This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin? - page 2.

fullhdpixel

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your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

It surely requires internet but you can use any device not only a mobile phone as long as they support internet and they have a browser in them. Why would you move to another country when you can just wait for the war to end because they are going to restore the internet after that.

Traveling to another country can be a hustle and can cost you more but it can be worth it if you have relatives there and if you are going to do other business and not only by finding an internet connection only to access your coins. I heard on the news that Elon Musk has provided starlink to the Ukrainians for them to connect to the internet. that should keep them going.

7788bitcoin

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Quote from: mindrust on March 06, 2022, 12:30:52 PM

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Without the internet, you are right, crypto is completely useless. I think you should be ready for every possible scenario. I know many people here hate FIAT but a $100 bill in your pocket might save your life if you were living in Ukraine or Russia.

I would say that is the narrative that majority created by some that they hate fiat currency but in situations like these you need fiat for your daily needs since you cannot rely solely on online transaction as the internet will be dead if you are in a war zone.

Quote from: mindrust on March 06, 2022, 12:30:52 PM

People in Russia are having big trouble right now and I don't think owning crypto is making their lives easier. Sure they can protect their wealth in crypto but these people have to eat, make their daily shopping, pay for gas etc and crypto isn't adopted that much. They can't pay their bills with crypto but almost everybody there will take your dollars.

I can only imagine how difficult things would be in a war zone and i have heard news about how people are not able to withdraw their money from bank and ATM as there is a shortage of hard cash. It is a really difficult situation to be frank.

fiulpro

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Quote from: mk4 on March 02, 2022, 02:25:02 AM

Somewhat useless in the place where you are where networks are down(but so does your digital payment platforms), but obviously very useful in a way that if you can immediately leave that place and go to a country that's at least not(or not yet) affected by the war.

If you're still planning on somewhat staying in the war-inflicted country, then obviously you don't convert 100%. You still need cash for resources.

Probelm is you won't be able to take cash out after a while. It's horrific, the ATM machines stops giving out money since the government is desperately trying to control their economic situation and at the end there is a limit on how much you can take out as well therefore I don't think that this is something that would work.

When you have bitcoins, you can convert it and encash in any card in any country at any moment therefore for me that was the only thing that kept me going and I was able to escape as well.

Also you can very easily use local bitcoins and encash bitcoins directly in the card that you intend to pay in therefore this is very helpful as well since local and international cards do charge a lot more than you think ! More or so it's around 10-12 pounds in total for sending 60$ and with bitcoins you can get it done in 2-4$ !

erep

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

How do you intend to use your bitcoin? Is it completely worthless?

There's nothing you can do but save yourself the conflict and save the hardware wallet. If there is no Internet, no cryptocurrencies, you have to wait for the situation to be conducive to moving away from the war zone and it seems that Ukrainians has gone to neighboring countries, then it is time to act on accessing hardware wallets.

mindrust

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

Without the internet, you are right, crypto is completely useless. I think you should be ready for every possible scenario. I know many people here hate FIAT but a $100 bill in your pocket might save your life if you were living in Ukraine or Russia.

People in Russia are having big trouble right now and I don't think owning crypto is making their lives easier. Sure they can protect their wealth in crypto but these people have to eat, make their daily shopping, pay for gas etc and crypto isn't adopted that much. They can't pay their bills with crypto but almost everybody there will take your dollars.

blockman

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yes, if the internet has gone out in Ukraine then the residents of that country will not be able to use crypto currency as income. Investors in Ukraine will suffer huge losses because they cannot trade cryptocurrencies and even all their crypto assets are no longer accessible.
On the other hand, if the internet is still accessible, people in Ukraine will use bitcoin as their income at this critical time, for example, they will create new tokens related to the situation in Ukraine. I am sure that the tokens they created will sell well in the crypto market because investors want to help the Ukrainian state.

If they cannot trade, that doesn't mean that they're dealt with huge losses. It's still going to depend on the market situation because it's going to be losses at all times.
That's the reality that transacting in bitcoin always requires the internet and that's why if you're in an area that has no internet, you can't proceed.

