This Ukraine issue has me thinking a lot. In a crisis, how valuable is bitcoin?

[teosanru]

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?


_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

For immediate payments and liquidity yes it is useless, if you compare it with gold or diamonds at this point even they would be useless because you don't have a diamond merchant who can buy them from you. But in the longer run networks, internet and electricity will come back live again, so as a store of value you definitely are leaving with something concrete and valuable not just something useless. For the time being you can say it might not help you getting out of that situation.

[fzkto]

Well, your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

For our daily living we still need fiat. Bitcoin can help in a way that you don't have to carry any cash with you in war zone region. But even if you migrate to other country than converting btc to Fiat will be difficult as you don't have banking facility available in country where you taking asylum.
Bitcoin has its pros and cons in war situation. If you just wanna move your assets to safe location unless the conflict is over then bitcoin is ideal.

the safest thing is to move assets in bitcoin during a war situation like this. even though in a war situation there is no internet network, but when the war is over and the infrastructure can be used, then we can access it again as long as we still keep the key phrase. Of course it will be very difficult if in a war situation, I think the most important thing is to meet the needs of food

In times of war then you would really be mainly thinking on where you would be securing your assets from fiat to crypto because you would already projecting out on what would be the possible
things to happen but pretty much sure that majority of citizens havent able to set such thing neither they dont know about bitcoin/crypto or simply cant just afford on making such step
minding that it might really be that risky to do so or arent that sure.Of course you would really be minding first about your survival which you would be assuring priorities.

There is another very important point - in a crisis or war, most people have no savings at all. And those savings that have been hidden under the mattress are devalued along with the local currency. Buying bitcoins to save your money is also very risky, especially if you're not willing to watch bitcoins plummet by 30% knowing that you've already lost a significant amount of money. Those who had spare cash invested it a long time ago.

[riskarcher]

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?


_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

yes, if the internet has gone out in Ukraine then the residents of that country will not be able to use crypto currency as income. Investors in Ukraine will suffer huge losses because they cannot trade cryptocurrencies and even all their crypto assets are no longer accessible.
On the other hand, if the internet is still accessible, people in Ukraine will use bitcoin as their income at this critical time, for example, they will create new tokens related to the situation in Ukraine. I am sure that the tokens they created will sell well in the crypto market because investors want to help the Ukrainian state.

At least they could use it in other countries to anticipate the worst case scenario. As we know Ukrainian citizens fled to neighboring countries which allowed crypto owners to be able to access their crypto that region. but to create tokens in that situation is not a good idea because there are other options for assistance using existing coins such as BNB which is low on gas fees to convert to usdt

[_BlackStar]

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

As far as I know bitcoin can only be used as long as we have access to internet, meaning bitcoin is useless without internet. But the same thing can also be experienced by other payment platforms that require an internet connection.

The solution is to stay away from the war zone and find a safe place with a good internet connection if the OP is an active trader. Internet connections in war zones may be unreliable and are more likely to go out from time to time so it will only interfere with traders' activities. Find a safe place anywhere with a stable internet connection so you can use bitcoins as usual. That is a good solution in my opinion.

[Russlenat]

Assume you must evacuate your house during a wartime situation. You don't have any cash, but it's been depreciated owing to previous occurrences.

You, on the other hand, have your phone, hardware wallet, and seeds. You're in a nice mood.

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?


_{Seeing a lot of news lately like: https://mycryptoparadise.com/ukraine-suspends-electronic-bank-transactions-following-its-unrest-with-russia/}

Well, your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

Good point! Your bitcoin is really completely and entirely worthless if that's the case, processing your crypto into fiat or paying some needs via crypto definitely need some internet to make it through the other end of transaction. Your only choice is to move yourself into a place where it is safe and you can freely use your bitcoin, in-short move out to a different country. But you definitely need some cash on-hand to pay the services you needed for you to move out and the OP said that you don't have any cash and only have a phone and hardware wallet. So yes, the best thing to do is to get some help.

[KingScorpio]

with the help of crypto the insane western central banks could be taken down, look at all the war crimes the usa has done in the middle east and now its targeting eastern europe again.

the usa is the nr.1 issue it is a mad state. for everyone except the internal billionaires.

we needed all to be reminded of that.

[blockman]

yes, if the internet has gone out in Ukraine then the residents of that country will not be able to use crypto currency as income. Investors in Ukraine will suffer huge losses because they cannot trade cryptocurrencies and even all their crypto assets are no longer accessible.
On the other hand, if the internet is still accessible, people in Ukraine will use bitcoin as their income at this critical time, for example, they will create new tokens related to the situation in Ukraine. I am sure that the tokens they created will sell well in the crypto market because investors want to help the Ukrainian state.

