1,000 ATMs to be installed in Greece by the end of 2015

By Daniel Zo Bitcoin, Greece, ATM, BTCGreece, Cubits

Chances are that you may already be aware of the fact that Greece has been hit hard by the economic crisis, with tons of money being needed in order to put the country back on its feet. However, this economic disaster did not only affect the government and businesses, but also the people, who were stopped from withdrawing more than a certain sum on a daily basis, which is certainly not a very democratic move made by the country’s banks.

In light of these events, Bitcoin’s popularity grew tremendously over in Greece, as the country began supporting Bitcoin and other digital currencies through legislative framework. In fact, a recent report shows that Greece is bound to receive over 1,000 Bitcoin ATMs by the end of this year, thanks to a partnership that was made between BTCGreece and Cubits, which is a cryptocurrency service provider. These ATMs will allow people to easily exchange cash for Bitcoins and vice versa, without having any limitations imposed upon the transactions as long as they are all verified.

With this in mind, banks would be technically disabled from having the power to control how much money a certain person can withdraw as long as they’re dealing with Bitcoin. To keep the economy flowing, certain businesses have also decided to start accepting and issuing payments in Bitcoin, which is an unprecedented move which will surely play an important role in showing how Bitcoin can intervene in crises of all kinds.

BTC Greece founder, Elenu Varela stated that "Nowadays, digital assets like Bitcoin have joined that asset class. Because cryptocurrencies are global and do not rely on a healthy banking system, it is logical for people to stockpile them in times of uncertainty." This definitely makes sense, as the statement provides the decentralized nature of the digital currency, hence showing just how much positive influence it can have in hard times like these. In Greece, Bitcoin isn’t just a hype, but rather a solution to the financial crisis which helps people unaffected by it to live better regardless of the strict capital controls that have been imposed upon the country.

Based on everything that has been outlined so far, this partnership will surely increase Bitcoin adoption throughout Greece, while also sprouting the currency’s popularity in many areas from all around the world. As the number of Bitcoin ATMs increase, people will be given more viable options to carry out their everyday financial transactions, while also being offered an escape route in case their countries are hit by economic crises.