According to the latest data from the leading blockchain company Chainalysis , Ukraine ranks third in the global cryptoasset usage index in 2022. You hear more and more news that this or that company, store is starting to accept payments in cryptocurrencies . Already now you can buy equipment in Foxtrot or buy a product in Varus by paying with cryptocurrency using Binance Pay (The payment system built into the Binance cryptocurrency exchange . You choose token with which you want to pay, and the store receives the hryvnia at the current rate). This is one of the examples when the owner of the crypt receives the goods in exchange for his coins without any problems and unnecessary actions.
At the legislative level, the Law “On Virtual Assets” was signed already in March 2022, it will come into force after changes in the Tax Code, which will regulate the issues of taxation of transactions with virtual assets. This will make it possible to add crypto payments or other cryptocurrency transactions to the banking sector of Ukraine, companies to use all the advantages of these technologies more widely, and ordinary Ukrainians can declare crypto and be protected by the state, carry out transactions with any other property and simply make payments at the household level.
In the first months of large-scale hostilities against Ukraine, millions of our citizens faced the problem of protecting their assets, especially those who ended up in the temporarily occupied territories. In addition to life, the question arose of preserving their cash savings from looting, fires and shelling; the possibility of transferring funds abroad to relatives; collection of aid to the army and migrants from abroad by volunteers and foundations - these are new challenges that our society has faced. Cryptocurrency has come to the rescue in all these matters .
After spending 20 minutes on the Internet, you will find out that cryptocurrencies are not only some kind of incomprehensible coin or value that either rises or falls in relation to world reserve currencies, but can also be tied to them in price. Such coins are called stablecoins . It is the varieties of such popular stablecoins as USDT , USDC , BUSD that give you the opportunity to store, receive, send and multiply your funds with reference to the US dollar as an example. At the same time, all your funds are in blockchain networks , and you have access to them.
Cryptocurrency storage can be divided into two options: cold and hot.
Hotter - when you have a login and password, and your funds are stored on special services or exchanges. This is a less secure option, prone to hacker attacks, exchange bankruptcies, and more. It is used either for the convenience of working with the hryvnia or for small amounts.
Cold is when you use special wallets, hardware devices to access the blockchain . The cold storage option is the safest, it gives you the opportunity to interact with the cryptocurrency directly, without intermediaries, since only you will have access keys to the blockchain .
Both options for interacting with digital assets are popular among Ukrainians. Hot storage can be compared to banking applications where you store some of your funds that you will use soon. Cold storage, on the other hand, is the means that are more important to you, and you would like to keep them near you. The technical capabilities of cryptocurrencies provide tools for easy and fast interaction between hot and cold wallets. You can easily transfer coins from a cold wallet to any exchange or address you need, you will not need the participation of third parties in these processes. Registration on popular exchanges or services takes a matter of minutes, and further buying and selling crypto will take you a matter of seconds.
Cryptocurrency has already become a part of our life from once only an overly speculative asset, more and more people find the usefulness of using these new technologies in everyday life and business. Just as bank cards and mobile phones once became part of our lives, so crypto comes to us after everything new and technological.
