Ukraine in Dire Need for Bitcoin Donations

Bitcoin Donations for Ukraine

Ukraine’s financial system is going through one of its most troublesome economic hardships, as the Central Bank has blocked the public out of withdrawing funds. Citizens can not get their money to buy food or pay for medical needs. The people are in desperate need of donations, and fast.

Bitcoin is the solution. Bitcoin is the fastest way for donations to reach those in need. Donating in bitcoin can be done electronically, with no middleman processing, which usually takes up extra transfer time and money. Bitcoin transactions charge minimal fees that only add up to mere pennies and the speed of transfer is extremely quick.

Coinreport recently conducted a live chat interview with CEO of Epiphyte, Edan Yago and Ron Gross, co-founder of the Israeli Bitcoin Association and the Mastercoin Foundation. The discussion stressed the reliance of bitcoin and how it could be put into effect to soften the Ukrainian financial crisis.

When asked of how this could be done, Ron Gross told Coinreport:

“It’s a very rushed job because of the time constraints. First we setup the website and multisig addresses. The idea is: Gather funds first, find good people to handle them second.”

Gross is currently promoting the project from Tel-Aviv.

Time is of the essence, as people in the Ukraine begin to lose hope and become irritated towards the escalating situation. As reported by Yago, he and Gross reached out to human rights activist and famous chess player Garry Kasparov to join the cause. Coinreport has been told that Mr. Kasparov has accepted to join the cause.

As bitcoin makes its way to Ukraine to aid the people in need, the digital currency is proving to be a very useful financial tool. It’s a way to put monetary power in the hands of the people rather than a central instituation or authority. Gross says:

“Let us show the world that Bitcoin can be used to do good for the world and its people.” 

Edan Yago says that bitcoin can “do good where nothing else can.” As desperation hits the Ukrainian people, there is no better time for bitcoin to rise up and take control. Bitcoin has the opportunity to gain support from those who can’t rely on current monetary system.

Yago says that food distribution would be the beginning steps in helping the society, which can be done by instituting bitcoin. He says:

“I think its an opportunity to highlight the inherent altruism of this community, paradoxically formed around money.” 

Yago also mentioned that he is currently working with civil society groups to identify those who are in need of the funds the most. He also mentions how his cause is perfect for bitcoin to show off its strengths in a positive light, as it has been surrounded by negative news as of late.

Donation Information:

As far as donations are concerned, the digital currency will be collected in a multi-sig bitcoin wallet. The private keys are held by three members of the bitcoin community.

Donation Wallet Address: 39wbuEjp3mfFAB3bTjmkFB69XAmKYRMq5i

Live Bitcoin Donations status can be viewed at Bit-Cause.org.

Ukraine is a fine example of why Bitcoin is a very important need for the world to protect it’s wealth from the central authorities and banks that have control over your money. Bitcoin is the change the world needs. Let’s show the world the revolutionary power that Bitcoin holds. Do not delay, let’s donate to a very important cause today!

For more bitcoin news and development of this news, stay tuned to Coinreport.

Image