This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin? - page 3.

BlackHatCoiner

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Farewell, Leo

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.

Cryptmuster

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Glory To Ukraine! Glory to the heroes!

Quote from: Ozero on March 02, 2022, 08:44:15 AM

I am also in Ukraine and I can say that some of the information reported here is not true. The banking system in Ukraine is still working more or less normally. The hryvnia exchange rate fell very slightly. The National Bank has limited cash withdrawals for one day to the amount of UAH 30,000. It's about one thousand dollars. This is a decent amount and I think that in the current conditions it is normal.
Before sending donations to Ukraine, you need to make sure that the wallets provided are official.
Since I see that the account that provided the public address for donations is almost new, I would not trust him.

I am also from Ukraine, the banking system works, cash withdrawals are available. The situation is difficult, but we are holding on. There are very difficult areas, volunteers try to help everyone who needs it. There are no indifferent people, everyone has rallied as one, they help the refugees give clothes and provisions, there is where to sleep.

TheUltraElite

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So anyway, I applied as a merit source :)

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

The internet and cellphone networks then fall down.

Once that happens, bitcoin use is effectively zero until you get access to internet and electricity once again. This is a base problem that any digital mode of transaction will face. There is no offline alternative to this yet. You would rather need hard cash in hand during such times.

Also in war-like situations, bitcoin becomes the least of worries, safety, food, water and shelter become the priority. In countries where bitcoin is already used commonly, they may be able to take advantage of this provided bitcoin price also does not drop due to the same circumstances.

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

Gennadiiero

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In times of war, the first thing to do is to ensure your own safety. You can carry cash, but cash also has disadvantages. If your amount is large enough, it will be inconvenient for you to carry it. In times of war, the value of cash will be greatly reduced, and you can choose to exchange it into any currency you want. However, any kind of online money requires traffic, and you still need to reach other countries where the network can be used as soon as possible.

ropyu1978

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Quote from: fzkto on March 02, 2022, 03:05:51 AM

If you are in a conflict zone and it has come to a point where the Internet has been cut off, you should definitely have fiat, preferably in a foreign currency like dollars or euros, which you can spend on transport to get away. Bitcoins are useless in this case, but national currency is even more useless.

Many people also think so, because the impact of war is not only the internet that dies, our lives are also threatened, our lives are never safe, for the time being it's better for you to use fiat currency, for you to make buying and selling transactions, until waiting for the war to end, if you want to use bitcoin, most likely you have to leave a place that is in war, because that is the only way out, but it is very difficult if we go to another country, when our country is in war..

poldanmig

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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/}

In an emergency like that, it's clear that safety, water and food are the main things that we have to pay attention to, while bitcoin and other assets that we have in our wallets of course we can't use because we don't have internet access, but I think we still have to store them properly good because war will not always happen, and when the war is over at least we will have enough capital to start a new life later.

smartaction

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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 internet connection it is totally impossible to move your bitcoin or convert your bitcoin or any cryptocurrencys. coz crypto is digital currency and it is totally depend in internet. Without an internet connection your cryptocurrency is completely useless. Now you have only one way to use your btc. 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. he-she can convart your btc and give you physical money for fiat money via your local central bank or mobile banking.

playyamy

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It's really too bad for this situation to happen. At that time, I think food is more important to you. Bitcoin without the network is meaningless. In this case, it can only play God to end the war quickly, Takes you where there is internet.

CaVO32

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Quote from: Bitstar_coin on March 02, 2022, 11:31:18 AM

The @op is asking in a situation where the internet is not available and you are not able to do anything with your btc, how you would use the btc, I would say it is completely useless, a btc in a wallet without Internet can not help you in times of war when you are forced to evacuate the area.

It is a similar scenario to someone who went into the jungle or in a remote area where there is no Internet, he depends on his btc to exchange for cash but unfortunately, there is no Internet to access his wallet and he has no cash at hand, at that moment the btc is worthless because no Internet to do anything, he will be stranded. Some people are saying have a contingency plan, but there are times when things just happen suddenly without you planning for such situation.

I can agree that at that moment presented, btc is useless as you can't do anything about it while there is no internet and your satoshis are in your wallet. But after the war or once you get into a place with internet, that's when you can use your btc and find your options how to encash it to your fiat. It may be worthless for certain cases but bringing your hardware wallet with you along to safety will give you a chance to survive once you are out of the woods.

Leviathan.007

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At the moment when everything goes hard for people we can understand the real value of things like bitcoin, bitcoin could save many of us from the inflation rate which is rising in all over the world and could make many people rich, but these days after the war started between Russia and Ukrine we can understand how important it is to having bitcoins, imagine if we where in Ukrine and the ATMs stopped giving us money also we had no cash money, we could don't any thing and the money we worked for were losing it value everyday, while by only having bitcoins in some hardware wallet we could have our founds this war.

Bitstar_coin

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The @op is asking in a situation where the internet is not available and you are not able to do anything with your btc, how you would use the btc, I would say it is completely useless, a btc in a wallet without Internet can not help you in times of war when you are forced to evacuate the area.

