Bitcoin Forum

Looking at Google Trends - you can see that there has been a spike in Bitcoin search traffic coming from Greece.

But it's not the only place. Both Argentina and Venezuela (among others) have seen a spike over the past month or two as well. I wonder why...

https://bitcointalk.org/Users/PHL/Desktop/Screen Shot 2015-07-03 at 9.36.19 AM.png

It will have a knock on effect and people will be interested in alternative ways to store their wealth. These sorts of crises in Greece etc wont be isolated events and more of them will happen over time. I think there'll be another  major worldwide crisis within the next ten years as well. Maybe bitcoin could take a foothold if that did happen.

i can not see your image for comment, but everytime the fiat suffers, bitcoin becomes stronger, probably people search for a refuge in something else, and bitcoin is the easy refuge to get in

Bitcoin is digital gold and has a lot of potential! It will replace gold as world reserve currency!

I guess all the Greek stuff has woken people up a little who were previously asleep.

Argentina and Venezuela both have horrendously restrictive rules in place about moving money abroad and have had for a long time. Not only are you told how much you can spend, but you're also saddled with an 'official' exchange rate that bears no reflection on reality.

Check this - https://www.reddit.com/r/Bitcoin/comments/3buaay/grecian_here_some_thoughts_you_could_give_me_on/cspqz0e

Right now,Greece is in a big crisis.All the banks are closed in Athens.
So its pretty much difficult to get fiat in Greece right now.
Bitcoins are pretty much secure alternative to fiat.I think they are planning to change there currency to Bitcoins(just kidding  :D) .
P.S can you please give the image link.Its not visible here.

I'm Brasilian, but I'm living in Greece now.  I can see the problemes here all the time.

I like de Trestor's idea, I think that gonna be a good solution.

https://sg.finance.yahoo.com/news/greece-investors-cash-amidst-capital-122300239.html

Sorry - I was having trouble pasting the image. Here's a link instead:

https://www.google.com/trends/explore#q=bitcoin&geo=AR%2C%20VE%2C%20GR&cmpt=geo&tz=Etc%2FGMT%2B4

Shows search interest for Bitcoin over time, from Argentina, Venezuela, and Greece.

I completely agree with you about the importance of alternative stores of wealth in the future. With more countries defaulting in debt and financial institutions faltering, I'd imagine that other digital currencies (altcoins, perhaps?) may thrive as well. In today's financial ecosystem, I truly believe society is beginning to drift away from the traditional notion that banks are the only way to go. Actually, Trestor Foundation had recently caught my attention in the news. It seems that they are starting what appears to be a financial transaction revolution by implementing their digital currency into everyday use in countries like Cameroon and Greece. I'm interested to see how they progress, because what they're doing could really change the way we look at global transactions.

Here are the articles if anyone's intrigued:

http://www.financemagnates.com/cryptocurrency/news/trestor-reports-successful-pilot-of-digital-currency-in-cameroon/
http://seekingalpha.com/pr/13993045-greece-investors-cash-in-amidst-capital-controls

Not suprise there. Argentina and Venezuela with some others countries of South America have very unstable economy plagued by huge inflation, volatile national currency, low GDP and restricted laws for citizens who want to invest money abroad. I think people are starting to notice that Bitcoin could be a help to overcome all these problems.

The Greece default story has been widely spread and understood globally and along with those stories, the tales of bitcoin were also supposed to be talked about, by a lot of people about how 'it could' save Greece from its eurozone tragedy. Sadly, nobody can save Greece. Regardless of that, the media talked about bitcoin and it got attention globally, on an appropriate scale.

Yeah, it does indeed look quite bleak for Greece. If anything, the whole spike in interest regarding digital currencies is a look into what lies ahead in the future. Bitcoin may not be able to save Greece, but it could serve as damage control in dampening the effects of Greece's current financial troubles.

Yes, Bitcoin can be used as a band aid and shield against the collateral damage. However, making it the national currency will certainly screw things up for them because ts price value will multiply so much and that is exactly the fucking reason why euro failed for Greece, Greece can't afford that fancy shit man...

The truth is, there’s an old-fashioned bank at the heart of nearly every financial startup meant to put the old guard out of business.Take online peer-to-peer lenders Lending Club and Prosper. neither of those companies actually holds loans on their balance sheets  ??? FUCKING BANKSTERS  :(

Leave Argentina, Portugal and Venezuela. In my opinion, Japan is going to be the next one. Right now, almost 60% of the government revenues are going to pay the interests on Japanese government bonds. The Japanese debt is around 220% of the GDP right now. Not even the United States is having this sort of debt to GDP ratio.

