Surviving Off Crypto When Cash Fails
Many Ukrainians and Russians lost access to their bank accounts in the days following Russia’s invasion.
Daniel Van Boom
March 15, 2022 5:27 p.m. PT
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Fedosov is one of approximately 5.5 million Ukrainians who own cryptocurrency. His ability to live off bitcoin and ether is music to the ears of cryptocurrency proponents. They point out that situations like Fedosov’s, when the financial system stutters or fails, are the precise reason bitcoin was created. Using a cryptocurrency wallet — as opposed to going through an intermediary exchange like Binance — holders can access their cryptocurrency with nothing more than an internet connection and a 12-word seed phrase.
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I find this story is a warning to everyone.
It costs a little in opportunity costs, but it could be a life saver.
How about a “flat tire in a strange place” without a credit card machine?