Bitcoin trending in greece!

[Hopalong]

Little late for them now, considering they can only withdraw 60 Euro/day.

it's not like everyone there is poor now, i'm sure some rich guy are investing in bitcoin with their "money under their pillow" in case the situation will be more critical

They are interested with Bitcoin mining, a bunch of new miners will born....

i believe they know that it isn't profitable, at best they could go with altocin mining, or build their own altcoin  

Why would the people with euros under the pillow invest in bitcoin? The euros are just as good as they where a month ago and will be good next month. The greeks problem is not lack of money or worthless money but problem with sirculation of the moneys. Bitcoin would not help them at all.

[Daniel91]

Little late for them now, considering they can only withdraw 60 Euro/day.

They can earn bitcoin by accepting it as a payment method.

They get a lot of tourists, people don't carry much cash around with them, bitcoin might be the alternative.

Right now, I don't think that bitcoin can help them much.
Because of the political crisis and uncertainty tourists already giving up from Greece.
And how many of these tourists even used bitcoin or knows something about it?
While the situation in Greece is not resolved, any alternative payment methods will not help them much.

[Borisz]

Little late for them now, considering they can only withdraw 60 Euro/day.

it's not like everyone there is poor now, i'm sure some rich guy are investing in bitcoin with their "money under their pillow" in case the situation will be more critical

They are interested with Bitcoin mining, a bunch of new miners will born....

i believe they know that it isn't profitable, at best they could go with altocin mining, or build their own altcoin  

Why would the people with euros under the pillow invest in bitcoin? The euros are just as good as they where a month ago and will be good next month. The greeks problem is not lack of money or worthless money but problem with sirculation of the moneys. Bitcoin would not help them at all.

Totally agree with that. If you have cash in Euros on you, just keep it. No point gambling it for Bitcoins. If, however they will go back to Drachmas, it will devalue immediately as the government will need to inflate it by issuing new money to repay debts and pay people. Then it might be worth to change into Bitcoins to retain some value and avoid -at least initial/sudden- inflation and loss of value. Tough situation anyway.

[bryant.coleman]

Totally agree with that. If you have cash in Euros on you, just keep it. No point gambling it for Bitcoins. If, however they will go back to Drachmas, it will devalue immediately as the government will need to inflate it by issuing new money to repay debts and pay people. Then it might be worth to change into Bitcoins to retain some value and avoid -at least initial/sudden- inflation and loss of value. Tough situation anyway.

Indications are that Greece will be shifting to a dual-currency system, where both the Euro and the Drachma will be permitted. Those who have their money in the form of Euro banknotes have nothing to worry. However, all the new government payments (such as child benefit, pensions.etc) will be paid out in the form of Drachma.

[thebigtalk]

I'm not sure if Greece will rely on bitcoin or even invest with bitcoin. Sure bitcoin prices gets affected by the Greece crisis but I'm pretty sure people in that country do have a little to no knowledge on what bitcoin is and how it works.

[Hopalong]

Totally agree with that. If you have cash in Euros on you, just keep it. No point gambling it for Bitcoins. If, however they will go back to Drachmas, it will devalue immediately as the government will need to inflate it by issuing new money to repay debts and pay people. Then it might be worth to change into Bitcoins to retain some value and avoid -at least initial/sudden- inflation and loss of value. Tough situation anyway.

Indications are that Greece will be shifting to a dual-currency system, where both the Euro and the Drachma will be permitted. Those who have their money in the form of Euro banknotes have nothing to worry. However, all the new government payments (such as child benefit, pensions.etc) will be paid out in the form of Drachma.

And those stuck with Drachma cant buy bitcoin since noone will sell BTC for a useless currency....

