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.
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.
Unplug & Divest
-Misfit in the Matrix
