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Canada’s truckers turn to Bitcoin as GoFundMe ceases $9 million in donations

Canada's truckers turn to Bitcoin as GoFundMe ceases $9 million in donations
Jordan
Major
5 months ago
3 mins read

Following the suspension of a GoFundMe fundraiser, collecting donations for Canadian truckers protesting against COVID-19 restrictions, a group of Canadians has begun raising funds with Bitcoin (BTC).

Before the suspension, a total of more than $9 million in donations had been made to the campaign. However, the fundraising site included an “Under Review” disclaimer, which stated:

“This fundraiser is currently paused and under review to ensure it complies with our terms of service and applicable laws and regulations.”

Since then, GoFundMe has announced that they would not be distributing the remaining $9 million to the Freedom Convoy 2022 campaign as, apparently, it has violated its terms, stating the “peaceful demonstration has become an occupation” now. 

GoFundMe added that all donors may submit a request for a full refund until February 19, 2022, with the remaining funds sent to “established charities verified by GoFundMe.”

The group opts to use Bitcoin

As a result, the truckers have no way of accessing the funds, which prompted a group of Canadians to take it upon themselves to raise money for the truckers via alternate means, with the group opting to utilize Bitcoin.

Since the Bitcoin network is decentralized, it is not controlled by a single entity. Whatsmore, BTC, the network’s native currency, can be transmitted peer-to-peer between any sender and recipient with a Bitcoin address.

Using Tallycoin, the campaign is able to receive all Bitcoins straight into wallets in which they retain ownership of the keys. 

Consequently, unlike GoFundMe, Tallycoin has no capacity to withhold any of the funds that have been raised. Furthermore, by using Tallycoin, Bitcoin donations may be made both on-chain and over the Lightning Network, allowing for more efficiency.

Only a few days after its launch, the campaign has raised about 1 BTC (roughly $41,500) at the time of publication of this story.

Bitcoin for Canadian truckers. Source: Tallycoin

The group must coordinate how to spend the Bitcoin

All of the Bitcoin raised will be held in a wallet that will need several signatures to spend the funds raised. 

In this manner, the wallet removes a single point of failure. It also assures that the group must coordinate how the money is utilized since no single individual has the ability to transfer the Bitcoin. 

The group is now discussing the most effective way to disperse the funds to the truck drivers. Canada is home to a diverse selection of Bitcoin services firms, which enable customers to use Bitcoin to buy everyday products and services. 

As things stand now, it looks that the primary emphasis will be on utilizing Bitcoin to assist truckers in purchasing fuel and food as they face the bitter Canadian winter in their pursuit for an end to restrictions.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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