Asking About Crypto Use Cases? Look Into Ukraine
For those who are still searching for crypto use cases and keep on repeating, whats the use case of Cryptocurrencies? Then I think you don't need to over think about it.
It's pretty much simple. Take the example of recent events in Ukraine. The people of Ukraine in trouble needed funds and other stuffs in the critical situation and the crypto community responded to the call.
Crypto payments has helped the people of Ukraine tremendously and this is due to the fact that cryptos can be transferred fast and easily without involving any intermediary. The unity that we randomly see inside the crypto community is simply awesome.
Ukraine received crypto donations in millions.
Credits
Now as when there is so much fund involved, then scammers are not going to set back. Scammers also can come out ask people for donations in crypto and this what also is mentioned by Hilary Allen, who is a professor at American University’s law school.
“Who is receiving the crypto? Who will be converting the crypto? You need to be thinking about them the same way you’d be thinking about any other charity or nonprofit you are donating to because they are intermediaries in just the same way". source
Now, on one side we have Ukraine which is receiving these cross border donations in shape of crypto and on the other hand there is Russia about which some of the authorities said to bypass financial sanctions with the help of cryptos.
It is a confusing thing for the authorities as well but I think these pros and cons may remain intact whether its crypto or any other currency.
The only thing while donating crypto is that people should make sure that where their donations are going and how it's being used in helping the citizens of Ukraine in this situation of crisis.
If the world is really looking into regularizing cryptos, then they should not be ignoring the big crypto community and listen to their concerns as well. Because cryptocurrencies is now a fact and it can't be avoided anymore.
Posted Using LeoFinance Beta
Unfortunately, the disruption in Ukraine also exposes one of the problems with electronic money. When people's lives are disrupted, they lose access to their electronic media ... which could include access to cryptokeys.
This second problem has a partial solution. People need to have encrypted remote backup of their keys. They also should have encrypted copies of keys on portable devices.
Posted Using LeoFinance Beta
Yeah