The theory of hyperbitcoinization, which says that Bitcoin will become the global dominant form of money, has received another support in Canada. This happened thanks to the new platform, which will provide users with the opportunity to tokenize their money. Now users can buy a voucher for Canadian dollars, which can then be exchanged for Bitcoin.
After the purchase, Liquid CAD are converted to Bitcoin, and the voucher turns into a gift card for purchases.
The Canadian Bitcoin exchange Bull Bitcoin, which launches a new non-custodian prepaid voucher, simply stimulates the conversion of Canadian dollars to Bitcoin. Once these vouchers are in the system, they can no longer be exchanged for dollars. Received bitcoins can be spent at exchange-affiliated merchants or sold.
Each purchase of Liquid CAD for Canadian dollars is regulated and carried out on the Blockstream Liquid network, which was created to expedite settlements by further simplifying confidential and secure bitcoin transactions.
According to Francis Pulio, Bull Bitcoin CEO, such a “one-way” bitcoin platform is designed specifically to stimulate the adoption of BTC. According to Pulio, the platform creates a kind of convenient “bridge” between traditional money and cryptocurrency, having passed through which users can make payments in bitcoins.