Greeks are rushing to Bitcoin

[LakeBTC]

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.

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http://money.cnn.com/2015/06/29/technology/greece-bitcoin/index.html

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[Argwai96]

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.

[...]

http://money.cnn.com/2015/06/29/technology/greece-bitcoin/index.html

Great article, eyes on greece could the euro bitcoin trade field blow in the day now ? with a those types on increases in usage tons of people will turn into bitcoin, hopefully bitcoin get some tv coverage in greece with the right people.

[Acidyo]

I wonder what that one guy with the only Bitcoin ATM is gunna do with all that cash? My first thought was to buy more ATM's...but how will he move the cash with banks closed?

[Argwai96]

Well is a book store, most likely buy more book no? , but hes gonna need more bitcoins yea how is he gonna move the cash buy a plane ticket and travel with it there is cash restrictions so?

[OROBTC]

...

It might be hard in the very short-term for Greeks to pile into BTC now, at least with the idea of taking wealth out of Greece (to Switzerland, etc.).  But, Greeks will remember these days, and I would think it very likely that once the banks are open again, there will be a nice of Greek euros into BTC.  If I were Greek, I sure would be buying BTC as able, now and in the future...

Greece is pretty small to affect the BTC prices worldwide.  But, it may not be too much longer until the next financial crisis, and people will start putting together an ugly picture: Cyprus, Greece and Xxxxxx (Portugal, Spain, etc.).  THAT is when, IMO, BTC starts revving, at least in Europe.

[pooya87]

this is going to be one hell of a push to bitcoin price in the last couple of months. and it obviously had the first impact on bitcoin price so far.
if the rest of the obstacles are removed from the way of Greeks to buy bitcoin, like only one bitcoin ATM and banks being shut for money transfer; then i suppose we are going to see a surge in price.

[randy8777]

this is going to be one hell of a push to bitcoin price in the last couple of months. and it obviously had the first impact on bitcoin price so far.
if the rest of the obstacles are removed from the way of Greeks to buy bitcoin, like only one bitcoin ATM and banks being shut for money transfer; then i suppose we are going to see a surge in price.

the fact of the possibility can make the price go up significantly. and that while greek people might not even buy into bitcoin. as long as we believe they will, we will buy and make the price go up.

[H.W.Z]

This is another related topic: https://bitcointalk.org/index.php?topic=1103870.msg11750150#msg11750150
You can have a look! I think guys here just randomly post new threads without checking the existing ones!

[Argwai96]

And the price is now booming, could it be the greek effect taking place ? could we see a 300 usd in the next few days !  are greeks really aware of bitcoin and what they could do with it ?

[nikona]

And the price is now booming, could it be the greek effect taking place ? could we see a 300 usd in the next few days !  are greeks really aware of bitcoin and what they could do with it ?

I don't think its Greece driving us up. Google trends show the search for bitcoin from Greece is only up by 2x , which is not enough to believe the whole country is driving the price up. I feel its only the speculation that is driving the price up. Most of the citizens there still don't have their money in hand, and people who do, don't have large enough amounts to actually go buy bitcoin.

[CoinUser123]

Greeks are not rushing to Bitcoin.

Even a 10x increase in Google searches in Greece amounts to just about nothing.

The people that were smart and withdrew their Euros before recently will only be able to buy Bitcoin from LocalBitcoins. (The capital controls/bank closings ensure this.) Yeah, Coinbase exists in Greece...but good luck using it with the capital controls.

Unless they need to get money out of the country, there is little value in buying Bitcoin for the average Greek. They are still holding Euros, which unlike the situation in Argentina, still have value outside of the country.

The psychology of all of this is what's driving the recent slight price increase. At the end of the day, psychology is what moves markets.

[crazyivan]

This is BS. People should buy BTC cause they like it and believe in this tech, not cause their country s being hit by the crisis caused by the same government they ve elected.

[HeroCat]

Business in Greece is working like everyday, many tourists and they pay by credit card or by cash   In fact - by cash - as banks are closed now   BTC is not so easy to implement in crowded tourist places  

[tokeweed]

Would they wander off to LTC as well? 

[ShetKid]

This is BS. People should buy BTC cause they like it and believe in this tech, not cause their country s being hit by the crisis caused by the same government they ve elected.

Even though the rise in the price might not be due to Greece buying but it certainly has speculations and is causing an upward trend on the price.

Business in Greece is working like everyday, many tourists and they pay by credit card or by cash   In fact - by cash - as banks are closed now   BTC is not so easy to implement in crowd tourist places  

Rather in Crowded places btc seems to work well , as its much faster than by paying by cash or cards. If everyone in Greece right now was using Bitcoins, Tourists wouldn't have to run around looking for banks to convert to EURO from their own country currency, they could just pay with bitcoins.

[Kprawn]

It will have a impact... News will spread via the grapevine and emails and direct links to Bitcoin information. You cannot just go on Google statistics alone.

It is our responsibility to welcome them, and to assist with information to secure their coins. The more people doing this, would help to strengthen the whole community.

I will start with a list of bad Bitcoin sites ---> http://www.badbitcoin.org/index.htm  {Press Ctrl + F and search for a site on the Badlist}

[Xialla]

Would they wander off to LTC as well?  ;D

uhhh LTC? what is LTC? ahh, I know, dead project from some chinese guy without community..:))

[Buttknuckle]

Greeks are not rushing to Bitcoin.

Even a 10x increase in Google searches in Greece amounts to just about nothing.

The people that were smart and withdrew their Euros before recently will only be able to buy Bitcoin from LocalBitcoins. (The capital controls/bank closings ensure this.) Yeah, Coinbase exists in Greece...but good luck using it with the capital controls.

Unless they need to get money out of the country, there is little value in buying Bitcoin for the average Greek. They are still holding Euros, which unlike the situation in Argentina, still have value outside of the country.

The psychology of all of this is what's driving the recent slight price increase. At the end of the day, psychology is what moves markets.

Yep, I agree that this is a psychological move.  If people in Greece were really buying bitcoins en mass then I believe we would see a much sharper increase in price.

[anderson00673]

This isn't the Greek people running to bitcoins.  The data shows that the increase of purchases in euros is about the same as it was last month.  BTC was bouncing off of the 220's and 30's for a little while, and the upward momentum seemed stronger than the downward momentum.  I think that the Greece thing might have been a catalyst to bring in some investors, but I don't think the Greek people are doing it.  We (people in general) don't tend to fix things until they are already broken.  Almost no one would have had the foresight to buy bitcoins, and even if they did they would have done it weeks ago, not now when all of the banks are closed.

[gogxmagog]

Greeks invented democracy
A centralized idea of governmental ethics
They also invented homos