TECHNOLOGY

How is cryptocurrency proving to be a double-edged sword in the Ukraine war?


How is cryptocurrency proving to be a double-edged sword in the Ukraine war

Cryptocurrency defied all odds in terms of facilitating millions of people overnight. The uninterrupted onslaught of Russia on Ukraine was heard across the world, which made significant headlines. The economies were hit quite radically right after Russia unleashed its fury on Ukraine. War leaves deadly aftermath and irrecoverable losses that make permanent dents on human lives and the economy. Ukraine bore the brunt of Russia’s wrath, which did not end well for either of the countries. However, the world was proactive enough to send donations to Ukraine to help fund the rescue work. Such donations eventually ended up being in millions which were quite overwhelming and far from Ukraine’s anticipation. 

Cryptocurrency has enabled the country to make somewhat recovery from debilitating losses caused by Russia. Bitcoin Era had mentioned the impact of war and how cryptocurrency proved to be a game-changer in the scenario. Here, you will know how such digital assets like bitcoin will continue to redefine the financial apparatus of countries to sustain life amid unabated attacks and the loss of lives in the war. Millions of innocent people lose their lives, leaving behind their battered and beleaguered families. Such loss can never be recovered, but progress has to be made to conserve what’s still left. 

Cryptocurrency doesn’t discriminate 

The economic cost has risen significantly owing to the unabated war, and such costs were incurred on account of the destruction of property that happened due to continuous bombings. Now, the debt level has also increased significantly, and the means to pay off such debt have taken a massive blow in the wake of war. The future of Ukraine still seems to be in jeopardy as the resources have been hit, and their reserves were shattered during the course of the war. Nonetheless, there is still some light that can be experienced in the form of cryptocurrency, which is being embraced widely. 

Cryptocurrency is currently serving the purpose of both countries quite seamlessly, which is why it has been the recipient of ambivalent responses from millions of people worldwide. Bitcoin is being hailed as one of the cryptocurrencies that saved the day of Ukraine, but the currency was not immune to the initial havoc that Russia wreaked in the early stages of the war. Now, with the situation getting back to normal in Ukraine, it is evident that cryptocurrency will be used as a primary form of the exchange medium. 

Rise of digital assets 

Monetary aid can be sent from one part of the world to the other in just a matter of seconds which is yet another predominant benefit of using a cryptocurrency. It is undeniably a great alternative to the traditional financial means, which has addressed tons of issues in a flash. Furthermore, blockchain-oriented technologies have received a significant push from investors, which is a promising sign of a better future for cryptocurrencies. 

Now, calling cryptocurrency politically neutral will not be wrong either, as it is serving Ukraine and Russia alike, which is indeed a questionable feature. However, this is what happens when decentralization is favored. Cryptocurrency serves the purpose at the end of the day without being discriminated against and hence calling it a double-edged sword will not be wrong either. Being in the spotlight and capturing the majority of attention towards itself should be surprising as cryptocurrency was the last scenario to sustain in the gruesome time inflicted by the war on Ukrainians. 

Should you also hoard Bitcoins? 

Now, people are beginning to stack on cryptocurrencies like Bitcoin as they have witnessed the efficacy and implications of such digital assets in full throttle. The number of total addresses continues to proliferate in the mainstream, and the overall frequency of transactions has skyrocketed as well. Buying more bitcoins is not an unproductive proposition either, as it has immense benefits, especially in desperate times. Russia still has to recover from the debilitating sanctions, and there is no denying the fact that it will resort to cryptocurrency for a longer period of time. 

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