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« CHART - Inflation Adjusted Gold Price (1970-2011) | Main | The Truth About The Sequester Cuts »
Sunday
Apr072013

World's First Bitcoin ATM Launched In CYPRUS

But the ECB only takes Euros.

Bitcoin has exploded recently.  Check out this ridiculous chart.

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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.

--

Motherboard

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:

HOLY BITCOIN - Anyone See A Concern With This Chart?

 

 

 

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Reader Comments (6)

BITCOIN: a digitally-created ILLUSION that consists of NOTHING, backed by NOTHING that's not even worth the paper it's NOT printed on.

P. T. Barnum was RIGHT; there's a sucker born every minute. And it looks like most of those suckers are being born right here in AMERIKA.
Mar 28, 2013 at 3:56 PM | Unregistered CommenterRecoveryless Recovery
In the early hours of Thursday, March 28, Bitcoins hit an all time high of $90 USD.

http://bitcoincharts.com/markets/mtgoxUSD.html
Mar 29, 2013 at 3:22 AM | Registered CommenterDailyBail
I'm not saying that there's not money to be made with this Bitcoin scam (because it IS potentially a scam!) for the short-term trader who was smart enough to get into this scheme during the primary stages of the pump. However as a long-term investor I give Bitcoin another year or so run and that's about it before there's a massive DUMP. If not TOMORROW. At $90 USD it's ALREADY grossly overvalued ...but who knows?

One thing's for SURE: there's a sucker in every game and if you don't know who it is ..that's because it's YOU.
Mar 29, 2013 at 3:36 AM | Unregistered CommenterRecoveryless Recovery
RLR

I don't disagree with you. Bitcoin's price is manic currently as Europe catches hold. I wouldn't be surprised to see it run to $250 or so and then crash -- like it did in 2011. But the idea of virtual currency is gaining a foothold and that's the important point. At least until Congress makes it illegal.
Mar 29, 2013 at 3:52 AM | Registered CommenterDailyBail
And they WILL make it illegal DB, if they see it gaining traction!

NOTHING that might replace the dying U.S. dollar as a potential global reserve currency will be allowed to survive unchallenged by these douchebag fraudsters. The U.S. government is currently trying to keep the Euro destabilized while simultaneously supressing precious metals prices by using naked shorts and rigging futures contracts to that end.

My major beef with Bitcoin or ANY other virtual currency is that precisely because it is digital it can be HACKED. Also, it isn't backed by ANYTHING, which makes it a virtual FIAT currency ..WORSE than the fiat dollar it seeks to compete with.
Mar 29, 2013 at 2:24 PM | Unregistered CommenterRecoveryless Recovery
Apr 1, 2013 at 4:34 PM | Registered CommenterDailyBail

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