Thank you things are progressing well, we re looking at the possibility for oversees European residents opening accounts online however this will be available after the initial launch here in Cyprus.

We would get all merchants listed on the existing advertising sites available, hopefully with success it would turn the map in the Cyprus area to one big mass of Bitcoin accepting merchants.
With regards to roaming we will be offering prepaid cards that you can load with Bitcoin using the existing clients, this will help navigate the issue of extortionate roaming charges whilst on your holidays.

With our aims to sign up many merchants around the island the ability to pay in restaurants will be something that is easily achievable.

The production of a QR code on the terminal is a possibility and has been added to the list of functionality that we desire.

With regards to spending Bitcoin whilst on holiday we are in talks with the software provider that provides the most widely used platform for online bookings at hotels here in Cyprus (They have 300 clients) So taking the next step to getting them to accept the terminals in the hotels themselves is not too far away.

Thank you, just so many pieces to fit into the puzzle but we are making great progress.

We would like to announce that the Bitcoin based bank being launched in Cyprus has now moved away from a concept into reality, we shall be providing the solution to achieving mass adoption of Bitcoin here in Cyprus.

We have put together an overview that gives a much better idea on what we are doing and how we are going to approach the market.

The bank now named Ploutos (Greek God of Wealth) and the card payment network named Pisti (Trust) are set to be launched within the next 6 months. We have established the management team to ensure the business is run in the most efficient manner possible.

I have launched a blog here www.blog.bit-banking.eu in the first post there is a PDF that gives a better overview of everything that we will be doing and how we shall overcome the obstacles we will face in getting the Cypriot people to use our services.

Constructive feedback is appreciated and we already have several hundred merchants willing to accept our payment terminals and a large number of people that are waiting for our branches to open so they can move their funds away from their mattresses and into an account held with Ploutos Bank.

Please remember our target audience is not the existing Bitcoin community but mass adoption with the general public and merchants here in Cyprus.

tgb29 I am already about 9 months in the planning stage ahead of getting them to accept BTC, solutions are already in motion. PM me with some contact details and I will happily discuss it over Skype or via email.

Its handy that I know the person who provides all the online booking systems for 85% of the hotels here that offer online bookings.

Some of the replies here are great! A post trying to find others in Cyprus turns into scam accusations being thrown around.

With regards to operating a business from Cyprus which has long been known for its "benefits" of being incorporated here its a great thing if the Banks don't steal all your money first.

I am launching a business here focused on Bitcoin because the confidence in the Banks is below zero with capital controls being enforced and the potential for an e-commerce boom (only 8.6% of businesses here offer online sales) due to a monopolized market for card payment gateways with little to no alternative available. Cyprus also has a big enough population to be recognized globally without being too big to make changes across the board.

I'm in Cyprus Peter but we already talk! Some big plans coming very soon to help the general public separate themselves from the failing banks. Bitcoin has a bright future here in Cyprus but it needed real planning.

Also make them watch Tuur Demeester's presentation at the Bitcoin Conference its very  informative and well thought out.

Bitcoin is now bigger than 20 or so national currencies. The way I see Bitcoin being backed by the miners is that should one stop mining another person or two or three will replace them. Just like if a company stopped mining for gold another would soon replace it. Look at Bitcoin over a 10 year period and not a 10 week or month period. The future is brighter for more than others and I know where I am laying my bets. You should watch Tuur's speech at the Bitcoin conference http://www.youtube.com/watch?v=K7LQu-eIOO0 I had a Skype chat with him a few days ago and he is very knowledgeable and looks at the bigger picture (Just how I wish everyone would)

Ask them what backs their government issued FIAT, its one private corporation. With Bitcoin it is collectively backed by the miners and you would rather trust something that has a real democracy behind it that is not at the mercy of the greed of a select few individuals. Offer them a challenge, Keep 100 dollars worth of Bitcoin (at the current rate) and a 100 dollar bill for 10 years then see which has the most purchasing power after the 10 years has passed. If they don't want to take the challenge they clearly don't believe in practicing what they preach.

Very bad deal

People cannot transfer outside of Cyprus using the banking system so my market is safe for the time being.

I had read up on BTCGlobals proposals whilst performing my research into the marketplace and they are very good.

