Greeks Begin To See An Opportunity In Bitcoin

While Greece's financial problems have begun to fade from the international spotlight, the nation is still struggling as capital controls and a shaky government weigh on everyday life. Greeks are still unable to withdraw more than €60 each day and transferring money into foreign bank accounts is strictly forbidden.

The controls are designed to keep the nation's banks from going under; but for many, the government restrictions are worrying. For that reason, bitcoin has seen a surge among Greek users, many of whom are hoping to preserve the value of their savings and thwart the new banking rules.

Bitcoin ATMs

Bitcoin firms have taken notice of the rising need for cryptocurrency services in Greece and are hoping to fill that void. That's why Bitcoin service provider Cubits has joined forces with bitcoin exchange BTCGreece to bring 1,000 bitcoin ATMs to Greece.

The ATMs will allow people to change their cash into bitcoins quickly and easily and could become a popular way for residents to avoid the capital controls.

Related Link: One Man's Journey Around The World Using Only Bitcoin

Helping Small Businesses

Not only are the two companies planning to bring bitcoin ATMs to the country, but they are also developing a system that will help small businesses send cross-border payments. Many Greek firms have fallen significantly behind on their payments to suppliers in other countries as financial problems in Athens led to bank account freezes and limits regarding money sent across the border.

BTCGreece and Cubits are planning to help small businesses affected by the capital controls pay their bills and keep their operations up and running using bitcoin.

Crisis Currency

The crisis in Greece marks an interesting turning point for bitcoin, as the cryptocurrency has emerged as a solution for those living in areas where banking is difficult or unavailable.

Similarly, many Chinese residents turned to bitcoin when the yuan was sharply devalued in an effort to preserve their wealth, proving that in times of crisis, bitcoin could become a method of relief.