People all over the world are using to send aid to Ukraine. The current total has reached 33 million USD, with contributions from the founder Polkadot, ; , , even a CryptoPunk worth more than $200,000 and many other unidentified individuals. Other information shows that the Ukrainian government has converted most of the donations into fiat through the Kuna exchange founded by Ukraine.

Data from Chainalysis suggests that this is not entirely surprising. As of July 2021, Ukraine has an acceptance level ranked 4th in the world. Therefore, Ukrainians are quite used to using during a time of instability in the financial and fiat industry.

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Acceptance Ranking | Source: Chainalysis

Analytics platform Statista has drawn a map showing where cryptocurrencies are most used in the world. Among them, Ukraine stands out in Europe as the center of crypto adoption.

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Acceptance chart around the world, as of July 2021 | Source: Statista

February 21, 2022, saw the highest buying volume on for pair /UAH (Ukrainian hryvnia) for the past six months. Furthermore, the trading volume has more than doubled from last week.

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Price chart /UAH on Binance | Source: TradingView

This is not the first time Ukrainians have focused on the cryptocurrency market. In September 2021, while Ukraine celebrates 30 years of independence from the Soviet Union, the volume for the trading pair BTC/UAH has also hit the ATH level. This comes after President Volodymyr Zelensky met with US President Joe Biden to discuss Russia and the assassination of one of his top advisers. Unsurprisingly, Russian-Ukrainian relations are currently at their worst since the 2014 invasion of Crimea, and the amount of of Ukraine has increased in record numbers.

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Ukrainians believe in cryptocurrencies

Beliefs of Ukrainians in even more resolute as the current spot price of BTC/UAH is at 7% higher than the BTC/USD pair. At the present time, the price on Binance is 1,376,663 UAH ($46,047) compared to the spot BTC/USD price of $43,896.

Ukrainians are willing to pay the spread fee of 7% to convert their fiat money into Bitcoin. This shows faith in space and the need for a method to protect their assets against ongoing geopolitical uncertainty. The Russians have also recently been forced to with high prices. However, the $20,000 spread in Russia is much higher than the BTC/UAH rate.

As the Ukrainian government continues to accept donations from around the world in Bitcoin, and , their citizens can also use the technology to protect your money even when banks and ATMs stop working. Those who choose to cross borders to seek refuge in neighboring countries can transfer cryptocurrencies from their wallets without the need for outside assistance or to exchange offices.

Twitter user Nic Carter highlighted one of the key advantages of digital assets over traditional money during the outbreak of war:

“Bitcoin has the ability to store your lifetime savings on a hardware wallet or a 12-word seed phrase. Compare that to the closing of banks and ATMs during wartime. Digital assets are still better.”

So blockchain empowers millions of people worldwide with a way to protect their assets from volatility in wartime and against oppressive regimes. The adoption of cryptocurrencies not only brings “profits” but also creates opportunities for those less fortunate.

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The fact that Ukraine has been on the verge of an all-out war since 2014, should come as no surprise it leads Europe in terms of cryptocurrency adoption. Many countries that are in war and instability areas are also increasing crypto adoption. One key difference, however, is that Ukrainians use P2P exchanges less often, with on-chain retail value being the main driver in adoption.

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