Greek Crisis Has People Turning To Bitcoin

Greek protesters, one waving a national flag, gather in Athens, Wednesday, June 15, 2011. Hundreds of protesters clashed with riot police in central Athens Wednesday as a major anti-austerity rally degenerated into violence outside Parliament, where the struggling government was to seek support for new cutbacks to avoid a disastrous default. (AP Photo/Kostas Tsironis)

Greece has halted all Internet payment transactions that uses the Greek debit or credit cards. This is the latest move the country’s banks have taken in response to the continuing financial crisis. Earlier, Greece had imposed a $57/60 euro daily withdrawal limit and closed all the banks in the country.

As the Greek crisis rages, the concern is that Greece will stop using the Euro for its currency. Due to the tight restrictions amidst the crisis, many Greeks have turned their attention to Bitcoin to protect their savings.

Bitcoin’s value has increased more than 16 percent since the beginning of June. Exchanges operators said the trading volume has significantly increased since the Greek crisis took shape.

No surprise as Greek credit and debit cards tied to online international stores are blocked. People who visit the Greek iTunes page are given the message “Payment

Read more ... source: TheBitcoinNews