The Influence of Bitcoin Donation and Support in Ukraine

[GeeksGriefers 10]

Bitcoin, as we may know, has yet to embrace mass adoption and is still an undervalued asset class. However, before this mass adoption can occur, a series of events such as pestilence such as the Corona virus, high inflation rates, wars, and economic sanctions that could cause some fiat currencies to lose their value due to economic sanctions imposed on some countries may occur.
One example is the recent sanctions imposed on Russia, which have caused the Russian ruble's value to fall, prompting some investors to look for alternative ways to hedge their funds in asset classes such as Bitcoin and other digital assets.

The Effect of a Bitcoin Donation to Ukraine

[1.] Bitcoin and ETH donations and support for Ukraine have had a significant impact and have increased mass adoption.

[2.] The recent increase in demand for Bitcoin to support Ukraine caused the price of Bitcoin to rise slightly.

[3.] It has also increased interest in Bitcoin adoption, causing people who may not have heard of Bitcoin or transacted in Bitcoin to purchase Bitcoin in order to lend support or donate money to help the people of Ukraine survive.

[4.] These will also pique the interest of some countries' government authorities, who will look for ways and pass laws to regulate bitcoin in their respective countries, making Bitcoin more accessible to their citizens.

[5.] With the recent sanctions imposed on Russia, some countries will begin to see Bitcoin as a store of value and alternative means of transaction in order to avoid potential sanctions and thus use Bitcoin for international transactions or even adopt Bitcoin as legal tender, as El Salvador has.
In conclusion, while the Ukraine invasion has had a negative impact on the people of Ukraine and its residents, it has also had a significant impact on the mass adoption and aweness of Bitcoin.

[FanaticSilverfish 28]

I'm not sure I'd call it adoption, but it certainly gave Bitcoin a lot of attention in terms of being a currency/asset that requires no permission. It's just unfortunate that many people had to realize it only during times like this — as if they had to literally see it with their own eyes rather than simply studying it.

[SideshowEnderdragon 58]

 

 

The question here is, what do we refer to as support? Food, water, transportation to a safe zone, and weapons to defend their country are all possibilities.

It would be nice to know where all those donations are going because I believe a large portion of them are going towards fighting equipment, and since bitcoin and cryptos are involved, we can call this the first Crypto-War.

[TechieSilverfish 20]

It all depends on who you donate to. If we're talking about direct donations to the Ukrainian government, I'm not sure. You can donate to specific charity groups such as UkraineDAO if you want to support specific sectors such as food and medicine.

[BrainyWitherSkeleton 2]

Anyone can donate to Ukraine to support their government. How the hell would someone in Brazil, China, Japan, El Salvador, etc would do that if not for cryptocurrency?
The transaction using bitcoin is nearly free and you can get a confirmation within minutes.

That would be impossible without cryptocurrencies. Traditional banking system is allow, expensive and bureaucratic. I am certainly i wouldn't be able to donate to ukraine using my traditional bank in Brazil.

We can now support directly a cause that we are interested in supporting. Bitcoin was designed to be used as currency, just like that.

They received already 34 million dollars in cryptocurrency donations
 

[ComputerWitherSkeleton 51]

Don't get me wrong, it's technically adoption, but it's by a significantly large entity. When I said, "I'm not sure I'd call it adoption..." I meant in terms of volume (number of entities/individuals), I'm not sure if the masses actually went "oh shit bitcoin is actually the solution for xyz" and ended up buying bitcoin in the long run.

But I suppose we could say that at the very least, some people purchased bitcoin/crypto in order to donate. The question is how much money came from "local crypto peeps" versus "new crypto peeps."

[SpawnBlackPanther 11]

Unfortunately, it will be a series of crises that will propel Bitcoin into the mainstream as a currency and safe haven. In any case, Bitcoin is out of reach for any government or legacy financial institution. No government can declare Bitcoin to be under its control...they cannot devalue it by decree, nor can they confiscate it from you, as some governments have done with their own citizens' bank accounts. And we can clearly see the numerous reasons why Bitcoin is far superior to fiat during turbulent times.

[WitherS 54]

This has undoubtedly increased crypto transactions, and bitcoin demand has surged as a result of the Ukraine's war crisis. You can also see that the Ukrainian government has received more than $15 million in donations via these crypto-raising platforms, despite the fact that all other fiat transactions have been blocked. The impact could also be seen in bitcoin prices, which rose above $43k at a time when it was making no progress. As a result, support has grown, and future bitcoin regulations and adoption may now become a reality.

[Nether 7]

I believe it is still too early to discuss widespread adoption. The reality of war is that intermediary payment methods will be avoided, and bitcoin crypto has a positive effect on money-backing donations. In Ukraine, I've seen a lot of crypto-support and donations. Crypto donations have had the same effects as the corona outbreak in India in 2021.

[Bwinn 10]

In fact, Bitcoin has gained a lot of exposure in the war this time around. The war is entirely the result of financial disputes, and the financial disputes are the result of religious beliefs.

[MobsGreenArrow 7]

There are numerous possibilities if it is donated to the Ukrainian government. It could be used to purchase food or weapons for civilians, or it could become the private property of some people. We have no control over the funds' whereabouts because they have been donated. But if they use the money to buy weapons, I'm disappointed because I'm advocating for peace, which means that my donation is another way of supporting war, which I obviously don't want.