The general awareness of Bitcoin on the crypto industry in Palestine has seen unprecedented growth and increase since the year 2018. The ethical issues of the uses of Bitcoin are still popular than ever among the Palestinians. Sources have revealed that more Palestinians are embracing and taking up the usage of Bitcoin and other cryptocurrencies to facilitate their transactions and dealings.
It is reported that as of last year alone, one cryptocurrency dealer would serve about 50 clients in a month alone and would be involved in the purchase or liquidation of an average of USD 500 for every client. The dealer is said to have since relocated to Europe after earning more than enough to emigrate.
Another Palestinian that is based in the United Arab Emirates is developing an Ethereum-based charity platform. Reports indicate that the first pilot of the project will dispense crypto donations to schools in both the Gaza and the West Bank regions. The project aims to reduce the number of Palestinians, including children especially who are unable to get or even acquire a good education.
“The Palestinian people are starting to learn and ask about it. Palestinians are using Bitcoin to make international transfers and to bypass Israeli control “says the UAE based dealer that insisted on anonymity.
It, however, is still difficult to estimate the factual transaction volume of the cryptocurrency and the crypto industry in Palestine. This is the case as the crypto ecosystem in the country isn’t connected directly to any banks or international crypto exchanges. Instead, it is flooded by peer-to-peer transactions, private social media groups, and more popular, unofficial dealers.
Since 2018, it is notable that the Gaza strip has generated an ecosystem of Bitcoin that is exclusive and endemic to the region. It can be said that this growth is part cypherpunk black market while part of it can be said to be terror driven.
Recent data indicate that entrepreneurs are gradually employing the use of Bitcoin due to the growing demand for mobile financial services. As per the Palestinian monetary authority and a report launched in July during a fintech workshop in the West Bank city of Rawabi about 77% of grown-ups in the Palestinian territories remain with no access to banks despite the fact that 2.6 million of Palestinians have access to smartphones.
Reports from the country are increasingly pointing to the fact that the Palestinian civil population could be using the crypto industry and cryptocurrency including Bitcoin more than the terror group Hamas. Should the government in the region move to make regulations that would make the crypto ecosystem lucrative and friendly, then the country’s economy could draw a significant boost from the affirmation of the crypto industry in the country.