[Amph]

Little late for them now, considering they can only withdraw 60 Euro/day.

it's not like everyone there is poor now, i'm sure some rich guy are investing in bitcoin with their "money under their pillow" in case the situation will be more critical

They are interested with Bitcoin mining, a bunch of new miners will born....

i believe they know that it isn't profitable, at best they could go with altocin mining, or build their own altcoin  

Why would the people with euros under the pillow invest in bitcoin? The euros are just as good as they where a month ago and will be good next month. The greeks problem is not lack of money or worthless money but problem with sirculation of the moneys. Bitcoin would not help them at all.

the euro is shit, is losing value against USD, better to invest in something that is near its skyrocketing very soon, than sitting on something that will not go anywhere, and surely investing in something that is gonna explode in the next few days will help them a lot...

bitcoin right now look less and less risky than any other asset

Totally agree with that. If you have cash in Euros on you, just keep it. No point gambling it for Bitcoins. If, however they will go back to Drachmas, it will devalue immediately as the government will need to inflate it by issuing new money to repay debts and pay people. Then it might be worth to change into Bitcoins to retain some value and avoid -at least initial/sudden- inflation and loss of value. Tough situation anyway.

Indications are that Greece will be shifting to a dual-currency system, where both the Euro and the Drachma will be permitted. Those who have their money in the form of Euro banknotes have nothing to worry. However, all the new government payments (such as child benefit, pensions.etc) will be paid out in the form of Drachma.

And those stuck with Drachma cant buy bitcoin since noone will sell BTC for a useless currency....

that's why they need to buy it now and not waiting when they will be kicked out from the euro

[Hopalong]

Little late for them now, considering they can only withdraw 60 Euro/day.

it's not like everyone there is poor now, i'm sure some rich guy are investing in bitcoin with their "money under their pillow" in case the situation will be more critical

They are interested with Bitcoin mining, a bunch of new miners will born....

i believe they know that it isn't profitable, at best they could go with altocin mining, or build their own altcoin  

Why would the people with euros under the pillow invest in bitcoin? The euros are just as good as they where a month ago and will be good next month. The greeks problem is not lack of money or worthless money but problem with sirculation of the moneys. Bitcoin would not help them at all.

USD is growing faster now because the economic crisis hit USA first and now they have it under control and the americans are optimitic about the future.

the euro is shit, is losing value against USD, better to invest in something that is near its skyrocketing very soon, than sitting on something that will not go anywhere, and surely investing in something that is gonna explode in the next few days will help them a lot...

bitcoin right now look less and less risky than any other asset

Totally agree with that. If you have cash in Euros on you, just keep it. No point gambling it for Bitcoins. If, however they will go back to Drachmas, it will devalue immediately as the government will need to inflate it by issuing new money to repay debts and pay people. Then it might be worth to change into Bitcoins to retain some value and avoid -at least initial/sudden- inflation and loss of value. Tough situation anyway.

Indications are that Greece will be shifting to a dual-currency system, where both the Euro and the Drachma will be permitted. Those who have their money in the form of Euro banknotes have nothing to worry. However, all the new government payments (such as child benefit, pensions.etc) will be paid out in the form of Drachma.

And those stuck with Drachma cant buy bitcoin since noone will sell BTC for a useless currency....

that's why they need to buy it now and not waiting when they will be kicked out from the euro

[Possum577]

Little late for them now, considering they can only withdraw 60 Euro/day.

Better now than never.. but 60e/day is obviously nothing with capitol controls in plave

The trending was largely on bitcoin mining, so there's still hope despite the austerity measures.

[oblivi]

Little late for them now, considering they can only withdraw 60 Euro/day.

It's better than nothing. 60 x 30 = 1800 eur monthly. They don't know for how long the capital control situation, and they dont know if there will be mega haircuts in the future. Better be safe and sorry and get at least half of your wealth out of there.

[bryant.coleman]

And those stuck with Drachma cant buy bitcoin since noone will sell BTC for a useless currency....

The Drachma will be having some value, as Greece exports billions of USD worth of agricultural produce, medicines and metals every year. But the initial exchange rates will be highly unstable, and it will be a very tough task for the Greek central bank to stabilize the exchange rates (that is, if they have the resources to do so).

[Borisz]

And those stuck with Drachma cant buy bitcoin since noone will sell BTC for a useless currency....

The Drachma will be having some value, as Greece exports billions of USD worth of agricultural produce, medicines and metals every year. But the initial exchange rates will be highly unstable, and it will be a very tough task for the Greek central bank to stabilize the exchange rates (that is, if they have the resources to do so).

