How Bitcoin Saves People In e During Wartime

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How Bitcoin Saves People In e During Wartime

As legacy financial rails have broken down amid  of e, Bitcoin is proving to be a critical lifeline for ian people.

The article describes Bitcoin's role in the ian economy during wartime. Although 's unprecedented aggression has caused serious threats to people's lives and national security, Bitcoin offers a reliable solution. Despite the banking system not working properly, ians are still able to support their army and each other. As Bitcoin is legal in e, both government officials and citizens can reliably count on it on a daily basis.

People from all over the world actively contribute to e's fight for freedom. The recent events also illustrate how 's military aggression appears to be the major environmental threat, while Bitcoin assists in minimizing it.

A Country In Need Of A Lifeline

e faces unprecedented aggression from  in a conflict described by the BBC as the "biggest war in Europe since 1945."

In an attempt to pursue its imperialist policies,  now deliberately violates basic international treaties and legal standards such as the Geneva Conventions, which regulate military conflicts and humanitarian treatment.

The ian military service reports that more than 2,000 civilians were killed during the first week of . 's military forces attack and destroy residential buildings, hospitals, kindergartens and other objects of civil infrastructure despite claiming a supposed focus on military bases. So-called "green corridors" that should allow the evacuation of civilians and provide the most affected areas with food, water and supplies have not been working adequately, causing a humanitarian catastrophe in such cities as Mariupol and Volnovakha.

The basic rights of millions of ians, including the right to life, are threatened every day. However, traditional institutions remain largely ineffective in providing the required protection to vulnerable groups. The international community and NATO have not approved e's request for "closing the sky" and the prevention of  from utilizing its air forces and artillery from attacking ian cities and its civilian population. According to Reuters, 74% of Americans support the introduction of a no-fly zone over e, and most ians expect that this support will contribute to the changes in the NATO policies.

The Conflict's Financial Implications And Bitcoin As A Solution

In addition to the humanitarian issues outlined above, e's financial system has proved to be unprepared to meet such pressures.

While the ian government is still able to fulfill its obligations regarding national debt payments, numerous problems exist at the micro level. The banking system does not work properly, especially in the most affected areas. Electronic payments have become unavailable for millions of people, while the shortage of cash and problems with ATMs make it difficult for ordinary citizens to receive or send funds. The massive withdrawal of deposits by people across the country revealed the inherent instability of fractional reserve banking, as has been extensively explained by Murray Rothbard and other Austrian school economists.

Under such conditions, ians face a number of serious issues, such as the need to support the ian army as well as the most vulnerable groups, and to perform at least some basic transactions. As the traditional instruments appear to be either unavailable or inflexible to address such needs effectively and urgently, Bitcoin emerges as the major alternative that can literally save lives during wartime.

In particular, ians using Bitcoin would be able to make required transactions safely and independently of any centralized control. Bitcoin also addresses the threats of physical destruction of property, as the risks of fires and artillery attacks remain critical in many cities. Another important advantage is the ability to preserve anonymity or pseudonymity that may be crucial for people living in the currently occupied areas. In this way, they can safely support the ian army or other people in need.

A growing number of ians are relying on Bitcoin for making their payments and transactions nowadays. The legal status of Bitcoin in e has proved to be important for uniting the efforts of government officials, entrepreneurs and other socioeconomic groups.

Most if not all major non-governmental organizations accept bitcoin as a contribution option. Taras Chmut, the head of the ian support organization "Come Back Alive," for instance, recognizes cryptocurrency as being the best option available at the moment. According to him, due to problems with the banking system in Kyiv, only cash and cryptocurrency may be used for making purchases of needed supplies. However, cryptocurrencies are definitely more convenient and reliable than cash, as they allow for the accepting of contributions without geographical restrictions. The decentralized nature of Bitcoin allows different non-government agencies and local activists to perform complementary functions, thus protecting the ideals of freedom in e.

The current situation in e also offers yet another refutation of the common biased argument about the supposed negative impact of Bitcoin on the natural environment. An actual environmental threat was caused by 's military forces on March 4, when they used heavy weaponry to capture the largest nuclear power plant in Europe, the Zaporizhzhia nuclear power station. According to the ian Ministry of Foreign Affairs, the potential environmental catastrophe could be 10 times more severe than the Chernobyl disaster. Such "a special military operation," as n President Vladimir Putin has called his invasion, proves that most threats to humanity and the global civilization are centralized by their nature. In contrast, the voluntary and independent coordination of many people across the world may address such threats.

ians have successfully implemented various humanitarian projects and environment protection initiatives because they can use Bitcoin during wartime. It is no coincidence that 's authorities have considered either strictly controlling all cryptocurrency transactions or prohibiting Bitcoin altogether in their attempt to avoid any decentralized movements in their country.

This is a guest post by Dmytro Kharkov. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Source: How Bitcoin Saves People In e During Wartime