One of the challenges for those supporting and endorsing the use of Bitcoin and all types of cryptocurrencies has always been a concern with the inability to trace transactions the same way as traditional currency transfers. For many regulators in governments and the financial institutes, this posed a potential issue of cryptocurrencies used to transfer funds to international terrorist organizations or for other illegal activities.
In several stories featuring Bitcoin latest news, the humanitarian and positive use of cryptocurrencies has come to the surface of reporting. In this Bitcoin latest news, Bitcoin is used by individuals to send secure, fast, and safe access to funds from around the world to people struggling to flee Ukraine.
Almost Immediate Access
The blockchain technology that forms the backbone of cryptocurrencies is making a significant difference to people in the USA and around the globe trying to send funds to family members, loved ones, and friends who are fleeing Ukraine or relocating throughout Europe.
The choice of Bitcoin Lightning Network to eliminate the cost of any transactions to send funds further adds a positive aspect to this Bitcoin latest news. In a test by CNBC, funds were sent from Miami to Poland. The entire process was completed in less than three minutes.
This included having the individual receiving the funds in Poland download the required crypto wallet. Once the wallet was able to receive the funds, the next step was to withdraw the cash from a Bitcoin ATM. These specialized ATMs are readily available throughout most areas of Europe.
To find out more about the Bitcoin latest news and how people are using Bitcoin for humanitarian and support efforts, visit us at Blockchain Asset Review. More details on all of our articles are available at blockchainassetreview.com.