KingScorpio

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with the help of crypto the insane western central banks could be taken down, look at all the war crimes the usa has done in the middle east and now its targeting eastern europe again.

the usa is the nr.1 issue it is a mad state. for everyone except the internal billionaires.

we needed all to be reminded of that.

Russlenat

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

Well, your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

Good point! Your bitcoin is really completely and entirely worthless if that's the case, processing your crypto into fiat or paying some needs via crypto definitely need some internet to make it through the other end of transaction. Your only choice is to move yourself into a place where it is safe and you can freely use your bitcoin, in-short move out to a different country. But you definitely need some cash on-hand to pay the services you needed for you to move out and the OP said that you don't have any cash and only have a phone and hardware wallet. So yes, the best thing to do is to get some help.

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

As far as I know bitcoin can only be used as long as we have access to internet, meaning bitcoin is useless without internet. But the same thing can also be experienced by other payment platforms that require an internet connection.

The solution is to stay away from the war zone and find a safe place with a good internet connection if the OP is an active trader. Internet connections in war zones may be unreliable and are more likely to go out from time to time so it will only interfere with traders' activities. Find a safe place anywhere with a stable internet connection so you can use bitcoins as usual. That is a good solution in my opinion.

riskarcher

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

yes, if the internet has gone out in Ukraine then the residents of that country will not be able to use crypto currency as income. Investors in Ukraine will suffer huge losses because they cannot trade cryptocurrencies and even all their crypto assets are no longer accessible.
On the other hand, if the internet is still accessible, people in Ukraine will use bitcoin as their income at this critical time, for example, they will create new tokens related to the situation in Ukraine. I am sure that the tokens they created will sell well in the crypto market because investors want to help the Ukrainian state.

At least they could use it in other countries to anticipate the worst case scenario. As we know Ukrainian citizens fled to neighboring countries which allowed crypto owners to be able to access their crypto that region. but to create tokens in that situation is not a good idea because there are other options for assistance using existing coins such as BNB which is low on gas fees to convert to usdt

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Quote from: Quidat on March 06, 2022, 07:09:23 AM

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Quote from: blatchcorn on March 06, 2022, 12:20:19 AM

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Well, your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

For our daily living we still need fiat. Bitcoin can help in a way that you don't have to carry any cash with you in war zone region. But even if you migrate to other country than converting btc to Fiat will be difficult as you don't have banking facility available in country where you taking asylum.
Bitcoin has its pros and cons in war situation. If you just wanna move your assets to safe location unless the conflict is over then bitcoin is ideal.

the safest thing is to move assets in bitcoin during a war situation like this. even though in a war situation there is no internet network, but when the war is over and the infrastructure can be used, then we can access it again as long as we still keep the key phrase. Of course it will be very difficult if in a war situation, I think the most important thing is to meet the needs of food

In times of war then you would really be mainly thinking on where you would be securing your assets from fiat to crypto because you would already projecting out on what would be the possible
things to happen but pretty much sure that majority of citizens havent able to set such thing neither they dont know about bitcoin/crypto or simply cant just afford on making such step
minding that it might really be that risky to do so or arent that sure.Of course you would really be minding first about your survival which you would be assuring priorities.

There is another very important point - in a crisis or war, most people have no savings at all. And those savings that have been hidden under the mattress are devalued along with the local currency. Buying bitcoins to save your money is also very risky, especially if you're not willing to watch bitcoins plummet by 30% knowing that you've already lost a significant amount of money. Those who had spare cash invested it a long time ago.

teosanru

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

For immediate payments and liquidity yes it is useless, if you compare it with gold or diamonds at this point even they would be useless because you don't have a diamond merchant who can buy them from you. But in the longer run networks, internet and electricity will come back live again, so as a store of value you definitely are leaving with something concrete and valuable not just something useless. For the time being you can say it might not help you getting out of that situation.

BitcoinsGreat

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

You leave your house, the bank did not work and you have just a worthless cash in your hand, but the major portion of your saving is in bitcoin.
Even if there is no internet at your location, you can move to another country and still live because you will get internet in other places. Having bitcoin is useful but first thing is that you must save your life from this war situation.