It is a similar scenario to someone who went into the jungle or in a remote area where there is no Internet, he depends on his btc to exchange for cash but unfortunately, there is no Internet to access his wallet and he has no cash at hand, at that moment the btc is worthless because no Internet to do anything, he will be stranded. Some people are saying have a contingency plan, but there are times when things just happen suddenly without you planning for such situation.

evilgreed

sr. member

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If you are heavily invested on crypto, then immediately evacuate from the place of war. What's important is the safety of you and your loved ones. Your property will always be there reduced to ashes or not. It should be obvious when a war is about to breakout so at the threat just bolt and think of it as a vacation and decide on the next course of action depending on the circumstances. But if war threat isn't that bad, or if inflation doesn't make things that difficult. Then just diversify assets. The thing with crypto is that it opens a lot of doors and gives a lot of opportunities. The only limit is a person's resourcefulness and ideas.

xSkylarx

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This is also valid, but what if you don't have access to the internet as well? What methods do you use to continue to earn money? However, we could say that if you flew to another country and all Ukrainian currency has been frozen, you will be unable to obtain money anywhere; however, if you have cryptocurrency, this is extremely advantageous as long as you have access to the internet. I believe it is extremely valuable in this situation because you cannot obtain money anywhere else unless you have relatives in another country who can lend you money in exchange for your time.

Ozero

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Quote from: ?? on ??

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/}

We who are trying to get out of Ukraine, we have no financial resources, the banks just dont´t work, it´s very important that you donate any amount to help, you will already be doing something important, we are out of the minimum!
Follow Twitter: https:twitter.com/ukraine
The official Wallet(BTC): 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
and this other wallet:1ukBmNMrVxrWJpChtDE3FCYMax4RZgFhj
we just created to help, because what goes to the government hasn´t reached us. If you cant´t, pray for us.

I am also in Ukraine and I can say that some of the information reported here is not true. The banking system in Ukraine is still working more or less normally. The hryvnia exchange rate fell very slightly. The National Bank has limited cash withdrawals for one day to the amount of UAH 30,000. It's about one thousand dollars. This is a decent amount and I think that in the current conditions it is normal.
Before sending donations to Ukraine, you need to make sure that the wallets provided are official.
Since I see that the account that provided the public address for donations is almost new, I would not trust him.

kryptqnick

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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/}

Cash in Ukraine is not depreciated, and bank cards still work. Of course, some regions sometimes suffer from lack of electricity because of the airstrikes, and in that case neither bank cards nor Bitcoin can work. Not to mention that, unfortunately, payments in Bitcoin are not widely accepted, and exchanging Bitcoin for fiat during shelling and when tanks are closing in on you is not exactly comfortable. So cash, Ukrainian fiat, is actually the most valuable thing right now for those who are staying in the country and those in most difficult situations. For those who are in relative safety, cryptos are gaining popularity over the war, with more and more funds accepting crypto donations.

DapanasFruit

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As in anything online, when there is no internet connection then everything can come to a halt. I heard that in Ukraine, the company of Elon Musk called StarLink (hope I got the name right) is providing non-stop satellite-based intern connectivity to Ukraine so maybe in different places the internet can still be access in that war-torn country. Now, of course, when there is no internet then the best remedy is to run to a place where you can get the connection. And it does not mean that BTC is worthless...it is just that you can not access it.

The Cryptovator

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The advantage of legalizing Bitcoin would help using that during this situation like war or any other crisis. I know the big question would raise about the uses of the Internet. Keep in mind, once a day Internet will be fully controlled by satellite where you don't need to seek the network. Then Bitcoin use will be hassle-free. For now, we can use the Lightning channel for Bitcoin even without an Internet connection. But in this war, people realized the importance of cryptocurrency. Every payment channel would block except Bitcoin. So Bitcoin still would help move funds from anywhere.

BlackHatCoiner

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Farewell, Leo

Quote from: KaliLinux on March 02, 2022, 05:53:26 AM

[...]

You're describing a situation where a person sells something, in this case Bitcoin, for fiat. It doesn't have to do straightly with Bitcoin. Obviously, due to the censorship of Russian banking, they won't.

Quote from: avikz on March 02, 2022, 07:45:35 AM

That's a valid question! Without internet, your bitcoins can't be used.

They can't be used until you find an internet connection. Therefore, you can't use them in a location where internet providers have been seized and their business is shut down due to a war, but once you resort to another country, you can normally use them.

Even if you could use them without internet, you wouldn't; the first thing you must do is to leave your country.

avikz

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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?

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

That's a valid question! Without internet, your bitcoins can't be used. I know there are couple of experiments done to send bitcoins over a radio network and it was successful as well, but that's not widely implemented. So it will not come to your aid.

It's interesting to see what other ways people can share with you for using bitcoin without active internet at large scale!

KaliLinux

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Quote from: pooya87 on March 02, 2022, 04:18:37 AM

Think of this way. Every has a net-worth it could be in real estate, stocks, and fiat. You can't take any of them with you when you flee the country and you can't use them elsewhere. The economy is also falling so the value of all of them is also falling. Things such as gold are also extremely hard to carry around and in war time when crime is at its peak you may suddenly become a target if you are driving a car filled with gold bars!!

Now consider bitcoin, it doesn't take any space. It could be carried around on a piece of paper or tattooed on a part of your body that nobody sees! or even memorized for worse case scenario. You can carry any amount of it as you want whether it is 1 satoshi or 1000 bitcoin and it takes the same effort. It can be used elsewhere and its price is not affected by the internal conflict.

This makes bitcoin even more valuable than normal times.

Quite correct but I still want to clarify one thing. Say you leave the country where the war is raging to another country where you still could trade your Bitcoin and that would go into your fiat account and for people like the Russian citizens for example that might need cash, even if they are able to somehow sell some part of their Bitcoin into fiat and with the financial blockage the country is facing with the world, how would that person be able to use the fiat in their account if their banks have been cut off from the international banking system? Cos as we all know, not all Russians are in support of the war and some might want to go through this process we are talking about.

Topic: This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin? - page 3. (Read 718 times)