Ukraine Earned $400 Million in Bitcoin Investment Gains over 2020

Chainalysis, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term analytical firm, revealed in a survey that Ukraine is increasingly becoming a country that is widely adopting Bitcoin (BTC) and other crypto assets, as investors bought $400 million in virtual currencies in 2020. That said, the nation ranks 10th globally in terms of bitcoin investment gains, per Kyiv Post.

With the existing figures revealed by the firm, Ukraine hits similar figures as South Korea, the Netherlands and Canada on crypto gains, considering that these countries have solid economies. Last year, Chainalysis named Ukraine the leader in crypto adoption among people. However, the ranking in estimated realized Bitcoin gains is still led by the United States, which accounted for $4 billion in profits over 2020.

“The data suggests that Bitcoin has given investors in emerging markets access to a high-performing asset, the likes of which they may not have otherwise had access to. On the other side of the coin, it also suggests that countries attempting to limit cryptocurrency usage through harsh regulations are preventing their citizens from taking advantage of the opportunity,” the study said.

Current Crypto Status in Ukraine

The current figures in Ukraine regarding Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term are not surprising, as the country keeps taking steps towards creating legal frameworks to regulate the industry. In addition, politicians have taken initiatives to disclose their digital asset holdings publicly.

Rostislav Solod, a young Ukrainian politician, turned out to be a crypto millionaire after he declared $24 million in privacy coin, Monero. According to the publicly available declaration, reported last year by Finance Magnates, Solod acquired 185,000 privacy coins in 2015 at a price of roughly $0.4, the total amount cost him nearly $74,000 at that time. Also, local authorities like the Ukrainian National Agency for the Prevention of Corruption (NAPC) defined digital currencies as a type of intangible asset early in 2020.