In times of conflict Be your own bank

[SatoPrincess]

Report from CNN:
The United States, the European Union, the United Kingdom and Canada banned certain Russian banks from SWIFT on Saturday, the high security network that facilitates payments among 11,000 financial institutions in 200 countries.  have been imposed on Russia by the United States, the European Union (EU) and other countries and international organisations against individuals, businesses and officials from Russia and Ukraine.

Money plays a big role in war and conflict. The sanctions are targeted at declining Russia's economy to make them seize fire. According to the Vanguard:” The UK has imposed a £50,000 limit on bank accounts held by Russian nationals in the UK), and the EU a limit of €100,000 in EU banks.”

Is Bitcoin going to be a safe heaven for Russians? International exchanges may restrict or freeze accounts of Russian users without warning. That's a possibility that's can happen with centralized exchanges. They reserve the right to ban certain users from using their platform, FIFA, formula 1 and other sports organizations have suspended Russia from participating in games. Crypto exchanges may be next.  This is the time to transfer one's bitcoins to your hardware wallet for safety.

[Upgrade00]

Is Bitcoin going to be a safe heaven for Russians?

...Russians and Europeans alike.

• As a digital currency, Bitcoin is easy to carry around in an airgapped device or hardware wallet,
• As a borderless currency, it can be used anywhere without any international limitations,
• As a pseudo anonymous network, individuals can transact without it being linked to their real life identity,
• It is resistant to inflation, so cannot be affctd by economic sanctions directly
These factors makes it suitable for use as a Store of value or safe haven currency for economically unstable regions.

[NeuroticFish]

I don't know how easy can the Russians buy Bitcoin nowadays if their money is locked is a bank, it may not be easy to withdraw and find a Bitcoin seller, and the fiat value decreases by the hour.
But I may be wrong, since there are also banks not banned from SWIFT which still operate in Russia.

And about the title... wasn't Bitcoin meant to make you be your own bank, no matter there's peace or war?

[hosseinimr93]

This is the time to transfer one's bitcoins to your hardware wallet for safety.

It doesn't necessarily have to a be a hardware wallet.
Any non-custodial wallet can give you full access to your fund. It's better to use an open-source wallet on an air-gapped computer or a hardware wallet*. It can be also a paper wallet generated using a safe tool on a safe device.

[SatoPrincess]

And about the title... wasn't Bitcoin meant to make you be your own bank, no matter there's peace or war?

That is no longer significant when you store your bitcoins in a centralized exchange. Before joining bitcointalk I could swear Binance was the safest place to keep my bitcoins. I knew nothing of cold or hot wallets. I just blindly trusted Binance to keep my bitcoins safe for me. There are many newbies in that place I was right now....believing and trusting third parties with their bitcoins.

[jossiel]

International exchanges may restrict or freeze accounts of Russian users without warning. That's a possibility that's can happen with centralized exchanges.

From what I've read.

A Ukraine ambassador if it's not the president has asked the centralized exchanges to freeze the accounts of Russians on their platforms. If they'll be able to do that.

There will be too many Russians that will be affected by that cease and desist implementation by the exchanges. Since many banking options abroad have stopped temporary, they're really likely going for crypto.

[sheenshane]

And about the title... wasn't Bitcoin meant to make you be your own bank, no matter there's peace or war?

That is no longer significant when you store your bitcoins in a centralized exchange. Before joining bitcointalk I could swear Binance was the safest place to keep my bitcoins. I knew nothing of cold or hot wallets. I just blindly trusted Binance to keep my bitcoins safe for me. There are many newbies in that place I was right now....believing and trusting third parties with their bitcoins.

And those who are still believing that centralized exchanges are good to store your Bitcoin are probably trapped by now if they've come from Russia.
We don't know the risk ahead and it's unpredictable how the government imposes the law about financial matters, we shouldn't put a large amount on the centralized exchange, in a moment like this was unexpected to happen.

Be your own bank always and always remember the golden rule in crypto, "Not your keys, not your coins".

Safe haven?  I don't know technically how they will buy Bitcoin right now, if someone from Russia here wants to trade or that will buy Bitcoin via P2P would be better but in certain centralized exchanges, they were already sanctioned by the US.

[Bitcoin_Arena]

Do you have to wait for conflict to take place to remember to be your own bank? 

Nope! Always be your own bank.

International exchanges may restrict or freeze accounts of Russian users without warning. That's a possibility that's can happen with centralized exchanges.

Someone has already experienced this first hand. Bittrex blocked his verified account because he is a Russian Citizen

[Welsh]

I don't know how easy can the Russians buy Bitcoin nowadays if their money is locked is a bank, it may not be easy to withdraw and find a Bitcoin seller, and the fiat value decreases by the hour.
But I may be wrong, since there are also banks not banned from SWIFT which still operate in Russia.

