Topic: This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin? (Read 638 times)

I think it is a bad idea to send a private key via email, whether it is in one piece or obfuscated in multiple parts. If you really have to do that, then you should definitely make sure that the private key is properly encrypted and with a strong password.

Well, if you have to flee in the middle of the night.... I would send a email to myself with an encrypted Private Key..... You just break it up into little pieces and you use your webmail account. This way, you can access your account in another country and you can restore the wallet or import it into Electrum and you will be good to go.    Example : Send this in 3 messages (3FZbgi29cpjq) then (2GjdwV8eyHuJJ) in another and then nkLtktZc5 in the last message... but put it in a lot of text that you copied & pasted from some online article.  

It will be too risky to take anything with you, because people can be looted or items confiscated on your way to your new destination. So rather just memorize the password to your webmail account and you will be fine.  

Even the Russian is changing their stance on bitcoin,


https://www.usatoday.com/story/news/world/2022/03/25/russia-bitcoin-payment-oil/7165901001/

This might not be a good case for bitcoin in the eyes of the US, but we will have to see if they are going to make it happen or not and want will be the response of the West and what country will take advantage of their oil and used bitcoin as form of payment.

I agree, bitcoin is valid all over the world and in fact, we can say that it is the safest currency to carry. But we are not in a situation where we can use it enough in our daily life yet.
We can't run away with bags full of money in war or similar situations, but we can turn our bitcoins into cash anywhere in the world. However, just using bitcoin is not enough yet, it is still very difficult to live without cash

If you have some asset which you wanna secure in case you are in situation like Ukraine then there is no best way to secure them but to migrate them to bitcoin.

But we can't negate the importance of fiat even during war since we need it to buy daily food items and pay for travel expenses.

One more thing you need to keep in mind before doing such move is that you need to properly backup you seed and private keys, because if you lost them you can never recover your bitcoin.

Very valuable in my honest opinion since it's digital money which tends to be extremely useful in these crazy situations. FIAT will still outrank it in terms of usefulness though at the end of the day for obvious reasons.

If internet is down in your area, you could always shift to a nearby area where it's up and complete your transactions though you would need to be careful wherever you go.

I have never experienced this kind of situation in my life so far(Hopefully stays the same in the future) which is why the above statements are basically my assumptions.

If I am not incorrect Ukraine is not the first time a war has happened and not the first time even in recent few years that People have to leave their home. But yeah in a situation of crisis unfortunately one thing that might get affected a lot is internet and also these investment might be very volatile to even consider in such time.

I've always wondered about this scenario, and maybe this time you can store that information in the cloud, but with double encryption if necessary, so that only then you can access, somewhere in the world they should provide internet, that's one way, because without the internet or without electricity nothing can be done, in addition the miners could not do their jobs, because there would be no way to be able to move the BTC, much less exchange or trade with them, many ways of being able to do something about this small scenario, nothing has been resolved yet.

Since Russia has already lost about 40 percent of its military power in terms of manpower and equipment during the three weeks of the war in Ukraine and its offensive is now practically bogged down, Putin does not want to admit defeat, but is looking for additional forces and means in other countries, actually drawing them into the war, which can already really grow into the Third World War.
Putin has actually drawn Belarus into this war from its first days, from whose territory Russian fighters and bombers take off and rockets are launched into Ukraine.
Now Putin is insisting that Syria commit 40,000 of its regular troops to take part in military operations against Ukraine as payment for military services rendered to Syria by the Russian army.
 Russia also turned to China for help in military equipment and food. Can you imagine: Russia is turning to other states for help, because it cannot capture and destroy Ukraine?
Russia has now deliberately dropped a super-powerful bomb on a theater in Mariupol, where there were about 1,300 women and children in the basement and they are still under the rubble for the third day, and the rescuers and doctors have long been killed and they have nowhere to wait for help. Those who survived are now dying a slow death there. And in Russia at this time they are outraged that in them soft food for cats disappeared from the store shelves and they call it the genocide of the Russian people.
It's just blasphemy..

It is a very good question and you might say the same about having your savings stored in banks that might be vulnerable to hacking or be located in a sensitive area. In these wartime situations it could become very difficult to access these wallets or transfer them, not to mention the possibility of your hardware storage getting damaged through all sorts of ways. It seems much more useful to have a (stable) cash currency available to hand or even precious metals like gold / silver if you think you're going to need to barter. Bitcoin definitely isn't worthless but it'll definitely be safer the further away from the war zone you are, if you're in the midst of it then storing it online might be safer.

