In times of conflict Be your own bank - page 2.

sheenshane

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Quote from: SatoPrincess on March 01, 2022, 03:45:39 PM

Quote from: NeuroticFish on March 01, 2022, 03:35:56 PM

And about the title... wasn't Bitcoin meant to make you be your own bank, no matter there's peace or war?

That is no longer significant when you store your bitcoins in a centralized exchange. Before joining bitcointalk I could swear Binance was the safest place to keep my bitcoins. I knew nothing of cold or hot wallets. I just blindly trusted Binance to keep my bitcoins safe for me. There are many newbies in that place I was right now....believing and trusting third parties with their bitcoins.

And those who are still believing that centralized exchanges are good to store your Bitcoin are probably trapped by now if they've come from Russia.
We don't know the risk ahead and it's unpredictable how the government imposes the law about financial matters, we shouldn't put a large amount on the centralized exchange, in a moment like this was unexpected to happen.

Be your own bank always and always remember the golden rule in crypto, "Not your keys, not your coins".

Safe haven? I don't know technically how they will buy Bitcoin right now, if someone from Russia here wants to trade or that will buy Bitcoin via P2P would be better but in certain centralized exchanges, they were already sanctioned by the US.

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Quote from: SatoPrincess on March 01, 2022, 03:11:17 PM

International exchanges may restrict or freeze accounts of Russian users without warning. That's a possibility that's can happen with centralized exchanges.

From what I've read.

A Ukraine ambassador if it's not the president has asked the centralized exchanges to freeze the accounts of Russians on their platforms. If they'll be able to do that.

There will be too many Russians that will be affected by that cease and desist implementation by the exchanges. Since many banking options abroad have stopped temporary, they're really likely going for crypto.

SatoPrincess

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Quote from: NeuroticFish on March 01, 2022, 03:35:56 PM

And about the title... wasn't Bitcoin meant to make you be your own bank, no matter there's peace or war?

That is no longer significant when you store your bitcoins in a centralized exchange. Before joining bitcointalk I could swear Binance was the safest place to keep my bitcoins. I knew nothing of cold or hot wallets. I just blindly trusted Binance to keep my bitcoins safe for me. There are many newbies in that place I was right now....believing and trusting third parties with their bitcoins.

hosseinimr93

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Quote from: SatoPrincess on March 01, 2022, 03:11:17 PM

This is the time to transfer one's bitcoins to your hardware wallet for safety.

It doesn't necessarily have to a be a hardware wallet.
Any non-custodial wallet can give you full access to your fund. It's better to use an open-source wallet on an air-gapped computer or a hardware wallet*. It can be also a paper wallet generated using a safe tool on a safe device.

NeuroticFish

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I don't know how easy can the Russians buy Bitcoin nowadays if their money is locked is a bank, it may not be easy to withdraw and find a Bitcoin seller, and the fiat value decreases by the hour.
But I may be wrong, since there are also banks not banned from SWIFT which still operate in Russia.

And about the title... wasn't Bitcoin meant to make you be your own bank, no matter there's peace or war?

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Quote from: SatoPrincess on March 01, 2022, 03:11:17 PM

Is Bitcoin going to be a safe heaven for Russians?

...Russians and Europeans alike.

• As a digital currency, Bitcoin is easy to carry around in an airgapped device or hardware wallet,
• As a borderless currency, it can be used anywhere without any international limitations,
• As a pseudo anonymous network, individuals can transact without it being linked to their real life identity,
• It is resistant to inflation, so cannot be affctd by economic sanctions directly
These factors makes it suitable for use as a Store of value or safe haven currency for economically unstable regions.

SatoPrincess

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Quote

Report from CNN:
The United States, the European Union, the United Kingdom and Canada banned certain Russian banks from SWIFT on Saturday, the high security network that facilitates payments among 11,000 financial institutions in 200 countries. have been imposed on Russia by the United States, the European Union (EU) and other countries and international organisations against individuals, businesses and officials from Russia and Ukraine.

Money plays a big role in war and conflict. The sanctions are targeted at declining Russia's economy to make them seize fire. According to the Vanguard:” The UK has imposed a £50,000 limit on bank accounts held by Russian nationals in the UK), and the EU a limit of €100,000 in EU banks.”

Is Bitcoin going to be a safe heaven for Russians? International exchanges may restrict or freeze accounts of Russian users without warning. That's a possibility that's can happen with centralized exchanges. They reserve the right to ban certain users from using their platform, FIFA, formula 1 and other sports organizations have suspended Russia from participating in games. Crypto exchanges may be next. This is the time to transfer one's bitcoins to your hardware wallet for safety.

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