To many of us in the developed world, war is something we hear about in the news or watch stories in documentaries and dramas. Not so for those living in Ukraine. The citizens of Ukraine went to sleep and awoke to a full-on invasion by a foreign power.
In times of war, the simple freedoms we enjoy and take for granted are taken away from us. For Ukrainian citizens, the freedom to transact with their own hard earned cash has been limited by their government as a result of the invasion. The central bank in Ukraine suspended electronic cash transfers. Therefore, citizens are no longer able to access cash through popular money platforms such as PayPal. Accessing cash through ATMs has become impossible as these machines have been overrun.
The situation in the country gets worse every day. The borders are closed to men that are of fighting age and the government is encouraging its citizens to help defend the country by making Molotov cocktails.
Offering an alternative in times of war
While cryptocurrencies such as Bitcoin won’t stop the war, Ukrainians are turning to the digital currencies as an alternative to fiat currencies which have become harder to get hold of following the central bank’s directive. One Ukrainian refugee in particular has embraced Bitcoin for its freedom during the uncertain times in Ukraine.
Henceforth referred to as Lion for the sake of this article, the refugee is a webmaster of an investor fund. The company he works for takes funds from investors and invests them in cryptocurrency mining operations, including Bitcoin and various altcoins. The company times altcoin sales at optimal points in the market to make a profit. The profits are used to maintain their operations and are also distributed to the investors.
Lion considers himself lucky. Like many people, he attempted to withdraw money prior to crossing the border. After the central bank directive, access to foreign currencies or cash is nearly impossible after the central bank directive. He was, however able to take some bitcoin that he saved and sell it to people he knew in exchange for Polish zloty. According to him, his Bitcoin literally helped him get across the border into Poland.
Lion and his girlfriend could make it across the border before it was closed. The bitcoin he has saved up is now what sustains them. Because there is a global network of Bitcoin ATMs, he can cash out when he needs more money. He also has the option of finding people whom he can sell the Bitcoin directly to for cash.
Lion’s story illustrates the freedom that Bitcoin and other cryptocurrencies give. Cryptocurrencies are a great option for investment and protect your wealth against conflicts and other disasters. Their decentralization means that no government or authority influences your assets. You can access your assets from anywhere at any time.
Lion isn’t sitting back. He is fighting back. He is currently working with a group of hackers fighting to take down important Russian digital assets such as their defense website.