Is the war finally over in Ukraine? But, even if it's over, the offline services in that country may still be not functional so there is no way to exchange your physical money to buy btc but if ever you have money located online, you are not going to be affected knowing that internet is now accessible using starlink.

For the countries that are not yet affected by wars or any other crisis, they should not wait for it to happen but they should keep some of their money in bitcoin right now. Bitcoin is valuable, there is no need to question that. The invention of satellite internet like the one Elon Musk have will not make us worry about the future of btc because we are soon going to use our btc wherever we are or whenever we can.

The sanctions on Russia by different organisations and the closing of businesses by leading companies within the Russia have made bitcoin more valuable. In terms of growth there is no big progress in the price. Rather than taking advantage of the opportunity, now every citizen of Ukraine have realised how good is bitcoin when in need.

Elon musk is supplying free internet to Ukraine so i think Internet will not be a problem in their area but yes investing in bitcoin would be one of the best act for them to keep their funds safer.
and also the prices of Bitcoin is much lower now so they must take this advantage before bringing up again sooner.

Anyone who is investing in Bitcoin has to be really careful. You have to know how much you can afford to invest and not invest all your money in it because you might happen to be in need of cash at any time.

Especially for those in Ukraine there is always going to be a need for cash in such a situation and if someone happens to invest all their money in Bitcoin, it is not going to be good enough for them because when they happen to be in need of cash, there wouldn’t be a way for them to easily access their bitcoin if the internet is down. The best thing would be to invest a small amount in Bitcoin and hold the rest as cash so that it will be enough for you to handle whatever need you might have.

Investing in bitcoin, like what's going on in Ukraine, is the safest way to keep your money. However, if the internet is down, you won't be able to access the cryptospace , which is why it's not a good idea to invest all of your money in bitcoin.

It's an assumption and a critical situation which no one should not get it.When you became a houseless in a war situation.The only option to get a money will be your phone and the wallet which had crypto currency.When their was a buyer in your nation, you can get the fiat equal to crypto on a real meet also.In the war situation, if you had not lossedthe seeds forthe wallet, it's enough to earn some good amount of fiat.

Mostly women and children leave the war zone in Ukraine, and now most of the territory of Ukraine is under missile and bomb attacks by the Russian army. Over 2 million refugees have already been evacuated from Ukraine. At the same time, about 215,000 men have returned to Ukraine, who want to defend their country from the Russian aggressor with weapons in their hands. Ukrainians are now confidently grinding eight Russian armies that have invaded Ukraine. The Kremlin has already realized that they underestimated the power of the Armed Forces of Ukraine and the confidence that they will be able to capture Ukraine there is decreasing every day.
In addition, fearing that the truth about the reasons for the attack on Ukraine, its course and heavy losses would become known to its people and, along with the consequences of the imposed sanctions, would cause just indignation, up to armed riots, Facebook was first turned off in Russia, then Twitter, Instagram, and now even want to turn off the Internet on their territory. Earlier we said that the state will no longer be able to turn off the Internet, since a lot of things immediately collapse. But the Putin regime goes to great lengths to stay in power.

Bitcoin might not be the only valuable coin during this war. It also appears that the whole cryptospace will be valuable for Ukraine to get more attention, to issue their own tokens or to mint their own NFTs to fund themselves during this war hehehe.

Similar to what I have said in another thread before, I reckon NFTs are becoming a special part of internet culture.



Ukraine's government abruptly canceled its planned crypto airdrop and said it would instead sell NFTs to raise funds following last week's Russian invasion.

Source https://www.theblockcrypto.com/linked/136211/ukraine-cancels-crypto-airdrop-plans-to-sell-nfts-instead



Decentralized autonomous organization Ukraine DAO raised 2,258 ETH (around $6.75 million) in an auction that began on February 26 and ended on March 2.

Source https://decrypt.co/94353/ukraine-daos-flag-nft-sells-for-6-75-million

From Ukraine's side, Bitcoin could provide safety of assets, your BTC will be there no matter what, even if banks collapse, or Ukraine enters EU and switches to Euro. You won't be able to use them if the internet/service is down, but at least your money will be safe.

From Russia's side, though, as I've mentioned before, sanctions by EU aren't actually hurting Putin, but his citizens, who saw Russian Rubble crashing and losing more than 30% of their money's value within a few days. In that case, Bitcoin would be useful to maintain the value and the integrity of your money.

Even debit and credit cards are useless without the internet, since they all require online verification to work, and it's almost impossible to to buy anything. Depending on the type of the crisis, there have been numerous cases throughout history when certain fiat currencies have also been useless.