After the start of the Russian invasion, many Ukrainians were forced to flee to neighboring countries.
Poland has become the main refuge for Ukrainian refugees. By data of the Polish Border Service, from February 24 to April 1, more than 2.4 million people from Ukraine arrived in the country.
Many people fled without cash, and it was not easy to exchange the hryvnia for zloty, and if it was possible, then at a completely unfavorable rate.
In the current situation, cryptocurrencies have become an easy and quick way to get cash to buy essentials.
Cryplogger U.A. learned how to exchange digital assets for fiat in Warsaw.
Method one: transfer to a bank card
Perhaps the simplest and most affordable option for citizens of Ukraine is the usual sale of cryptocurrencies through an exchanger, exchange or through P2P with the withdrawal of fiat to a card.
This can be done both through large platforms, like Binance or LocalBitcoins, and through lesser known ones. The possibility of withdrawing cash in Warsaw has also launched a digital Telegram Wallet Any.Cash.
Among the major Polish online exchangers are 4coins, bitcan, Egera. Most sites require the passage of a KYC procedure (identity verification).
Subsequently, you can withdraw cash from a bank card in Poland through a regular ATM (including commission and conversion).
Method two: cashing out in offline exchangers
Suppose a withdrawal to a bank card does not suit you. How then to cash out cryptocurrency?
In addition to online platforms, there are also offline exchangers. In Polish they are called kantor. Many Internet sites have “stationary” versions.
One of the largest networks of offline exchangers in Poland – FlyingAtom, with whose representative Cryplogger UA spoke. The company has 12 offices in different cities of the country, where you can cash out cryptocurrency.
If you want to sell bitcoin, ETH, USDT or other assets, you need to come to the exchange office, where you will receive an address (for example, in the form of a QR code) for sending cryptocurrencies.
After at least one confirmation for bitcoin transactions (and several for transactions with other coins), the exchanger issues cash. It is very important to pay an adequate network fee, because without confirmation we will not be able to give you funds, FlyingAtom explained:
“There were several cases where a client sent bitcoin with a small commission and could withdraw cash on another day, because it took tens of hours to confirm such a transaction. Of course, the problem is not so significant when exchanging ETH or USDT.”
It is also extremely important to carefully check the correctness of the entered address in order for the transaction to be successful.
Commissions for such transfers vary in exchangers in the region of 2-3%.
For transactions over 1000 euros, it is necessary to confirm the identity within the AML procedures by providing a passport or other document. In offline exchangers, this process takes much less time than on online services.
For transactions below the specified amount, no documents are required.
Method Three: Bitcoin ATMs
You can also use a cryptocurrency ATM to withdraw cash. You can see on the map the location of such cryptomats in Poland and specifically in Warsaw using Coin ATM Radar. According to the service, there are 180 such devices in the country, and 28 in Warsaw.
Transactions over €1,000 will also require verification, which can be online registration through an ATM operating company, an ID scan, or biometrics.
Depending on the type of ATM, the procedure may vary. Often, you will receive a QR code to send coins and, after confirming the transaction, take the cash.
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The war in Ukraine further exposed the shortcomings of the traditional financial system.
Cryptocurrencies not only help people stranded in other countries who are faced with problems due to banking restrictions and exchange problems, but also help quickly and efficiently collect and deliver humanitarian aid to those in need.
Read about how digital assets literally save the lives of Ukrainians in our material:
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