Important features of Bitcoin have come to the rescue of a 20 year old Ukrainian refugee. The fact that the currency does not require intermediaries like banks, is valid across borders and is a lot easier to carry enabled a young refugee to flee from the war zone carrying about $2,000 worth of bitcoin in just a USB drive.
The refugee, who is identified by a pseudonym “Fadey” to protect his privacy because there is compulsory enlistment for Ukrainian nationals aged 18 to 60, recounted how he was able to flee to Poland with about 40% of life savings on a USB stick.
Bitcoin, Not Cash, Saves the Day
Fadey woke up on the morning that Russia went to war with Ukraine with a flood of Telegram messages from friends inquiring about the situation on the ground in the western city of Lviv. Sensing the need to run to safety, Fadey made preparations to leave the country.
However, as a basic requirement to cross the border, the young refugee needed to have a negative Covid test and of course money for sustenance. Carrying cash was out of the question. Fadey stated the reason. He said, ‘I couldn’t withdraw cash at all, because the queues to ATMs were so long, and I couldn’t wait that much time.” So the young man turned to Bitcoin instead.
Fadey revealed that he made a peer-to-peer (P2P) exchange with a friend, where he sold $600 worth of his bitcoin savings for złoty, the Polish national currency; a transaction that was easier and faster than using cash.
With the money, he was able to pay for a bus across the border, get a bed in a hostel for him and his girlfriend, and also some food.
Not only that, Fadey was able to take with him $2000 worth of bitcoin, 40% of his life savings, without much fuss in a USB stick along with a unique passcode, to access the funds.
Bitcoin Coming to the Rescue of Ukrainians
Since Russia invaded Ukraine, the Ukrainian government has received millions of dollars via hundreds of crypto donations.
Last month, the Ukrainian government revealed that it has raised over $10 million worth of cryptocurrencies, including bitcoin, ether, and USDT to fund its ongoing war against Russia.
