Bitcoin is a form of virtual money that people use to transact via the internet. It is not controlled by the government or any financial institution. There are many advantages to using bitcoin: bitcoin has the same value in every country, and it is easily transacted between people irrespective of where they live. Just like the email, bitcoin is not owned by any one person. Transactions for bitcoin cannot be reversed or undone. This means that transactions cannot be hindered by the government or banking institutions. However, the rate of bitcoins is decided by the law of supply and demand.
Following the breakdown of the Soviet Union in 1991, Ukrainians witnessed the country’s wealth being exchanged to a select few. In modern times, these people now dominate the country’s wealth through investments which ensure that the wealth is not passed onto the citizens of the country. There exists in the country, a percentage of people who believe that the financial wellbeing of the country rests upon cryptocurrencies.
Hope for the future
The average monthly pay for a Ukrainian is around $300, however this has not hindered people from trading cryptocurrencies. Reports suggest that the average daily number of cryptocurrencies is around $2 million. Many businesses and traders at the Kyiv farmers market have now also started to accept online currencies.
The ministry of economy stated in a recent online publication that they were certain that the application of their regulations would give crypto companies access to banking services and thus allow more capital to infiltrate through monitored sales of bitcoin. The ministry has confirmed that Ukraine is among the top ten countries with high volume cryptocurrency users. They have many start-ups in the blockchain sphere and Ukraine hosts various conferences educating people on blockchain and how to trade. There are even restaurants in the Ukraine that allow its customers to pay their bill using cryptocurrencies. Presently there are more than 5000 BNK-24 ATMs situated around the country which allow people to trade their money for bitcoin.
How do you transact with bitcoin?
Anyone wishing to transact with bitcoin does not need their ID in order to begin transacting. The client’s personal details and card information is not stored on the bitcoin exchange system.
Select the UAH-BTC exchange direction on the self-help terminal and key in the amount that you will be exchanging.
Enter your bitcoin wallet details together with your contact details.
Read and acknowledge the Terms and Conditions of the service and select “buy”.
You will then be given a system generated ticket to present to the cashier.
Following the confirmation of your amount at the cashiers, a transfer will then be initiated.
The rate of the bitcoin is relevant for 30 minutes following the confirmation of your order, here you may enter your payment method, and key in your Visa or Mastercard details. Your rate will then be screened and may be changed however you will be notified of any changes by the cashier.
The exchange offered online is believed to be one of the best available on the market. It is simple to manoeuvre, and the exchange process is straight forward.
Choose the exchange direction and enter the amount tat you will be exchanging.
Your rate will be calculated by the system.
You will be asked to enter your bitcoin wallet details and your contact information.
Read and accept the terms and conditions and choose the “buy” option.
You will be asked for your payment method and you can then select Visa/Mastercard and enter your card details.
Following the receipt of payment, the system will then begin the BTC transfer electronically.
The status of your transaction can be tracked easily using the link that will be provided to you. You will not be asked to submit any documents when buying your bitcoin online. All exchanges are private and anonymous. Please note that there is a minimum amount that can be traded is 1 000 UAH. The maximum amount is determined by the system based on the your preferred payment method. Only Visa and Mastercard that has been issued by a bank in the Ukraine will be allowed to transact with