Greeks are rushing to Bitcoin

[omegaflare]

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/index.html?iid=ob_homepage_money_pool&iid=obnetwork

With bank doors slammed shut, frantic Greeks are turning to online trading platforms to see if the digital money Bitcoin is a better bet than the euro.

The world's largest Bitcoin exchanges tell CNNMoney they've seen a surge of business from Greece.

Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual, according to CEO Oliver Flaskaemper. Bitcoin trades from Greece have shot up 79% from their ten-week average on Bitstamp, the world's third-largest exchange.

Even trading platforms in China are getting interest. LakeBTC, headquartered in Shanghai, is seeing a 40% increase in visitors using computers in Greece.

Take that EU! Fuck US DOLLAR! Fuck all FIAT! Bitcoin is the ANSWER!

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[jaysabi]

The question is does it matter? If they're only adopting bitcoin to get their money out of the country while the banks are closed, this is meaningless, as they'll convert to a more stable fiat elsewhere.

If, however, they are adopting bitcoin to use in place of fiat, that will be big news. I'll be interested to see if there is a large influx into bitcoin in Greece that persists, but my guess is people are taking the path of least resistance out atm, and also not doing so in substantially consequential numbers.

[Wilikon]

They are not true believers. It will not last. It's a desperate move.

[BLKBITZ]

As soon as Greece leaves and has its own currency they will move back to fait.

[H.W.Z]

Bitcoin will become digital gold. Especially when some crisises or wars are arising, ppl will buy it as a way of preseving value.

[chennan]

The question is does it matter? If they're only adopting bitcoin to get their money out of the country while the banks are closed, this is meaningless, as they'll convert to a more stable fiat elsewhere.

If, however, they are adopting bitcoin to use in place of fiat, that will be big news. I'll be interested to see if there is a large influx into bitcoin in Greece that persists, but my guess is people are taking the path of least resistance out atm, and also not doing so in substantially consequential numbers.

Agree. This is like in Argentina. I don't think it will last long! I don't think the masses in Greece know anything about bitcoin yet!

[bryant.coleman]

The question is does it matter? If they're only adopting bitcoin to get their money out of the country while the banks are closed, this is meaningless, as they'll convert to a more stable fiat elsewhere.

Not all of them will convert their BTC back to fiat. Some of them will keep a small part of their wealth in the form of Bitcoin. Anyway, this gives an ideal opportunity to popularize the Bitcoins among the ordinary Greeks. Bitcoin will be getting a lot of new users in the next few months time from Greece, and who knows, this might even trigger another spike in the exchange rates.

[Anony]

The question is does it matter? If they're only adopting bitcoin to get their money out of the country while the banks are closed, this is meaningless, as they'll convert to a more stable fiat elsewhere.

If, however, they are adopting bitcoin to use in place of fiat, that will be big news. I'll be interested to see if there is a large influx into bitcoin in Greece that persists, but my guess is people are taking the path of least resistance out atm, and also not doing so in substantially consequential numbers.

Because Bitcoin is a better bet than the euro,Greeks are turning to online trading platforms with digital money .Greeks have been targeted because the currency is in a slump. As headquartered in Shanghai, is seeing a 40% increase in visitors using computers in Greece.