Just as Cyprus got into the news for its monetary issues, Bitcoin has announced that they are considering setting up their first ATM machine on the island nation. Cyprus is currently enforcing weekly withdrawal limits on all bank accounts and banks have been closed. According to Vice, the finance minister in Cyprus announced that those who have 100,000 euros or more in their bank accounts may end up with 40 percent of those funds converted into bank shares, stoking fears on this island.
The ATMS, according to the reporting, would allow users to withdraw money in currency form or to deposit currency and to receive Bitcoin in return for that currency. The article notes that Bitcoin is working the fear angle in their promotions for the service, but some of the worst fears among those who worry about governments seizing private funds do seem to be coming true on Cyprus.
Several different types of Internet services that have come into the crosshairs of Internet payment processors have begun to use Bitcoin as a way to receive donations. PayPal and other payment processors have disallowed some NZB indexers and VPN providers from receiving donations and payments for member accounts from their services. These sites have been able to use Bitcoin as a way to keep up and running. Bitcoin is not controlled by a single entity, so people using this form of currency can pay whomever they want for whatever they want with the currency without having a company such as PayPal looking over their shoulder.
Bitcoin Central is an exchange for the currency that has recently been recognized as a legitimate bank by French regulators, according to Vice. The bank wants to utilize Bitcoin among its products and was poised to offer an ATM for the currency, though it seems like they will not be the first, given the developments in Cyprus and Bitcoin ATM’s plans to launch an ATM on the island.
Bitcoin has been growing in popularity and value over the past years. With problems with currency in Spain and Cyprus, it has become a viable alternative to relying on the currency of troubled nations. Bitcoin is also extremely private and is not subject to being manipulated by central bankers, making it very popular with those who are uncomfortable with standard currency and those who object to the traditional currency model. Soon enough, people in Cyprus may be able to withdraw and buy Bitcoin right from an ATM.
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