Advantages of Cryptocurrencies in War and Disaster Times

In chaotic environments in war and disaster situations, many sudden need may occur. Undoubtedly, these One of the most important is money.because in such environments, money may be needed more than in previous times.

In such sudden situations, wherever you are in the world, it is the best way to send or receive money. It can be said that cryptocurrencies. behind cryptocurrencies blockchain technology It also brings 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, Ukrainian side, He 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, has previously stated that Ukraine is using cryptocurrencies. 100 million dollars He announced that he was earning close income.

Bornyakov shared a post in March 2022. in the tweet On the other hand, with the proceeds from cryptocurrencies, it announced that it purchased 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.

Kahramanmaras earthquakes

In the earthquakes of Kahramanmaraş that saddened us all, With the campaign started by Haluk Levent Cryptocurrency donations were collected from all over the world.

Haluk Levent shared a story at that time. tweet with 5 million dollars in 1 week He announced that he had collected crypto money worth of money and transferred all of this income to the Dude Association.

Crypto solution for people with water shortage: WaterAid

The use of cryptocurrencies is also very advantageous for charities because cryptocurrencies regardless of where you live Donating to a charity is pretty simple.

One of these examples is WaterAid. This institution is collecting aid through cryptocurrencies for people who have trouble accessing clean water, and according to the statement, it is currently For 18,550 people, raising $371,000 created a clean water source.

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 is the the money may have a late arrival to the required place.

However, this is exactly the opposite for cryptocurrencies. Send your funds no matter where you live to a crypto wallet address Only minutes or even seconds gets. For example, if someone in the US or Europe sends you or you cryptocurrencies with a few transactions can happen quickly.

Low cost transactions

crypto currencies, to global money transfer We talked about how you can help. Another point where cryptocurrencies can help over traditional methods is are low transaction costs.

Transaction cost of sending funds to someone with cryptocurrencies almost zero it could be. Cryptocurrencies working in the logic of decentralization, third parties such as VISA It should be noted that eliminating the need to approve transactions has an important role in this.

Unaffected by value

In addition to the other destructions it caused during periods such as war, economically as well can cause great destruction. In times like these economic uncertainty and fluctuations It can also come together.

Cryptocurrencies, although with fluctuating prices it works in a decentralized system and does not need 3rd parties according to local currencies during periods such as war becomes less sensitive and provide individuals with financial independence.

Fast accessibility

To use cryptocurrencies only Internet connection Having a computer or smartphone is sufficient. For example, there is no need for authentication or other additional processes to open a cryptocurrency wallet.

Because of such advantages, cryptocurrencies are much more popular than traditional financial institutions. it’s fast and easy. This allows effortless internet transactions or sending money to someone.

decentralization

One of the most important mottos of cryptocurrencies is decentralized. 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 transferred 7 Russian banks to the international money transfer system. Decided to remove him from 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.