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Bitcoin service provider and exchange Cubits has partnered with Greek bitcoin exchange BTCGreece to install 1,000 bitcoin ATMs and help small and medium sized businesses move money.

To more on this news read here: http://cointelegraph.com/news/115143/greece-to-receive-1000-bitcoin-atms-as-trust-in-banks-long-gone

This may boost Bitcoin price in coming days.

Rather be , but then the price goes down only

Eh, mainly caused by the XT vs QT issue. Good for Greece because there is now a way for them to move money around without relying in banks.

I think this is a pretty good initiative. I don't know how are currency controls there, as mainstream media haven't really been talking about Greece, but if I'm not mistaken they're still in full effect, so this is more than needed.

Even if they didn't have controls in place, these ATM's make a lot of sense due to their currency problems. Greek people should realize it's a danger to have all the eggs in the same bag and they should diversify their portfolio to Bitcoin :)

XT or Core ATMs?







...just kidding  :P

With Greece under so many tight rules how is bitcoin going to slide in under the radar? Once Europe notices heavy traffic it will want to clamp down and reroute the money back towards the banks. Would also think these atms would be a large target with cash flow being limited to the extent it is now.

Hope it works but I think it may cause more of a issue than create a new wave.

I have the same question. And not sure how it will necessarily be good for the price of bitcoin. Installing 1000 bitcoins in one small country sounds like too much .

1,000 is quite a significant amount of ATMs! I don't think it will impact the bitcoin price on the short term though, but the increase in public awareness might help on the longer run.

The Greeks didn't buy in when their crisis begun so what's going to be any different now? Apart from maybe seeing a bitcoin ATM & being curious about what it is, how & why are the Greeks going to be any more interested in bitcoin now than before?

Also how much does it cost to install 1000 bitcoin ATM's? This could be wasted money by Cubits & BTCGreece.

Interesting, are there any statistics detailing how many Bitcoin ATM's are installed in larger countries such as the US?

But installing 1,000 ATMs seems like quite a huge investment. I doubt any company would make that kind of large inversion. Anyone has an estimate of how much would it cost?

Lamassu is a popular Bitcoin ATM provider: https://lamassu.is/

They have units ranging from their Douro ($6,500.00) down to the Braga ($1,800.00).

Low-end deployment:  $1,800 x 1000 = $1.8 million
High-end deployment:  $6,500 x 1000 = $6.5 million

Assuming they deploy a mix of machines, ~$4,000 (averaged cost) x 1000 = $4 million

I suppose with 1000 machines you could negotiate a discount buying in bulk, so maybe knock 20-30%% off these prices.

Of course this does not count the cost of leasing space, installation, initial cash loads into the ATMs, etc. I would guess you would need close to $8 - $10 million to start.


Update: I found this on their FaQ after more research:

duplicate https://bitcointalk.org/index.php?topic=1155976.0