Probably very difficult, and probably isn't going to be on a lot of people's mind. If they face difficulty getting their money out. I suspect with everything going on, a lot of them aren't going to think about alternatives, but rather watch the war closely hoping it'll end, and the sanctions end. It'll probably take months of restricted funds until people start thinking about alternatives. The thing is, if the war continues the longer it goes on the more sanctions, and restrictions that'll come into play. So, it could be incredibly difficult right now, but it's likely to get worse as the war goes on.

And about the title... wasn't Bitcoin meant to make you be your own bank, no matter there's peace or war?

That's the idea, though I think this has somehow been lost in translation over the years. People focus far too much on the anti government side of things, instead of the real benefit of Bitcoin.

[suzanne5223]

In times of conflict or harmony being your own bank is always the safest decision. Although this issue happens to the Russians and in the future, it may happen to a centralized exchange like Binance.
Mind you, we also have a situation where Ontario Superior Court of Justice told a wallet creator to freeze a self-custodian wallet of a user and if the user does not be her own bank the BTC will be freeze.

[Darker45]

Looking at the circumstances which Russians find themselves today, I would say that they should have been their own bank prior to this conflict. They should have been their own bank when there was still peace. Now, in the middle of the war, they are too limited in their actions. It's a little bit too late.

Yes, Bitcoin must be a safe haven in the face of a falling ruble and all the sanctions, but what could you do when your fiat is already restricted? Where were you when you could still withdraw all your fiat and convert them to Bitcoin? Now, withdrawals are limited, online transactions as well. Visa and Mastercard have blocked Russian banks. A lot of Russian banks are now banned from SWIFT as well. Even crypto exchanges where Russians could possibly convert their fiat into Bitcoin could ban them, too.

Preparation is always done beforehand. Noah didn't build the ark when it was raining.

[Jawhead999]

It's already to late advice to transfer your coins to non custodial wallet when you're in trouble, you can only pray the sanctions and war will ended ASAP. No need to wait such events to make your coins safe, actually you're want to make your coins safe due to such unexpected events. Maybe after this, many Russians will learn how decentralization and privacy concern are really important.

Anyway there's a thread has been opened few days ago with similar discussion Recent events should make everyone withdraw all their coins to their own wallets

[mk4]

Do you have to wait for conflict to take place to remember to be your own bank? 

Nope! Always be your own bank.

+1

In some potential far-worse cases, you probably wouldn't even have the time to get your funds out of custodial platforms. Being your own bank only in times of conflict is like rushing to wear your seat belt only when you realized you're about to get into a collision.

[witcher_sense]

I don't know how easy can the Russians buy Bitcoin nowadays if their money is locked is a bank, it may not be easy to withdraw and find a Bitcoin seller, and the fiat value decreases by the hour.
But I may be wrong, since there are also banks not banned from SWIFT which still operate in Russia.

I wouldn't say that the ruble's value decreases by the hour currently, after it sharply fell by more than thirty percent, it remains relatively stable. However, prices of goods may grow way faster than the exchange rate of the ruble, so its purchasing power will naturally decrease significantly. In the times like that, you understand the hard way how terrible fiat money is at holding its value. 100000 rubles could buy Russian people 0.031 BTC just several days ago, but now you can buy only 0.023, which also means that people, who have had bitcoin on hand before the invasion started, witness their savings in ruble terms grow by more than 30%. Truly, bitcoin is a perfect savings technology that helps innocent people to overcome economic and political hardship like that. However, not all Russian people understand how important bitcoin is, that is why the demand for bitcoin is far less than it could be. That means that now you can buy bitcoins in Russia with no fuss or muss using any existing P2P-exchange like HodlHodl or, for example, exchangers presented on Bestchange. Paradoxically, people are still ready to exchange the hardest form of money people have ever had for useless fiat that quickly loses its value!

[MidNite36]

I don't know about others banking system in their countries but in mine they take money out of my account almost every day for charges that crypto don't take from your bitcoin, I'd rather keep my money in stable coin and BTC than in my bank account.

[Poker Player]

Do you have to wait for conflict to take place to remember to be your own bank? 

Nope! Always be your own bank.

+1

In some potential far-worse cases, you probably wouldn't even have the time to get your funds out of custodial platforms. Being your own bank only in times of conflict is like rushing to wear your seat belt only when you realized you're about to get into a collision.

It is only in times of conflict that many people learn. Those who keep an important part of their net worth in a hardware wallet are a minuscule part of the population. With situations like this people are learning that the only way to store and transfer large amounts of wealth without being blocked by any institution is to have your private Bitcoin keys. For small amounts there are still alternatives such as having cash or gold at home.

