While the whole of Greece is reeling under capital control and withdrawal limits, Bitchain has come up with a solution that will help people conduct limitless transactions with bitcoins. The Cube, a co-working space housing innovative start-ups is now the home of Greece’s very first two way bitcoin ATM. Inaugurated recently, the bitcoin ATM facilitates bitcoin to euro and euro to bitcoin transactions.
Currently many start-ups and even individuals in Greece are facing problems due to the imposed capital controls which restricts maximum transactions to 60 euros per day per account. However, these restrictions are not applicable to bitcoins, making it the preferred mode of transaction for businesses. Soon after the installation of bitcoin ATM, it witnessed a withdrawal of 120 euros, which is twice the amount one can currently withdraw from banks.
Bitchain’s bitcoin ATM at The Cube will turn out to be useful for start-ups working from there as they can choose to use it in conjunction with Spartan Route, a company that allows Greek businesses to receive bitcoin payments for invoices raised in euros from its international customers. By using bitcoins, they will be able to maintain the liquidity necessary to carry on with their normal operations.
Bitchain is a Spanish bitcoin company headquartered in Barcelona. The bitcoin ATM inauguration event in Greece was attended by the company’s CTO – Joaquin Fenoy and other representatives. By using this ATM, Greeks can choose to deposit and withdraw how much ever they want without having to experience banking restrictions.
However, it will take some time for Greeks to come to terms with the concept of bitcoin and digital currency as most of them are used to transacting with bank notes. Until the economic situation is resolved, even bigger international corporations operating in Greece can switch to bitcoin transactions to overcome capital controls and conduct their operations without any interruptions.
Image: Greek Reporter