Bitcoin (BTC) ATMs in Greece are expected to rise in the next couple of months. This is as a result of the increasing demand for virtual currencies in the country. These ATMs are being preferred by locals since they offer a free financial as well as investment market.
Bitcoin ATMs gaining popularity
Bitcoin ATMs are gaining popularity as a result of their easy accessibility in addition to liquidation. Greece installed its first BTC ATM in Athens in July 2015. Shortly after, BTCGreece revealed its intention to install over 1,000 additional machines across the country in future.
Currently, Greece has only 10 ATMs. Four of these are located in the capital city, Athens while two are found in Mykonos. The cities of Heraklion, Kalamata, Larissa, and Thessaloniki host one BTC ATM each.
Nevertheless, the number is expected to increase in the future. Co-founder of Thess Cash Hellas, Stefanos Getsopoulos shared the same sentiments. He believes that three additional BTC ATMs will be installed in the northern region of Greece. Thess Cash Hellas is a firm that concentrates on digital currencies.
It is evident that most economically and politically suffering countries are increasingly turning to digital currencies for a reprieve. Iran and Venezuela have recently focused their attention on cryptos. Thus, Greece becomes the latest nation to join the growing trend.
Although Greece has only 10 ATMs, it is the nation where the popularity of the machines rose the most. Crypto sector experts in the country feel that citizens are looking for economic alternatives to state-backed financial organizations. The country’s population has already lost confidence in their government. Consequently, blockchain technology and digital currency hold the potential to provide a decentralized alternative.
Even though Bitcoin’s value has been falling since its December high, people are still utilizing it. Hence, the reason nations continue to install more and more BTC ATMs.
Meanwhile, the highest number of Bitcoin ATMs are found in the U.S markets. It has a total of 2,220 machines spread across the nation. Canada, Austria, and U.K come in second, third and fourth respectively with 641, 200 and 179 ATMs each.