[lovesmayfamilis]

Paradoxically, people are still ready to exchange the hardest form of money people have ever had for useless fiat that quickly loses its value!

This probably comes from the fact that before these tragic events began, bitcoin in Russia had no support. It was covered as an asset that unlicensed investors could not have, offered to undergo all sorts of tests, and other inconveniences.
How can people who have been tried in every way to dissuade and intimidate with bitcoin, for no reason, wake up to trust in it? Many exchanges have already started blocking Russian accounts, but of course, people are learning and learning quickly in order to survive, I hope many will make the right choice in favor of bitcoin.

[m2017]

Do you have to wait for conflict to take place to remember to be your own bank?  

Nope! Always be your own bank.

International exchanges may restrict or freeze accounts of Russian users without warning. That's a possibility that's can happen with centralized exchanges.

Someone has already experienced this first hand. Bittrex blocked his verified account because he is a Russian Citizen

His only fault is that he is a Russian Citizen? World has gone mad. Some impose sanctions on others, the second blocks the funds of others ... The government of each country is trying to harm the governments of others. But who suffers in the end? Ordinary citizens who have nothing to do with what is happening, whose only fault is that they were born in another country. What will be the next step? Blocking accounts because of skin color, hair and a birthmark on buttocks? What is happening now seems more and more absurd to me.

After all, platforms like Bittrex are losing customers this way. Moreover, they may lose even more customers. What are the guarantees that Bittrex (any other too) will not like your country and they will not block your account? None. We must run away from them.

The message set out by the starter topic is clear and correct. But I think it's already a little late for some countries now. Although no one expects such disgusting events, it would be better to prepare for them in advance. I'm talking about becoming "your own bank".

[NeuroticFish]

I don't know how easy can the Russians buy Bitcoin nowadays if their money is locked is a bank, it may not be easy to withdraw and find a Bitcoin seller, and the fiat value decreases by the hour.
But I may be wrong, since there are also banks not banned from SWIFT which still operate in Russia.

I wouldn't say that the ruble's value decreases by the hour currently, after it sharply fell by more than thirty percent, it remains relatively stable. However, prices of goods may grow way faster than the exchange rate of the ruble, so its purchasing power will naturally decrease significantly. In the times like that, you understand the hard way how terrible fiat money is at holding its value.

Actually Monday, after the initial shock, it has recovered (I don't know though if it was natural or it was a massive intervention of the central bank), but Tuesday was again on a losing trend.
You can see the chart here for EUR-RUB (so increase means RUR losing value) : https://www.investing.com/currencies/eur-rub-chart

About the price of the goods and services I do agree with you. Those show much more accurately the inflation, those prices cannot be manipulated so easy by the central bank.

100000 rubles could buy Russian people 0.031 BTC just several days ago, but now you can buy only 0.023, which also means that people, who have had bitcoin on hand before the invasion started, witness their savings in ruble terms grow by more than 30%. Truly, bitcoin is a perfect savings technology that helps innocent people to overcome economic and political hardship like that. However, not all Russian people understand how important bitcoin is, that is why the demand for bitcoin is far less than it could be. That means that now you can buy bitcoins in Russia with no fuss or muss using any existing P2P-exchange like HodlHodl or, for example, exchangers presented on Bestchange. Paradoxically, people are still ready to exchange the hardest form of money people have ever had for useless fiat that quickly loses its value!

Converting a currency hit by heavy inflation into anything that doesn't fall is already a leap forward. Bitcoin has its history of wide price variation, hence buying Bitcoin is a bit risky - let's be honest - especially if one doesn't want (or cannot) hold for many years. So I cannot call it perfect yet. Right now Bitcoin took the path of store-of-value assets and its price grows, making it a very good deal for those believing it from start.
But those hit by this war will have to take decisions in a hurry and I won't blame them if they don't choose Bitcoin this time. I could blame them though for not buying Bitcoin in the past months or years.

Still, as I wrote in another place: Bitcoin is the easiest way to carry your money/savings/wealth when you flee.

[lovesmayfamilis]

His only fault is that he is a Russian Citizen? World has gone mad. Some impose sanctions on others, the second blocks the funds of others ...

What is happening now in relation to innocent people only says that those who take such positions are ready to take the side of the majority, not understanding the truth of everything that is happening. The masks are being thrown off, although time may show who is actually right.
The times are such that today every person should think only about himself, take care only about himself, about his assets, trusting absolutely no one. Because, as time shows, the one who is nearby easily and at any moment betrays you, completely without hesitation. Your money will be yours as long as you have it around without trusting anyone.