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Canadian truckers turn to BTC

2 min read

Following the suspension of the GoFundMe fundraising, which collected donations for Canadian truck drivers protesting COVID-19 restrictions, a group of Canadians began raising funds through BTC.

Suspension of the fundraising

A total of more than $ 9 million was raised in the campaign before the fundraising was suspended. However, GoFundMe stated a disclaimer on the site, which read as follows:

“This fundraising event is currently suspended and reviewed to ensure that it complies with our Terms of Service and applicable laws and regulations.”

Since then, GoFundMe has announced that it will not distribute the remaining $ 9 million to Freedom Convoy 2022 because it appears to have violated its terms by stating that “a peaceful demonstration has now become an occupation.”

GoFundMe added that all donors could apply for a full refund by February 19, 2022, with the remaining funds being sent to “established GoFundMe-certified charities.”

The group opted for BTC

As a result, drivers have no way of accessing funds, forcing a group of Canadians to take money from truck drivers by alternative means, and have decided to use BTC.

As the network is decentralized, it is not managed by a single entity. In addition, BTC, the native currency of the network, can be transmitted peer-to-peer between any sender and recipient with a BTC address.

With Tallycoin, the campaign is able to accept all BTCs directly into the wallets from which they own the keys.

Therefore, unlike GoFundMe, Tallycoin does not have the option to withhold any of the selected funds. In addition, Tallycoin can make BTC donations both on-chain and through the Lightning Network, allowing for greater efficiency.

The group must coordinate the method of spending

All colllected BTC will be stored in the wallet, where several signatures will then be required so that the truckers can spend the selected funds.

In this way, the wallet eliminates a single point of failure. It also ensures that the group must coordinate how the money is used, as no individual has the ability to transfer BTC.

The group is now discussing the most efficient way to distribute funds. There is a diverse selection of BTC companies in Canada. Bitcoin thus enable the purchase of everyday products and services.

In the current state of affairs, it seems that drivers will use BTC to buy fuel and food, as they face the harsh Canadian winter in an effort to end the restrictions.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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