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Is Cryptocurrency the New Gold? Why Greece is Rolling Out 1,000 Bitcoin ATMs

Monday 24th, August 2015 / 12:29
Is Cryptocurrency the New Gold? Why Greece is Rolling Out 1,000 Bitcoin ATMs


If you read one of my previous articles, It’s Greek to Me: What a Financial Crisis Means for Cryptocurrency, then you might remember my closing question. Basically, I wanted to know what the Greek economic crisis and the surge of Bitcoin interest meant for economies around the world. At the time of my last writing, Bitcoin interest in Greece had decreased somewhat because of the economy’s stabilization.

Gaining Foothold

As it turns out, Bitcoin has only been gaining more and more of a foothold in Greece as people still feel economic uncertainty. Those same strict regulations that were put in place in June 2015 are still in place, and cryptocurrencies let people get around those controls.

Greeks can still only withdraw about $66 per day, and they can’t move money into foreign bank accounts. Now, so many people are using Bitcoin that business owners are actually requesting Bitcoin ATMs to meet customer demands.

Cryptocurrency is decentralized and global, making it more stable in the eyes of Greeks who are fearing an economic disaster.

greek_atmFrom the perspective of the cryptocurrency industry, this is a golden opportunity. Digital currency exchange BTCGreece and cryptocurrency service provider Cubits are joining forces to install 1,000 Bitcoin ATMs throughout Greek. The new ATMs will let people exchange their cash for Bitcoins.

People in Greece are investing in cryptocurrencies just as people think of investing in gold: a security measure and a backup in case things go south quickly.

Earlier this summer, when the Greek economy seemed to be in hot water, interest in cryptocurrencies saw a huge increase. Now, people seem to be keeping cryptocurrency on their radar moving forward. Is cryptocurrency the new gold? The unfolding events in Greek sure seem to indicate so.

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