Topic: Ukrainians Embrace Bitcoin For Daily Purchases: Report (Read 242 times)

Now ukraine citizens are getting great benefits from bitcoin, I hope this can help so that ukraine does not find it difficult to meet their needs, and of course this is a very effective campaign to silence haters who are currently still actively spreading FUDs.

I think Elon Musk's starlink satellite internet service costs $500 for initial cost and $99 month afterwards. If internet connectivity and financial services go down, perhaps the richest man in the world would not mind donating some of his starlink services to ukraine. Mainstream adoption of satellite internet could be another good measure to standardize for cases of civil unrest, war and natural disasters.

Now ukraine citizens are getting great benefits from bitcoin, I hope this can help so that ukraine does not find it difficult to meet their needs, and of course this is a very effective campaign to silence haters who are currently still actively spreading FUDs.

Now ukraine citizens are getting great benefits from bitcoin, I hope this can help so that ukraine does not find it difficult to meet their needs, and of course this is a very effective campaign to silence haters who are currently still actively spreading FUDs.

Now ukraine citizens are getting great benefits from bitcoin, I hope this can help so that ukraine does not find it difficult to meet their needs, and of course this is a very effective campaign to silence haters who are currently still actively spreading FUDs.

I believe those who were aware of cryptocurrency and had account on Kraken are far away from war zone (or have travelled abroad) and can use white or grey methods to turn crypto into cash. I believe that those, who are on war zone territory right now, only heard what is crypto.

Imho, people who had knowledge what is crypto and had exchange accounts, are average class, has money (at least emergency money) to move out quickly from Ukraine. They will find access to the internet and will withdraw that gift from Kraken. Low level class people are left in war zone, people who find it impossible to leave their property, relatives and etc. Sorry, but their maximum is having a bank account and only hearing about "the internet money" aka crypto.

This is of course good news, but how do users in Ukraine exchange their crypto to fiat when there are many banks that are not operating?

Kraken is offering $1,000 free to the first 10,000 accounts in ukraine who claim it.

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However, I have heard that Ukrainian money is not accepted everywhere in the world. So, in essence, it was a block?ot everyone will accept bitcoin for everyday purchases.

Sorry  but it's bullshit that ukraine lacks financial services or payment methods and that people turn to bitcoin.

I am also from Ukraine, and I can say that now, in addition to what you said, there are no special opportunities to use bitcoin in everyday life, also because in many settlements there are problems with the Internet. They are not permanent, they are periodic, they are tried to be solved  as soon as possible, but they are presemt here. But even this is not such a problem compared to the fact that many people now simply do not have access to electricity, and simply can not charge devices that could later be used to pay somewhere with bitcoins. Of course, I am grateful for any help for us, but it is too early to say that Ukrainians embrace Bitcoin for daily purchases.

The only thing I don't understand in the quotes from the op is the part about Ukrainians embracing Bitcoin for everyday purchases due to the central bank cutting traditional payment rails.

Has anyone tried to calculate how much support Ukraine has already received or will receive during war period? War is terrible, and it requires a lot of resources. But every day I see articles how countries and business are helping Ukraine. After seeing how huge help is, I start to think that if not the war, Ukraine might turn to be one of most developed countries.

There's always a solution in any problem mate so don't lose hope..
And there's no need to worry because that donation for every Ukrainians will not disappear, if however up to now there's no stable internet and electricity  because it's really a big problem to be honest.

But for me IMO much better keep that bitcoin donation because surely it's a big help for fast recovery after that war, wherein i will gonna ask relief goods instead in order to survive than spending it.

I am also from Ukraine, and I can say that now, in addition to what you said, there are no special opportunities to use bitcoin in everyday life, also because in many settlements there are problems with the Internet. They are not permanent, they are periodic, they are tried to be solved  as soon as possible, but they are presemt here. But even this is not such a problem compared to the fact that many people now simply do not have access to electricity, and simply can not charge devices that could later be used to pay somewhere with bitcoins. Of course, I am grateful for any help for us, but it is too early to say that Ukrainians embrace Bitcoin for daily purchases.