If they cannot trade, that doesn't mean that they're dealt with huge losses. It's still going to depend on the market situation because it's going to be losses at all times.
That's the reality that transacting in bitcoin always requires the internet and that's why if you're in an area that has no internet, you can't proceed.

[mindrust]

The internet and cellphone networks then fall down.

How do you intend to use your bitcoin? Is it completely worthless?

Without the internet, you are right, crypto is completely useless. I think you should be ready for every possible scenario. I know many people here hate FIAT but a $100 bill in your pocket might save your life if you were living in Ukraine or Russia.

People in Russia are having big trouble right now and I don't think owning crypto is making their lives easier. Sure they can protect their wealth in crypto but these people have to eat, make their daily shopping, pay for gas etc and crypto isn't adopted that much. They can't pay their bills with crypto but almost everybody there will take your dollars.

[erep]

How do you intend to use your bitcoin? Is it completely worthless?

There's nothing you can do but save yourself the conflict and save the hardware wallet. If there is no Internet, no cryptocurrencies, you have to wait for the situation to be conducive to moving away from the war zone and it seems that Ukrainians has gone to neighboring countries, then it is time to act on accessing hardware wallets.

[fiulpro]

Somewhat useless in the place where you are where networks are down(but so does your digital payment platforms), but obviously very useful in a way that if you can immediately leave that place and go to a country that's at least not(or not yet) affected by the war.

If you're still planning on somewhat staying in the war-inflicted country, then obviously you don't convert 100%. You still need cash for resources.

Probelm is you won't be able to take cash out after a while. It's horrific, the ATM machines stops giving out money since the government is desperately trying to control their economic situation and at the end there is a limit on how much you can take out as well therefore I don't think that this is something that would work.

When you have bitcoins, you can convert it and encash in any card in any country at any moment therefore for me that was the only thing that kept me going and I was able to escape as well.

Also you can very easily use local bitcoins and encash bitcoins directly in the card that you intend to pay in therefore this is very helpful as well since local and international cards do charge a lot more than you think ! More or so it's around 10-12 pounds in total for sending 60$ and with bitcoins you can get it done in 2-4$ !

[7788bitcoin]

~
Without the internet, you are right, crypto is completely useless. I think you should be ready for every possible scenario. I know many people here hate FIAT but a $100 bill in your pocket might save your life if you were living in Ukraine or Russia.

I would say that is the narrative that majority created by some that they hate fiat currency but in situations like these you need fiat for your daily needs since you cannot rely solely on online transaction as the internet will be dead if you are in a war zone.

People in Russia are having big trouble right now and I don't think owning crypto is making their lives easier. Sure they can protect their wealth in crypto but these people have to eat, make their daily shopping, pay for gas etc and crypto isn't adopted that much. They can't pay their bills with crypto but almost everybody there will take your dollars.

I can only imagine how difficult things would be in a war zone and i have heard news about how people are not able to withdraw their money from bank and ATM as there is a shortage of hard cash. It is a really difficult situation to be frank.

[fullhdpixel]

your bitcoin would be inaccesible since bitcoin requires internet and a mobile phone. You could no longer exchange it for goods and services or physical currencies. The only thing you can do is to move out to another country where there is no conflict in order for you to survive, or just seek some help.

It surely requires internet but you can use any device not only a mobile phone as long as they support internet and they have a browser in them. Why would you move to another country when you can just wait for the war to end because they are going to restore the internet after that.

Traveling to another country can be a hustle and can cost you more but it can be worth it if you have relatives there and if you are going to do other business and not only by finding an internet connection only to access your coins. I heard on the news that Elon Musk has provided starlink to the Ukrainians for them to connect to the internet. that should keep them going.

[Marvelman]

Without the internet, you are right, crypto is completely useless. I think you should be ready for every possible scenario. I know many people here hate FIAT but a $100 bill in your pocket might save your life if you were living in Ukraine or Russia.

Even debit and credit cards are useless without the internet, since they all require online verification to work, and it's almost impossible to to buy anything. Depending on the type of the crisis, there have been numerous cases throughout history when certain fiat currencies have also been useless.

[Ultegra134]

How do you intend to use your bitcoin? Is it completely worthless?

There's nothing you can do but save yourself the conflict and save the hardware wallet. If there is no Internet, no cryptocurrencies, you have to wait for the situation to be conducive to moving away from the war zone and it seems that Ukrainians has gone to neighboring countries, then it is time to act on accessing hardware wallets.