One by one we are counting country by country for the debt crisis, if these situation get worse then finally it would be amaze to watch that which are the countries will be considered as debt-free states and stay at the top in terms of economy.

Word! Well this problems in Greece have awakened other countries. We all know that economy is very fragile and we can expect something bad in the next 5-10 years and bitcoin seems to be a great and convenient solution to the upcoming problems. It's virtual gold afterall and has a bright future. I can't think of reasons why one wouldn't seek refuge in it..

There are dozens of "debt-free" nations in the world. Examples are oil-rich countries such as Saudi Arabia, Qatar, Brunei, and the United Arab Emirates. Saudi Arabia is having a small net debt, but they hold almost 100 times of that value in foreign treasury bonds (especially US treasury bonds). So we can say that these countries are debt-free.

https://en.wikipedia.org/wiki/List_of_countries_by_public_debt

yeah man, I would agree on that. The Greece crisis has definitely brought attention to other countries too lol. In the coming years, we should help expand the bitcoin currency not only for our gains but for the betterment of all these nations because they deserve a better currency, not something which is controlled by a higher authority spying on us and looting us. The power should vest in the people :)

Not only Greece is near a complete default. Also Puerto Rico and Ukraine are almost insolvent. i hope that especially from the Ukraine will come more buying power for Bitcoin soon.

Ukraine and Puerto Rico are in no danger of insolvency. Ukraine is now waging a war against the Russians, in which tens of thousands of people have died. The Americans and the NATO will prop them up, at least until the purpose is served. And Puerto Rico is a part of the United States of America. Janet Yellen will just print some $100 billion in new banknotes, and transport them to Puerto Rico. Problem solved.

That is why bitcoins has a higher hand compared to other currencies. Its decentralized currency gives the power to all of us and not the banksters. I remember standing in lines for hours and hating on all of the system and the speed of it. Online banking made my life a little easier, paypal was a relief. But bitcoins, oh god, bitcoins is the savior. Just wait and watch ;)

it's not surprising, what's surprising is that we still have countries which are against the bitcoin. After the unexpected decline of economy in Greece it's quite reasonable to think that such a situation can strike any other country and as they say 'prevention is better than cure'. It's good that these nations have  started using bitcoins since it seems to be the only genuine refugee Which can pull you up during the initial time of crisis. More countries should join.

Bitcoin is digital gold and not physical, Gold is a precious metal and it's value never erase at any point of time till this world exist, so it is utterly not fit to compare Bitcoin with the Precious Metal Gold. If you want know more about the complete history of Gold, read wiki.

Okay, I agree with your assumption about Puerto Rico. But, I disagree with your opinion on Ukraine. Ukraine is actually insolvent and they talk about a solution (likely a haircut) at the moment. It is a danger at least for the European economy.
http://www.bloomberg.com/news/articles/2015-07-02/ukraine-bonds-rally-as-creditor-breakthrough-dims-default-threat

Oh that's some good news, for the overall good as well as for the bitcoins. Well the fact that other countries are learning from Greece's situation gives me a sigh of relief as these countries will influence those which are against bitcoins. Bitcoins have immense potential and if they become a global phenomena when nothing beats that! I am eagerly waiting for other nations to adopt it, this will help the people as well as the prices of bitcoin which will rise!

Exactly. The news about Greece is everywhere and it has awaken the other countries. :)   I completely agree to the point that people should be given  the advantages of their individual  currencies and bitcoin should extend to a great extent so that every individual benefits from it.

Argentina and Venezuela are in economic trouble. Both countries are different problems compared to Greece but are the most problematic countries (at least in the economic meaning) in the Latin America. Probably, even in both those countries some people are think to hide their money converting in bitcoin. For more news about those you can read this article which is well made: http://www.businessinsider.com/venezuela-and-argentina-the-party-is-over-2014-1 (http://www.ibtimes.com/argentina-venezuela-are-both-economic-trouble-which-will-survive-1550992) It a little old (beginning of this year) but the problems they have are the same even in our days.

all the world is in economic trouble.
Stock market will collapse soon, the bubble is busting

I don't think it's anything peculiar. Looking at how things have been going, it's a matter of time people will start to look for alternatives. If having your money getting freezed in banks and then seeing your paper currency getting devalued aren't strong enough reason to convince these people, then I don't know what would.

Another economic slow down in visible like 2008. So, the world new financial movements and the fiat currency are loosing their value because of larger unemployment in most of the sectors. Some financial experts believe bitcoin will be an alternate to keep the net worth regardless of any fiat market.