This is a country specific matter due to which there is an influx of bitcoin purchase transactions. But if I try to find out the same trend worldwide, I don't see any credible source of information that says bitcoin has become the world's favorite reserve currency for individuals.
Nope! Bitcoin has not yet reached that level. The capital protection leader is still gold and other precious metals. There's no proof that majority of the population is buying bitcoin for the unforeseen emergencies. What's happening in Ukraine, is an exception!
Topic: Bitcoin becomes priority alternative when cash fails - page 3. (Read 550 times)
The real purpose for which bitcoin is being innovated is getting fulfilled. To overcome the flaws in the fiat system blockchain evolved as a solution with the bitcoin developed over the platform. Initially people are not in a situation to believe it as an alternate to the fiat, but it was always termed as a solution to launder money and as a value storage asset for illegal and gambling needs. Slowly this gained importance as an investment.
With the ongoing war the usage of bitcoin peaked as it is the only solution with which Russia is able to escape the sanctions. Ukraine on the other side have legalized crypto and the outcome is the incident mentioned by OP.
With the ongoing war the usage of bitcoin peaked as it is the only solution with which Russia is able to escape the sanctions. Ukraine on the other side have legalized crypto and the outcome is the incident mentioned by OP.
Actually this epic moment happened in Ukraine, I don't know how difficult it is to get cash there (even using e-money). Someone sells "a Legendary Car" with bitcoin. View more...
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
I mean, sure, it worked, but I can't really see this happening too often. And in this case, it was a car, but can it buy some canned food? A blanket? Pay your electrical bill? In some countries, yes, but it's not as widespread as we would like to think. So, while it can be of help in certain situations, it's not really a solution until it can fully be replaced to buy anything FIAT could, and I am not sure it would happen, I am not sure if it's even envisioned to be that.
As you said, population is still too unaware of the crypto currencies. It's a too volatile market and people don't want to risk their hard-worked money, in a critical situation for buying (doing) what? I don't think it's not possible to get food, pay bills using BTC. Maybe it can be helpful in a niche market, but it will not spread among all the country.
Actually this epic moment happened in Ukraine, I don't know how difficult it is to get cash there (even using e-money). Someone sells "a Legendary Car" with bitcoin. View more...
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
I mean, sure, it worked, but I can't really see this happening too often. And in this case, it was a car, but can it buy some canned food? A blanket? Pay your electrical bill? In some countries, yes, but it's not as widespread as we would like to think. So, while it can be of help in certain situations, it's not really a solution until it can fully be replaced to buy anything FIAT could, and I am not sure it would happen, I am not sure if it's even envisioned to be that.
This time Russia-Ukraine are in this critical condition this is the time when People will get to understand bitcoin the more and the benefits. This is the time people in that region will convert their fiat to bitcoin to make purchase of things for consumption, this time the bank won't be useful to keep money bitcoin will be use as currency to make things very easy for people.
Sorry to go off-topic but it was an interesting observation that I can only explain as market manipulation (I'd love it if someone could explain any other reason opposite of what I said).
Pretty simple!
In Russia, everyone tries to get dollars including the government which banned dollars purchases, driving a black market which in some reported cases goes to 300 rubles for a dollar, the government is desperate for foreign currency and the lack of it does what you see happening.
In Ukraine, the country is flooded with billions in aid, poeple received a ton of donations which have to be converted in local currency, doing the exact opposite as it happens in Russia, driving the offset between demand and offer down, just the proposed help to date is about 1/3 of the monetary mass in the country.
Besides, unlike Russia, Ukraine has the definitive backing of two major real global powers, that makeup half of the world GDP, nominal as PPP has zero importance when it comes to currency rates, what Russia has is a fear of backstabbing by the 3rd largest.
Also, neither Venezuela nor Iran nor Turkey nor Argentina got into a war on home ground, their currencies are still shit.
OP, I believe the priority alternative for the entities that matter is Gold. Central Banks will buy Gold with U.S. Dollars because Gold simply has the precedent of acceptance around the world. Humans have valued Gold for more than 5,000 years. BUT, in due course, I'm very confident Bitcoin will be used for international trade for more efficiency. Gold can't be shipped back and forth efficiently.
Cash is king in that scenario (provided it's not the Russian ruble)
This sentence, mainly the parenthesis, got me thinking of how messed up and manipulated the centralized world is.Think about it in comparison.
Ukraine is being invaded, it has lost a lot of its infrastructure, its economy doesn't exist, the military is mostly destroyed, millions have fled the country, analysts claim Putin's plan is scorched-earth strategy, ... and yet Ukraine fiat only dumped 5% which makes no sense!
Then we have Russia that is the invader, hasn't lost any infrastructure since there is no attack on Russia!, hasn't lost anything economy wise, the sanctions are mostly jokes that don't really target the economy (eg. sanctioning Russian cats, athletes, porn sites,etc.) and yet Russian fiat tanked 40%!
Sorry to go off-topic but it was an interesting observation that I can only explain as market manipulation (I'd love it if someone could explain any other reason opposite of what I said).
Bitcoin is created to support fiat currency and that's why I'm saying some people is misquoting Bitcoin from fiat currency,
You have homework to do. Read this: A Peer-to-Peer Electronic Cash System
Bitcoin was created as an alternative to the shitty fiat currency system of central banks.
And to the point of the thread, I don't think it's that big of a feat either. In this case they had Bitcoin (I guess on mobile) and no cash, but let's imagine that where they were they didn't have working internet. Or that they had lost or broken their cell phone. If they had taken cash with them instead of hoping to get it from an ATM, it would have been enough to buy the car.
Actually this epic moment happened in Ukraine, I don't know how difficult it is to get cash there (even using e-money). Someone sells "a Legendary Car" with bitcoin. View more...
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
Actually you can argue exactly the opposite - when you are surrounded by devastation with no water, electricity or maybe even food - then it is highly unlikely you'll have access to an internet connection that could allow you to move such crypto funds around easily. Cash is king in that scenario (provided it's not the Russian ruble) but more likely things like gold are useful for bartering your way. Most of the world is privileged to exist in a relatively stable environment, but the sheer devastation that has been wrought on parts of Ukraine mean that it's much easier to transact in physical goods and makes hard cash more important than ever, provided it is relatively low volatility like USD.
Actually this epic moment happened in Ukraine, I don't know how difficult it is to get cash there (even using e-money). Someone sells "a Legendary Car" with bitcoin. View more...
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
Another milestone that bitcoin really serves as an alternative currency especially in times of urgency, bitcoin is really valuable for someone to survive. Because urgent situations are not just about war, calamities can also have more severe repercussions. I think this is a perfect consideration for any government not to be too strict on bitcoin regulations.
(The point of this thread is not about Ukraine situations specifically, but to the experiences of the people on this story.)
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