Bitcoin can’t go wrong, bankers can


It seems that no day goes by without a news story highlighting the shortcomings of the current banking system. In a world with increasing alternatives in existence every day, events, such as the following, serve as a powerful incentive to pay attention to Bitcoin.

The latest example of the power banks that individuals have comes from Canada and sees a 12-year-old Azuka girl. Her crime? Trying to set up a current account.

Bitcoin can’t go wrong, bankers can
According to a news report on CBC.ca, a Canadian-born man and his granddaughter were handcuffed during what they thought would be a routine bank trip. The event serves as a reminder of both the shortcomings in the banking industry and the new opportunities opened by distributed financial technologies such as Bitcoin.

Maxwell Johnson wanted to open a bank account for his granddaughter at Montreal Bank. Having been a bank there himself since 2014, he felt comfortable recommending the bank to his family.

Kevin Zakrsky
@kevinzakresky
Minister @mikefarnworthbc, the shackle children @VancouverPD who open bank accounts after 12 years. Are you okay with that? https://www.cbc.ca/news/canada/british-columbia/indigenous-girl-grandfather-handcuffed-bank-1.5419519… @SChandraHerbert #bcpoli

Grandfather born 12-year-old girl after trying to open a bank account | CBC News
A 12-year-old girl and her grandfather were handcuffed to the Vancouver Police Department after trying to open a bank account in Montreal. Both the bank and the police apologized, but now human …

He arrived at the Bank of Vancouver branch on December 20 with copies of his Indian granddaughter’s and his granddaughter’s status certificates, as well as other forms of identification. The official dealing with the couple had suspicions about the documents. Johnson explains:

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“She said the numbers didn’t match what she had on her computer.”

According to the news report, the employee disappeared for a while with the identification documents. Some time later, Johnson was summoned to bring the documents from the top floor when police approached him.

The 56-year-old explained that the officers handcuffed them and took them both to a police vehicle waiting. They explained to the innocent couple that they were being arrested.

Johnson believes the clerk’s suspicions were raised because he himself holds about $ 30,000 in his account. The money was given to Heiltsuk Nation members in December as part of an Aboriginal rights settlement package.

Johnson told the publication that he thought the clerk had set him apart by his race. A spokesman has since stated that the Bank of Montreal had reason to believe Johnson, along with his 12-year-old granddaughter, were involved in “possible fraud.” However, CBC.ca experts believe the example is part of a rise in “a commercial racial profile.”

After investigating the matter, the spokesman confirmed that police released the two men within an hour. However, as Johnson explains, the voyage left his granddaughter unnecessarily terrified:

“You can see how scared she was … It was really hard to see that.”

Being completely distributed systems, Bitcoin and other digital assets cannot give judgment to their personal users. The networks themselves certainly cannot alert the police when someone is wrong. This allows for a much more free system than anything that happened before it.

Although still at a very early stage of development, a broader adoption of some type of decentralized asset will surely struggle with much of the money it operates. It seems that the wave of innovation brought by Bitcoin should replace our current system that truly serves its users, without judging them by their race, background or any other quality or positive or negative. However, time will tell if such technologies can really spread greater freedom.

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