Cyprus will be host to the first Bitcoin ATM

Bitcoin finds its roots in the economical collapse of 2008, it may well be that Bitcoin’s final breakthrough (the moment that spellcheck won’t bust my *ss on the word Bitcoin) is the economical collapse of Cyprus.

What is the next obstacle for Bitcoin?

Usability, ofcourse. As long as people need to spend hours on Google to find out where they can use Bitcoin, just for the purpose of using Bitcoin, it will not be the next euro. However, when ATM machines where you can get dollars by processing a QR code on the ATM screen and your bank doesn’t give you any dollars for your cash card: Bitcoin will be the next big thing. So what do you think: Will Cyprus lead us into a new monetary era, where Bitcoins are the standard?

[Editor’s Note: The following post is by TDV Editor-in-Chief, Jeff Berwick]

While European politicos negotiate in Brussels, deciding the fate of other people’s money in Cyprus, the free market has already moved in to help Cypriots get access to their money via other means…

Banks have been closed for the last week in Cyprus and if they do re-open on Tuesday, it has now been announced that daily withdrawal limits at ATMs will be 100 euros per day.

As the Cypriot Drama unfolds before our very eyes, I began pondering what tangible solutions there are to bank holidays and bank runs. What could I do to help in Cyprus and all other countries (like Spain, Greece and Italy) for which, as we have predicted at TDV, bank closures are coming?  The answer wasn’t hard to come up with. If these people had simply bought bitcoins with their savings, not only would they currently have 100% access to their funds, but also they would have enjoyed a parabolic move to the upside over past months.

Read more

Further Reading: Bitcoin ATM

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Posted in Cyprus

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