How Bitcoin provides banking services to those who refuse to serve banks

Nondon Editor
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Originally posted on: April 26, 2018. Updated on May 16, 2020.
When bitcoin first gained momentum, and the slogan for the first decentralized digital currency in the world was only being discussed, “Be yourself a bank” became the most popular motto, as it represented the anti-banking, liberal, shifropank-parties of the crypto currency.

Perhaps more importantly, it is also ideal for describing the key functions of bitcoin. This allows anyone in the world to manage their finances online without the intermediation of a bank.

Thus, bitcoin has become an extremely valuable technology for individuals and organizations that banks refuse to service because of political activity or the nature of their business.

WikiLeaks

WikiLeaks began accepting donations in bitcoins in 2011 after the closure of the Swiss bank account, which resulted in a loss of funds of 100,000 euros (or 110,000 dollars) from WikiLeaks funds in 2010.

PayPal also stopped serving the debunker platform, and PayPal was followed by several other US companies, including Visa, Mastercard and Bank of America.

Therefore, to be able to continue their work, WikiLeaks accepted donations in the form of bitcoins . And it turned out with great success.

The Bitcoin Address, created by WikiLeaks, has received over 4 025 BTC for the past six years , which is more than 32 million US dollars at today’s bitcoin rate .

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Today WikiLeaks accepts donations in several cryptocurrencies , including Litecoin (LTC), Zcash ( ZEC ) and Monero (XMR).

Wikileaks gathers $37M in BTC since 2010
Wikileaks gathers $37M in BTC since 2010 – Over $400K sent after Julian Assange’s arrest.
Image source: Bitcoin.com

Edward Snowden

Edward Snowden was internationally known as an informant when he exposed the program of mass surveillance of the Office of National Security and shed light on how intelligence agencies monitor their citizens without any political or legal permission.

Edward Snowden sought refuge in Russia after he was refused asylum in several countries to which pressure from the US government did not allow him to shelter a political fugitive.

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He has been living in Moscow since 2013 and is currently the permanent speaker on confidentiality issues through teleconferences.

The Edward Snowden Defense Fund, which works to ensure that Snowden receives a fair trial in the United States, if he wants to return, takes bitcoins as one of the methods of paying donations.

Given that Barack Obama banned US citizens from sending donations to Edward Snowden, bitcoin provided an opportunity to anonymously donate funds without leaving traces in the banking system.

At the moment, the Snowden Defense Fund has received more than 202 bitcoins in the form of donations, which is more than 1.6 million US dollars at today’s bitcoin rate.

Pirate bay

Regardless of whether you think that Pirate Bay is a provider of free content for those who can not afford it, or a criminal organization that steals and distributes the intellectual property of individuals and companies, Pirate Bay is one of the most the longest file sharing in the world.

TPBClean is The Pirate Bay but without the porn.
TPBClean is The Pirate Bay but without the porn.
Image Source: fbeducator

Pirate Bay was founded in 2003 by the Swedish analytical center Piratbyrån (Pirate Bureau), which was established to support the free exchange of information and intellectual property.

Pirate Bay operators Peter Sunde, Fredrik Nei and Gottfried Svartolm were found guilty in 2009 of copyright infringement and were sentenced to one year in a Swedish prison plus a fine.

The original site of Pirate Bay was also blocked. Nevertheless, a number of proxy sites have appeared around the world, which makes it impossible to completely close the Pirate Bay platform.

The address for transferring bitcoins to Pirate Bay can be seen on the main website of the platform (it has several proxy sites, as its sites are regularly closed by law enforcement agencies). At the moment, we managed to accumulate more than 12 bitcoins from our users. With today’s value of bitcoin, the amount is almost $ 100,000.

Last words

According to research firm New Frontier Data, states that legitimize cannabis, this year will receive taxes on retail sales of $ 655 million. Of this figure, $ 559 million will come only from taxation of cannabis sales.

In Colorado, the volume of cannabis trade in 2016 amounted to more than $ 1 billion, creating jobs, businesses and replenishing the treasury with tax injections.

However, since the legal cannabis industry is on the rise, it faces one serious problem – banks.

How Bitcoin provides banking services to those who refuse to serve banks

Since the sale of cannabis is still illegal at the federal level, banks categorically refuse to provide banking services to businesses in the cannabis field. This led to the industry becoming a quasi-monetary business, which increases the risk of theft and robbery for business owners.