How to Send Money to Palestinians from European Countries Using Cryptocurrency?
What is Cryptocurrency:
A cryptocurrency also known as crypto is a digital currency used as a medium of exchange and it is not reliant on any central authority, such as a government or bank. Hundreds of thousands of Palestinians use cryptocurrency to receive payments instantly and securely.
As cryptocurrency payments are decentralized, financial issues such as account suspension, blocking, restrictions, and security problems that are often encountered by Palestinians with traditional payment methods are prevented.
The accounts in which cryptocurrency payments are transferred or received are termed as Crypto Wallets.
There are different kinds of cryptocurrencies. Majority of people living in Gaza, Palestine use USDT (TRC 20) cryptocurrency which is a stable coin and is equivalent to one US Dollar (1 USDT = $1)
Currency in Palestine: Palestine mainly use Israeli shekels (ILS) currency. (1 ILS = $0.27)
How are the Palestinians in Gaza withdrawing money Since Oct 7, 2023?
A significant percentage of Palestinians in Gaza rely on digital payments because of limited physical cash availability in Gaza. Residents of Gaza withdraw money via:
- A considerable number of cash agents and money-exchanges present in majority areas of Gaza.
- 3+ ATM’S present across Gaza.
- Western Union exchanges (agents) present in some areas of Gaza Strip including Khan Younis, Deir el Balah, Rafah, and North Gaza.
The First Step:
Ask the Palestinian to whom you want to send a donation to share his cryptocurrency wallet address (cryptocurrency account).
Crypto wallet address is something like “TXB8PX5cDAZ4Syvhswvzyu6LASOUy6YgFv”
Buy & Transfer Cryptocurrency Using Binance
Binance is the largest online global cryptocurrency exchange to buy, sell, and withdraw cryptocurrencies. It was founded in 2017 and is available in over 180 countries. Binance holds various licenses across different countries, reflecting its compliance with regulatory requirements.
STEP BY STEP INSTRUCTIONS
Method 1: Buy Cryptocurrency via Binance Direct Deposit
➤ Open the Binance website (accounts.binance.com/register) or download the Binance app on your mobile phone and create an account.
➤ Complete your account identity verification by providing the required details and necessary identification document (e.g, Government-issued ID card and selfie image). This step is mandatory to comply with regulatory requirements.
➤ Navigate to the ’Wallet’ section on the Binance.
➤ Click on ’Deposit / Deposit Fiat’ and select your preferred fiat currency (e.g., USD, EUR).
➤ Choose the payment method to deposit funds. For example, Credit / Debit Card, Bank Transfer, etc. Make sure to check for any fees associated with the transfer.
➤ Follow the instructions and complete the payment.
➤ If you deposit via Credit / Debit card, funds will arrive in your Binance account instantly. Bank Transfer can generally take 1-3 working days.
➤ Once your funds are deposited, go to the ’Buy Crypto’ section on Binance.
➤ Select the cryptocurrency you wish to purchase e.g, USDT (Tether) from the dropdown menu.
➤ Enter the amount of cryptocurrency you want to purchase. You can select your deposited funds as the payment method or you can select any other available payment method.
➤ Review the transaction details before finalizing your purchase. Click on Confirm Purchase to complete the transaction.
➤ You can view your deposited funds on Binance Wallet option.
Method 2: Buy Cryptocurrency via Binance P2P (Peer to Peer) option
Binance P2P (peer-to-peer) is a service offered by Binance that allows you to purchase cryptocurrency from verified sellers registered on the platform. Binance P2P provides over 800 payment methods for buying cryptocurrency conveniently
When you initiate a buy request, Binance will automatically take the cryptocurrency from the seller, hold it, and release it to your Binance account after you successfully make the payment. Once the cryptocurrency is deposited in your Binance account, you can easily transfer it to others.
PROCEDURE
➤ Open the P2P (Peer-to-Peer) page on Binance. Select your currency (e.g, USD, EUR) on the P2P page, and select the cryptocurrency you would like to purchase.
➤ A list of relevant cryptocurrency sellers will appear. The price shown on each seller’s listing indicates the cost to purchase one unit of the selected cryptocurrency. For example, the highlighted seller in the image above charges $1.1 for 1 USDT cryptocurrency. Make sure to check the minimum and maximum purchase limits set by each seller. Consider sellers who have completed a considerable number of transactions in the past.
➤ Once you find a suitable seller, click on ‘Buy’ next to their offer.
➤ Enter the amount of cryptocurrency you would like to purchase (amount to deposit in Binance).
➤ Binance will automatically hold the cryptocurrency from the seller until your make the required payment to the seller directly.
➤ Click the ‘Make Payment’ or related option to view the payment account details of the seller.
➤ Transfer money to the seller via payment information provided by the seller.
➤ Click the ‘Transferred, notify seller’ button.
➤ Send the payment receipt image to the seller via the live chat option (optional)
➤ Seller will confirm the payment and Binance will automatically release cryptocurrency to your Binance P2P Wallet.
➤ Now, you need to transfer the deposited funds from your Binance P2P Wallet to your Binance Spot Wallet. Go to the ‘Wallet’ option, click ‘Transfer’, select P2P Wallet under ‘From’ and Spot Wallet under ‘To.’ Enter the total amount you wish to transfer, and click ‘Confirm Transfer.’
Once the cryptocurrency has been successfully deposited to your Binance Spot Wallet, follow the instructions below to transfer it to the Palestinian’s cryptocurrency wallet.
Withdraw Deposited Funds To The Palestinian’s Cryptocurrency Wallet
➤ Go to ‘Wallet > Fiat & Spot’ option on Binance.
➤ Select the cryptocurrency which you want to withdraw.
➤ Enter the amount of cryptocurrency you want to withdraw.
➤ Paste the cryptocurrency wallet address of the the recipient and select the network which corresponds to the recipient’s wallet address (e.g, USDT TRC20 can be the network if you are transferring USDT cryptocurrency).
➤ Click ‘Withdraw’ button and confirm.
➤ Amount will be deducted from your Binance wallet and transferred to the crypto wallet of the Palestinian.
Binance Video Tutorial
Helpful Resources
Alternative of Binance for European Countries
How to Buy Cryptocurrency on Paxful Exchange and transfer to others? –