But the ECB only takes Euros.
Bitcoin has exploded recently. Check out this ridiculous chart.
Cyprus Gets World's First Bitcoin ATM
Canadian entrepreneur Jeff Berwick will capitalize on Cyprus' financial woes by installing the world's first Bitcoin ATM on the island. Bitcoin is decentralized web-based currency, without the backing of a bank or government.
Interest in Bitcoin has soared, especially in southern Europe. As Yahoo reports, downloads of Bitcoin-related apps started rising in Spain over the weekend. For instance, Bitcoin Gold spiked in the Spanish iPhone Finance category from 498 to 72, while another app called Bitcoin Ticket zoomed from 526-52 in just one day. Leading service, Bitcoin App, jumped from 194 to 151 from Friday and Sunday while Spaniards took notice of Cyprus.
In his press release detailing Bitcoin ATM, Berwick explains, "I am convinced bitcoin will be the currency of the future... and all the attacks on it by governments and central banks shows they know it."
Berwick is clearly playing up the "government snatching your cash" angle, which is indeed the realization of many bitcoin enthusiasts' fears. But the currency's decentralized model also makes for a rather fascinating reserve when Cyprus is having huge liquidity problems, assuming Berwick can keep the ATMs stocked with cash.
Only a few months after Bitcoin Central launched–the first bitcoin exchange to become a real bank and shake hands with French regulators (somewhat defeating the purpose of a decentralized currency)–it looks like Berwick's ATMs could either help to work with such enterprises, or leave eliminate the need for a bitcoin bank altogether.
That French bank, which wants to eventually issue bitcoin to euro bankcards to its members, seemed like it would be the first to offer a bitcoin ATM. But if Bitcoin ATM (the company, not the object) actually takes off, it'll be a huge leap forward in solving the utility problem that still hampers the cryptocurrency's larger adoption.
Check out the chart: