Bitcoin ATM Bypasses Capital Controls in Greece

[cpapazian]

Was reading a news article about BitCoin and the ATM concept in Greece.  Especially as you have limitations to the amount of money you can withdraw per day (60 Euros), the Bitcoin ATM utilization seems to be a viable way for people to have more access to their money without the old fashioned mentality of stockpiling cash under their mattress. The link to the article is below.  I have pro and con feelings about this, but I was wondering what all of you thought.

http://www.moneysedge.com/newsimage?id=141

At the very least, it can shed virtual currency in a positive light with their local consumers when banks their banks have become constrictive.

[unamis76]

This has been discussed in the forums and previously linked, I think these ATM's will be good, but unfortunately people don't have money to buy Bitcoins there...

Also, the picture on the news article is wrong. That's an older Bitcoin ATM, and that one is one way only.

[cpapazian]

Unamis76,

Thanks for the heads up regarding the wrong graphic.  Did look a bit odd.  I notified the writer on the graphic error and they just switched out the picture for an accurate representation.   

[Hazir]

Was reading a news article about BitCoin and the ATM concept in Greece.  Especially as you have limitations to the amount of money you can withdraw per day (60 Euros), the Bitcoin ATM utilization seems to be a viable way for people to have more access to their money without the old fashioned mentality of stockpiling cash under their mattress. The link to the article is below.  I have pro and con feelings about this, but I was wondering what all of you thought.

http://www.moneysedge.com/newsimage?id=141

At the very least, it can shed virtual currency in a positive light with their local consumers when banks their banks have become constrictive.

Does not we all have that mentality? After all we "hodl" it is essentially the same thing except we are stockpiling bitcoin instead of FIAT. Also people in crisis are looking for easiest solutions.
Stockpiling fiat is that solution. Bitcoin can be hard to understand for them.

[elvizzzzzzz]

I believe it's called "voting with your wallet"

[S4VV4S]

Was reading a news article about BitCoin and the ATM concept in Greece.  Especially as you have limitations to the amount of money you can withdraw per day (60 Euros), the Bitcoin ATM utilization seems to be a viable way for people to have more access to their money without the old fashioned mentality of stockpiling cash under their mattress. The link to the article is below.  I have pro and con feelings about this, but I was wondering what all of you thought.

http://www.moneysedge.com/newsimage?id=141

At the very least, it can shed virtual currency in a positive light with their local consumers when banks their banks have become constrictive.

Does not we all have that mentality? After all we "hodl" it is essentially the same thing except we are stockpiling bitcoin instead of FIAT. Also people in crisis are looking for easiest solutions.
Stockpiling fiat is that solution. Bitcoin can be hard to understand for them.

I personally stockpile on both, cash and Bitcoin as I need cash to pay bills and buy food, etc.
But I keep my money in my pocket not a bank account anymore.
I only deposit cash in my bank account when necessary - e.g: when VISA payment necessary.

[MF Doom]

I believe it's called "voting with your wallet"

Exactly what they were trying to prevent with the bank closures.  People need to realize the way they spend their money though is exactly that.  YOU decide what commercials are on, YOU decide which companies get lobbying power, YOU decide what songs go on the radio...

[gentlemand]

The average Greek just wants some goddamn cash so they can stick some food in their mouths. The ones who were bright enough to see all this coming sent their money abroad a long, long time ago.

The Greeks are providing a reason why other people should take BTC seriously. They themselves are too far gone to make proper use of it now. 

[scarsbergholden]

The average Greek just wants some goddamn cash so they can stick some food in their mouths. The ones who were bright enough to see all this coming sent their money abroad a long, long time ago.

The Greeks are providing a reason why other people should take BTC seriously. They themselves are too far gone to make proper use of it now. 

Yea, i bet a lot of people took a hard check in what a government could do to its people and how bitcoin could solve this types of issue, just imagine a country that has no power over people money has no power at all.

[AtheistAKASaneBrain]

This has been discussed in the forums and previously linked, I think these ATM's will be good, but unfortunately people don't have money to buy Bitcoins there...

Also, the picture on the news article is wrong. That's an older Bitcoin ATM, and that one is one way only.

Even if they dont have money, they still can get 60 eur daily and start stacking them on BTC, this way you can save yourself from haircut and potentially make a lot of gains while your local economy goes to hell and back.

[AT101ET]

As mentioned above, besides for the lack of money circulating in the economy and the lack of people's hard cash due to being unable to withdraw from banks, this would be a great idea.
There was a photo of a man sitting on the floor crying because he was unable to collect his wife's pension. If only people like him would have converted some cash to BTC before the collapse and then used these ATMs to cash out on some of their BTC. Obviously it's easier said then done but it just goes to show that it's always good to diversify and spread your assets/wealth as much as possible.

[MF Doom]

As mentioned above, besides for the lack of money circulating in the economy and the lack of people's hard cash due to being unable to withdraw from banks, this would be a great idea.
There was a photo of a man sitting on the floor crying because he was unable to collect his wife's pension. If only people like him would have converted some cash to BTC before the collapse and then used these ATMs to cash out on some of their BTC. Obviously it's easier said then done but it just goes to show that it's always good to diversify and spread your assets/wealth as much as possible.

Yes it is easier said than done.  I know it took me several hours of reading to figure out what bitcoin is, and what wallet to use.  Then another few days to get set up/verified to buy btc, then had to wait for the btc to get into my wallet.  Its quite a process to begin with.

Yeah I know local bitcoins is an option, IF you have someone nearby that is trustworthy enough to deal with and doesnt want an insane exchange rate.  But agin, you've got to get a wallet set up, learn to use btc, etc.