We should have a spade in the ground(figuratively speaking) within 2 weeks as today we have agreed terms on a business premises.

Within the UN Buffer Zone it is policed by the UN, it is a very rare and unique situation, you can open casinos without a license. There is already one!

Drink driving is not a punishable offense, the possibilities are almost endless and FIAT banking can be completed in the Northern Republic of Cyprus because it is not under the EU's jurisdiction and the United States (those who love to interfere everywhere on the planet) do not recognize The Republic of Northern Cyprus as a territory.

The locals have meetings and representatives from the Turkish community and Cypriot community get together with the UN representatives and make decisions on local matters that is how decisions are made in the area. Its a peaceful area on the ground as any violence or theft is classed as an act of war. Businesses matters are not interfered with if you pay the councils annual tax for refuse collection and water rates and your business is not going to cause conflict in the area (such as a gun shop).


I am not wanting to integrate Western Union, it would be a Western Union style service that could be offered as the capital limitations are still in place that prevent transfers of FIAT outside of the country following all the banking issues.

Perfect I really do like the site.

I have been a long term Bitcoin user and would consider myself a generally silent member going about my business without making too much noise.

If my username didn't give it away I am based in Cyprus and was lucky during the banking crisis that the majority of my funds are held in Bitcoin. During and since that time I have been going through many thought processes about starting my first Bitcoin venture. With all the regulation hitting the marketplace in the US and the Cypriot government restricting the movement of SEPA transfers out of the country, I have the unique opportunity of obtaining offices within the UN Buffer Zone here in Cyprus, the benefit of such a location is that it is not subject to the laws of the Cypriot government nor that of Turkey. Bars do not require a liquor license (as an example).

With such a large British and Russian community on the island, I would target these groups additionally and provide a way for them to move money between countries and as a store of value safe from the Government and bankers. Naturally the biggest part would be to ensure they understand the possible fluctuations whilst Bitcoin is being held as a store of value although I will be looking to develop a system to make the rate changes less of an issue.

Many people have said start an exchange because of the geographical location and lack of government input, however as good as speculation can be for the short term I believe personally higher adoption as a currency used for goods and services will benefit Bitcoin in the long term. Every time I have mentioned Bitcoin acceptance to someone, the initial response was it could be worth 50% less tomorrow because the price has dropped off following a bubble and each time speculation sends the price sky high followed by the drop to its more natural price it dents the reputation to potential adopters.  

I have ideas on how to generate a higher adoption rate locally also and will reveal more in time.

The online systems and terminology will provide an easy to use interface for new Bitcoin holders, to move away from the commonly referred to Ubergeek terminology that would normally deter the average non-technically minded person getting involved.

Current ideas on the table are listed below;

• Alternate Banking System
  Cash deposits easily accepted at the local office within the buffer zone.
  Gift voucher system for deposits.
  FIAT banking arrangements in Northern Cyprus.
  Offer depositors paper wallets to take away.
  Lending to small businesses with incentives and requirements related to Bitcoin acceptance.
  Gold and Silver reserves to reduce dependance on FIAT currencies.
• Instant transfer worldwide (Western Union Style)
  Development of a global exchange agent network.
• Merchant Tools
  Online merchant tools to allow the acceptance of Bitcoin.
  POS research and development to allow the use of Bitcoin's in person. (I know others have already started R&D of such a product)

Sorry for my ramblings as I am better at explaining my thoughts through spoken words than written words. Please provide me feedback, thoughts and constructive criticism as I release more details about the project.

TL;DR - I can operate a business from a part of the world that is not interfered with by politicians (UN Buffer Zone). It will be more of an alternate banking system based on Bitcoin than purely an exchange. Possibly offering loans to small local businesses that the banking sector are refusing to help following their own mistakes. Instant transfers worldwide via Bitcoin will also be offered as an alternative to Western Union.

I'm sure Bitcoin is infinitely divisible, the more destroyed the higher the value of the remaining coins.

However transactions of BTC0.000000000000000000001 would become somewhat annoying for day to day use.

Maybe make the color scheme change during the time of day. Easily taken from the users browser using JS.

I really like the design, will you be adding more FIAT currencies in the future?