In chaotic environments in war and disaster situations, many immediate needs can arise. Undoubtedly, one of the most important of these needs is money, because in such environments money may be needed more than in previous times.
In such sudden situations, it can be said that crypto money is the best way to send or receive money wherever you are in the world. The blockchain technology behind cryptocurrencies brings with it a number of advantages over traditional methods.
In which difficult times were cryptocurrencies used?
Russia-Ukraine war
In the war between Russia and Ukraine, which has flared up in the past years and still continues, the Ukrainian side has used the advantages of cryptocurrencies quite a lot.
Alex Bornyakov, Ukraine’s deputy minister at the Ministry of Digital Transformation and the government’s crypto spokesperson, had previously announced that Ukraine earned close to $100 million in revenue through cryptocurrencies.
In a tweet he shared in March 2022, Bornyakov said, with the proceeds of cryptocurrencies, he bought 5,500 bulletproof jackets, 410,000 packed lunches, 500 ballistic plates for bulletproof vests, 3,125 thermal cameras and optics, 500 helmets, 3,427 drugs and 60 radios. had been announced.
Kahramanmaras earthquakes
During the earthquakes in Kahramanmaraş, which stunned us all, crypto money aids were collected from all over the world with the campaign launched by Haluk Levent.
Haluk Levent, with a tweet he shared at that time, announced that about 5 million dollars worth of crypto money was collected within a week and transferred all of this income to the Ahbap Association.
Crypto solution for people with water shortage: WaterAid
The use of cryptocurrencies is also very advantageous for charities because with cryptocurrencies it is quite simple to donate to a charity, regardless of where you live.
One of these examples is WaterAid. This institution raises donations through cryptocurrencies for people who have trouble accessing clean water, and has reportedly now raised $371,000 to create a clean water supply for 18,550 people.
Why are cryptocurrencies preferred in the examples above?
Send money in seconds
In the event of disaster, war or any aid, and especially in cross-border remittances, some barriers still exist in traditional methods. One of the most important of these may be the late arrival of the money sent to the required place.
However, this is exactly the opposite for cryptocurrencies. Sending your funds to a crypto wallet address takes just minutes or even seconds, no matter where you live. For example, sending cryptocurrency to or from someone in the US or Europe can be done quickly with a few transactions.
Low cost transactions
We mentioned that cryptocurrencies can help transfer money globally. Another point where cryptocurrencies can help over traditional methods is their low transaction costs.
The transaction cost of sending funds to someone with cryptocurrencies can be close to zero. It should be noted that cryptocurrencies working in the logic of decentralization eliminate the need to approve transactions by third parties such as VISA.
Unaffected by value
In addition to the other destructions caused by periods such as war, it can also cause great economic ruins. In such periods, economic uncertainty and fluctuations may come together.
Although cryptocurrencies have fluctuating prices, since they work in a decentralized system and do not need 3rd parties, they are less sensitive than local currencies in times of war and can provide financial independence to people.
Fast accessibility
To use cryptocurrencies, it is sufficient to have a computer or smartphone with an internet connection. For example, there is no need for authentication or other additional processes to open a cryptocurrency wallet.
Because of such advantages, cryptocurrencies are much faster and easier than traditional financial institutions. This allows effortless internet transactions or sending money to someone.
decentralization
One of the most important mottos of cryptocurrencies is decentralization. Thanks to its decentralized structure, no state or 3rd party can prevent or impose sanctions on cryptocurrency transactions.
For example, during the Russia-Ukraine war, the European Union decided to remove 7 Russian banks from the international money transfer system SWIFT and prevented the purchase of money from abroad through banks. In the same context, it is impossible to impose similar bans and sanctions due to the decentralized nature of cryptocurrencies.
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