Then there's the second part about the central bank. What is that about? In Ukraine, the vast majority use banks like Privatbank and Monobank. I'm not 100% sure regarding Monobank, but I can confirm that Privatbank cards work both in Ukraine and abroad right now, and no limitations were officially set on paying by card. Regarding the limitations from the Central bank of Ukraine on foreign currencies and withdrawals, they were lifted.

First, there's no infrastructure in Ukraine to use Bitcoin for everyday things! Some stores and cafés have been accepting Bitcoin for years, sure, but during the war, the 'everyday use' is limited to two things: supermarkets and pharmacies. I've lived in Ukraine for most of my life, and I've never seen an option of paying in Bitcoin in places like that.

NYDIG’s February report highlights how Ukrainian military support continues its influx by the millions as Russian Bitcoin transactions rise.

• $57 million have been donated for military support in Ukraine as of March 4.
• Russian Bitcoin transactions have increased as the BTC/RUB pair trades $62 million, but it does not seem to have affected the BTC price.
• Bitcoin is up roughly 9% for the month of February, coming back from the January dip and separating itself from other risk-on assets.

Ukrainians have embraced bitcoin for everyday purchases as its central bank cuts traditional payment rails.

NYDIG, a financial company that focuses on institutional-grade Bitcoin solutions, released its February 2022 Bitcoin Brief report discussing relevant statistics related to bitcoin as an asset, comparing it to other financial products, and diving into Bitcoin metrics in Ukraine as the Russian invasion perdures.

Speaking to cultural and geopolitical concerns, NYDIG’s report highlighted how “in just seven days, over 113,000 digital asset donations were sent directly to the government or an NGO providing support to the military.” As of March 4, the total value of donations reached $57 million, the report said.

Ukrainians have also been embracing bitcoin for everyday purchases as “the National Bank of Ukraine suspended the foreign exchange market, limited cash withdrawals, and prohibited the use of fiat currencies via digital platforms like Venmo or PayPal,” per the report.

As the invasion continues, NYDIG discussed the theories of Russian purchasing of bitcoin as a way to skirt sanctions saying, “Since the invasion began through March 4, the bitcoin / ruble pair has traded about $62 [million] in volume on Binance (Russia’s dominant crypto exchange), while the market cap of bitcoin has increased by $75 [billion].” They concluded this with, “These are not comparable numbers.”

Bitcoin was up around 9% in February, marking a deviation from the norm as other risk-on assets approached negative territory. This point was strengthened during January when bitcoin dipped along with other risk-on assets.

https://bitcoinmagazine.com/culture/ukrainians-embrace-bitcoin-for-daily-purchases-nydig-report

Kraken exchange is gifting $1,000 in Bitcoin to every user in Ukraine

Kraken is putting together a massive assistance package to help victims of Russia’s ongoing invasion of Ukraine, with over $10 million going straight to those who have been affected.

Clients who opened an account with Kraken before March 9, 2022 will be entitled to receive $1,000 in bitcoin, which may be withdrawn immediately from our exchange, starting tomorrow and lasting until July 1. At this time, currency conversion expenses of up to $1,000 will be waived.

“We hope to continue being able to provide critical financial services in a time of need to both our clients in Ukraine and in Russia,” said Jesse Powell, CEO of Kraken. “Cryptocurrency remains an important humanitarian tool, especially at a time when many around the world can no longer rely on traditional banks and custodians.”

As part of the effort, Kraken will also donate an amount equivalent to the total trading fees paid by Russia-based clients in the first half of 2022 to the aid package. Further, additional aid may be announced as the crisis continues to unfold.

https://news.coincu.com/71268-kraken-to-distribute-over-10-million-in-aid-to-clients-impacted-by-ukraine-crisis/