiat bleed”. During this process, the Canadian Dollar should be slowly abandoned and thus, Bitcoin should be the perfect alternative for it by that time.
Every Liquid CAD can be easily exchanged into Bitcoin. It is believed that this new payment service will facilitate the transfer fiat in the context of the purchase and sale of Bitcoin. Thus, commercial transactions should soon impact the value of Canadian Dollars against Bitcoin. No doubts that the innovations are very welcomed, but the impact on the economy both in the short term, as well as the long term, is yet to be observed.
One way or another, with every new initiative new risks and questions, arise. The main question yet is how stable will the Liquid CAD be. If there will be no interest collected from the Liquid CAD users and everything will be done via one platform, Bull Bitcoin will be relatively safe, at least for the trial version. The purchase of the Liquid CAD is regulated by the Financial Transactions and Reports Analysis Center of Canada, which makes the payment service a lot more reliable.