Yes, most likely it will be inflated initially. The government will have to issue new money to pay debts, government employees (a large percent) and so on. Though, this should be limited by the EU in some way as well. However, if they don't change something in their economy eventually, who know where their inflation will stop.

[cysive]

And those stuck with Drachma cant buy bitcoin since noone will sell BTC for a useless currency....

The Drachma will be having some value, as Greece exports billions of USD worth of agricultural produce, medicines and metals every year. But the initial exchange rates will be highly unstable, and it will be a very tough task for the Greek central bank to stabilize the exchange rates (that is, if they have the resources to do so).

Greece has a big trade deficit: http://www.tradingeconomics.com/greece/balance-of-trade

[Clint]

Bitcoin increased by 400% in the past 2 months I read. Because Pypal is no longer available, and Greeks gotta use some kind of payment to pay online. This is going to help bitcoin over all.

[thebigtalk]

Bitcoin increased by 400% in the past 2 months I read. Because Pypal is no longer available, and Greeks gotta use some kind of payment to pay online. This is going to help bitcoin over all.

Not just that. The current financial crisis in Greece helped bitcoin because people are excited about Greeks going to use bitcoin as an alternative so they bought large sums of coins for future reference.

[scarsbergholden]

Bitcoin increased by 400% in the past 2 months I read. Because Pypal is no longer available, and Greeks gotta use some kind of payment to pay online. This is going to help bitcoin over all.

Not just that. The current financial crisis in Greece helped bitcoin because people are excited about Greeks going to use bitcoin as an alternative so they bought large sums of coins for future reference.

Well lets hope the coming crisis in china will make bitcoin blow up, from what it looks like the crisis in Greece would look like a tiny cloudy day from what if beginning to happen in china http://money.cnn.com/2015/07/06/investing/stocks-market-china-greece/index.html?iid=hp-toplead-dom

[pooya87]

Bitcoin increased by 400% in the past 2 months I read. Because Pypal is no longer available, and Greeks gotta use some kind of payment to pay online. This is going to help bitcoin over all.

Not just that. The current financial crisis in Greece helped bitcoin because people are excited about Greeks going to use bitcoin as an alternative so they bought large sums of coins for future reference.

Well lets hope the coming crisis in china will make bitcoin blow up, from what it looks like the crisis in Greece would look like a tiny cloudy day from what if beginning to happen in china http://money.cnn.com/2015/07/06/investing/stocks-market-china-greece/index.html?iid=hp-toplead-dom

if Chinese stock market continues to fall as it was in the past month and they investors in the stock market notice bitcoin then we could very easily have another 2013 for bitcoin price.
since the bitcoin price has an upward motion, it only needs another push like china entering it with a lot of investors, and then the price would skyrocket.

[DeepLee]

Though there is a big rise on Greek Google search, it is a little effect on Bitcoin price.

[Kprawn]

The only way Bitcoin can help Greece, is if it can stimulate innovation and access to a global micro payment options. It has to create job opportunities for the many unemployed people there, and this will stimulate the economy again. {New global capital coming in}

For this to happen, Greece would have to declare a VAT free environment for Bitcoin businesses. {This will create a Bitcoin friendly environment, which would attract Bitcoin business from other countries, to relocate to Greece}

Hiding what is left of their money in Bitcoin is a short term remedy, but they would still need to convert it back to Euro's or Drachma or whatever currency they choose to accept.  

[Borisz]

For this to happen, Greece would have to declare a VAT free environment for Bitcoin businesses. {This will create a Bitcoin friendly environment, which would attract Bitcoin business from other countries, to relocate to Greece}

A country which is in debt beyond measure should declare bitcoin businesses as VAT free? It may be an appealing opportunity for bitcoin, however I doubt this would be the right course of action for the country. Probably even normal businesses would convert -on paper- to bitcoin business to avoid taxation. People find loopholes with these things, that's the problem.  Also, Greece as a country, probably wants as a last thing for its people send money abroad to buy a virtual currency.

And btw, everybody is saying "decentralized currency", yet waiting for (centralized) governments to apply measures to make it grow and successful. This is a bit ironic.