From Ukraine's side, Bitcoin could provide safety of assets, your BTC will be there no matter what, even if banks collapse, or Ukraine enters EU and switches to Euro. You won't be able to use them if the internet/service is down, but at least your money will be safe.

From Russia's side, though, as I've mentioned before, sanctions by EU aren't actually hurting Putin, but his citizens, who saw Russian Rubble crashing and losing more than 30% of their money's value within a few days. In that case, Bitcoin would be useful to maintain the value and the integrity of your money.

[bbc.reporter]

Bitcoin might not be the only valuable coin during this war. It also appears that the whole cryptospace will be valuable for Ukraine to get more attention, to issue their own tokens or to mint their own NFTs to fund themselves during this war hehehe.

Similar to what I have said in another thread before, I reckon NFTs are becoming a special part of internet culture.



Ukraine's government abruptly canceled its planned crypto airdrop and said it would instead sell NFTs to raise funds following last week's Russian invasion.

Source https://www.theblockcrypto.com/linked/136211/ukraine-cancels-crypto-airdrop-plans-to-sell-nfts-instead



Decentralized autonomous organization Ukraine DAO raised 2,258 ETH (around $6.75 million) in an auction that began on February 26 and ended on March 2.

Source https://decrypt.co/94353/ukraine-daos-flag-nft-sells-for-6-75-million

[Ozero]

How do you intend to use your bitcoin? Is it completely worthless?

There's nothing you can do but save yourself the conflict and save the hardware wallet. If there is no Internet, no cryptocurrencies, you have to wait for the situation to be conducive to moving away from the war zone and it seems that Ukrainians has gone to neighboring countries, then it is time to act on accessing hardware wallets.

Mostly women and children leave the war zone in Ukraine, and now most of the territory of Ukraine is under missile and bomb attacks by the Russian army. Over 2 million refugees have already been evacuated from Ukraine. At the same time, about 215,000 men have returned to Ukraine, who want to defend their country from the Russian aggressor with weapons in their hands. Ukrainians are now confidently grinding eight Russian armies that have invaded Ukraine. The Kremlin has already realized that they underestimated the power of the Armed Forces of Ukraine and the confidence that they will be able to capture Ukraine there is decreasing every day.
In addition, fearing that the truth about the reasons for the attack on Ukraine, its course and heavy losses would become known to its people and, along with the consequences of the imposed sanctions, would cause just indignation, up to armed riots, Facebook was first turned off in Russia, then Twitter, Instagram, and now even want to turn off the Internet on their territory. Earlier we said that the state will no longer be able to turn off the Internet, since a lot of things immediately collapse. But the Putin regime goes to great lengths to stay in power.

[usekevin]

It's an assumption and a critical situation which no one should not get it.When you became a houseless in a war situation.The only option to get a money will be your phone and the wallet which had crypto currency.When their was a buyer in your nation, you can get the fiat equal to crypto on a real meet also.In the war situation, if you had not lossedthe seeds forthe wallet, it's enough to earn some good amount of fiat.

[Spacebar96]

Investing in bitcoin, like what's going on in Ukraine, is the safest way to keep your money. However, if the internet is down, you won't be able to access the cryptospace , which is why it's not a good idea to invest all of your money in bitcoin.

[jostorres]

Investing in bitcoin, like what's going on in Ukraine, is the safest way to keep your money. However, if the internet is down, you won't be able to access the cryptospace , which is why it's not a good idea to invest all of your money in bitcoin.

Anyone who is investing in Bitcoin has to be really careful. You have to know how much you can afford to invest and not invest all your money in it because you might happen to be in need of cash at any time.

Especially for those in Ukraine there is always going to be a need for cash in such a situation and if someone happens to invest all their money in Bitcoin, it is not going to be good enough for them because when they happen to be in need of cash, there wouldn’t be a way for them to easily access their bitcoin if the internet is down. The best thing would be to invest a small amount in Bitcoin and hold the rest as cash so that it will be enough for you to handle whatever need you might have.

[kotajikikox]

Investing in bitcoin, like what's going on in Ukraine, is the safest way to keep your money. However, if the internet is down, you won't be able to access the cryptospace , which is why it's not a good idea to invest all of your money in bitcoin.

Elon musk is supplying free internet to Ukraine so i think Internet will not be a problem in their area but yes investing in bitcoin would be one of the best act for them to keep their funds safer.
and also the prices of Bitcoin is much lower now so they must take this advantage before bringing up again sooner.