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Gaza Strip, Palestine, Caught in Conflict, Utilizing Bitcoin As Reliable Payment Unit

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Tue, 09/18/2018 - 11:28
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Yuri Molchan
Analysts have estimated that Gaza Strip has around two dozen unofficial exchange points where locals can buy virtual tokens. They invest Bitcoin abroad to buy securities
Gaza Strip, Palestine, Caught in Conflict, Utilizing Bitcoin As Reliable Payment Unit
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Analysts have estimated that the Gaza Strip has around two dozen unofficial exchange points where locals can buy virtual tokens. They invest Bitcoin abroad to buy securities– their own country, Palestine, presently does not provide any opportunities for investing.

The local community is certain that Bitcoin has the features that fiat money does not– it is safe, fast and cheap. They also use crypto to shop online and transfer funds to other countries to their relatives.

Even though this territory is isolated due to the long-lasting military conflict, it does not suffer any hyperinflation, like Venezuela and Turkey do, however, the locals are still happy to gradually adopt electronic money.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.