Greece launches first two-way Bitcoin ATM

A Spanish company called Bitchain announced that it had established the first two-way Bitcoin automated teller machine (BTM) in Greece on July 11. Bitchain is a BTM provider that also provides near-field communication technology (NFC) solutions and digital currency consulting services.

Bitchain representative Adrian Verde said that the second day after the BTM was installed, 25 transactions were processed with a total of 2,000 euros. According to Mashable.com, the BTM has a withdrawal limit of 1,000 euros and currently does not charge any transaction fees.

The trial seems to have been initially successful, but Reddit users still question whether the BTM can continue to operate. Because Greece is implementing capital controls, the BTM is located in a place called "The Cube". The owner of The Cube answered the questions of netizens on Reddit:

"I am the owner of The Cube. Greece does have capital controls and does not allow citizens to transfer money abroad, so if there is a problem, we have to remove the BTM. All the transferred funds will still be stored in local Greek banks, so there will not be any capital outflow."

The current plan to solve the Greek crisis includes increasing taxes and reducing user benefits, but will not completely confiscate people's funds. Because all EU countries have a deposit limit of 100,000 euros, the capital control plan will not affect the operation of this BTM.

Vader told some entrepreneurs who want to promote Bitcoin in Greece:

“Bitcoin brings people more freedom than the euro does. People thought banks would not betray them, but now it turns out that banks are not trustworthy.”

However, the leaders of the Eurozone once again agreed to provide Greece with a third round of aid, with a three-year rescue fund of 86 billion euros. Shortly after the news came out, the price of Bitcoin fell by 10%. In the future, Greece may slowly recover with the help of the European Union, and the influence of Bitcoin in Greece may gradually decline.