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Cyprus may adopt Bitcoin over Euro

I’ve been reporting a lot recently on the meteoric growth of Bitcoin’s value. From its humble $12 value towards the end of 2012, it’s already jumped to a ridiculous $120+ today and if that wasn’t enough reason to sit up and take notice of the digital currency, Cyprus’ citizens could end up adopting is as an alternate currency to the Euro.

Cyprus’ financial crisis has been a big headline grabber in recent weeks and it’s highlighted a problem with the economic business model, that has left many citizens out in the cold without their hard earned money. Offering an alternative now is Bitcoin ATM, which will operate just like traditional cash machines, but offer users the ability to deposit Bitcoins in order to withdraw cash (or add it to their bank account) or deposit cash to withdraw Bitcoins. This hurdles one of Bitcoins main problems, in that it’s not the easiest currency to get hold of.

bitcoin

This project is being headlined by Jeff Berwick, who’s currently seeking investment on the BitcoinATM site, but is already sending the first machine over to Cyprus to see how it turns out. The results of this experiment could be very interesting indeed.

However, many are still wary of Bitcoin, especially so due to its insane value rise. Bitcoin has crashed down fast in the past and occasional stories of big Bitcoin stockpiles being stolen or hacked don’t help. Only time will tell if the value will hold, but it seems unlikely that it can continue this uphill sprint forever.

KitGuru Says: I bought a couple bitcoins earlier this year. Gotta say I’m kicking myself a bit for not “investing” in a load of them then. I’d be a rich boy if I had.

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