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Quote from: blatchcorn on March 06, 2022, 12:20:19 AM

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Well, your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

For our daily living we still need fiat. Bitcoin can help in a way that you don't have to carry any cash with you in war zone region. But even if you migrate to other country than converting btc to Fiat will be difficult as you don't have banking facility available in country where you taking asylum.
Bitcoin has its pros and cons in war situation. If you just wanna move your assets to safe location unless the conflict is over then bitcoin is ideal.

the safest thing is to move assets in bitcoin during a war situation like this. even though in a war situation there is no internet network, but when the war is over and the infrastructure can be used, then we can access it again as long as we still keep the key phrase. Of course it will be very difficult if in a war situation, I think the most important thing is to meet the needs of food

In times of war then you would really be mainly thinking on where you would be securing your assets from fiat to crypto because you would already projecting out on what would be the possible
things to happen but pretty much sure that majority of citizens havent able to set such thing neither they dont know about bitcoin/crypto or simply cant just afford on making such step
minding that it might really be that risky to do so or arent that sure.Of course you would really be minding first about your survival which you would be assuring priorities.

blatchcorn

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Well, your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

For our daily living we still need fiat. Bitcoin can help in a way that you don't have to carry any cash with you in war zone region. But even if you migrate to other country than converting btc to Fiat will be difficult as you don't have banking facility available in country where you taking asylum.
Bitcoin has its pros and cons in war situation. If you just wanna move your assets to safe location unless the conflict is over then bitcoin is ideal.

7788bitcoin

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

In a war situation everything changes, it is really sad to see the things that is going on in Ukraine and the circumstance where you are forced to move out of your house and leave everything you built throughout your life is really hard and their banking sector is down as people are left without money and long queues in ATM and in that situation cryptocurrency is the safest bet as you are able to hold your wealth in your own hands and in a volatile situation it is the safest approach.

yazher

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

How do you intend to use your bitcoin? Is it completely worthless?

The good thing about it is when war broke out in your country, and everything is in the chaos that you couldn't even bring some money with you because the looters are all over the place, you have the option to keep it in a wallet and just memorize the phrase seeds and other important details to get it back once it back to normal. You can walk in the city naked pretending to be a homeless man without anything but in reality, you are one of the rich human beings that has kept their assets securely than keeping them in the bank.

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Quote from: BenjaminGlover on March 02, 2022, 01:46:35 AM

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

If it is that so, you dont have any choice but to used your money or fiat to buy your necessities instead of bitcoin. Unless you're planning to go out on that place, and move to another place where there is an internet and electricity. Bitcoin is still valuable because you can bring it anywhere. It is handy and easy to use. You dont need any documents or ID because it is decentralized.

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Quote from: BlackHatCoiner on March 05, 2022, 08:01:28 AM

Quote from: smartaction on March 04, 2022, 04:09:51 AM

you can give your btc holding wallet access to your any trusted friend or Relatives who know how to use bitcoin and to convart btc to fiat money anf Who has internet connection.

Why would you hand out your private keys to your relatives? Why can't you simply access their internet?

Quote from: TheUltraElite on March 05, 2022, 05:52:51 AM

But being honest, I dont see any use of bitcoin in such situations because internet will likely be down.

Again, the internet is down when the location is in the process of being conquered. If that's the case, you shouldn't even think of purchasing stuff; you should leave your place the sooner you're able to.

Anyone in that situation should just walk miles and miles to cross Polland because waiting for ware to be over will kill you of hunger. Seek refuge where there is cell signal.

Bitcoin will be useless in situations where there is no electricity and no phones. This should be an early sign for us that it could happen in the future to any country that had not experienced war. It's often the energy distribution plan that will be targeted including the cell towers. Bitcoin however will be important for you because you can travel crossing borders without a problem.

Sterbens

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The point is the internet, wherever you are, and holds the seed of Bitcoin. So no need to worry when needed it will be easily disbursed. Even when you are in another country. If the position is in a conflict country and the internet is difficult to access, inevitably you will still need fiat. as others have said above, at such times fiat to meet the needs of life plays an important role. Even in times of inflation, if there are no other payment alternatives, a fiat position is needed.

Topic: This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin? - page 2. (Read 718 times)