With the final vote made last night to accept the parameters of the Greek bailout deal, the people of Greece are expected to have to endure another decade of high unemployment, capital controls, low GDP, and of course austerity. But as with most societies that finally recognize that their governments and financial systems no longer work for their benefit, the rise of black markets and alternative means of commerce rise as an example of necessity being the mother of invention.
And besides the ongoing TEM currency that has been functioning in the Greek economy for close to a decade now, those in the Bitcoin community have partnered up with a service provider of the crypto currency, and are expected to install 1000 Bitcoin ATM’s all across the beleaguered European nation.
Bitcoin service provider and exchange Cubits has partnered with Greek bitcoin exchange BTCGreece to install 1,000 bitcoin ATMs and help small and medium sized businesses move money.
“We are creating the ecosystem of bitcoin and blockchain solutions in the Greek market.” BTCGreece founder Thanos Marinos told CoinTelegraph. “That will include the rollout of 1,000 ATMs and solutions for the e-commerce and tourism industry. Partnering with best of breed companies in the bitcoin space will enable us to provide the Greeks with solutions that will ease the difficulties of the capital controls.” – Coin Telegraph
Ironically, it was because of the banks and the Euro masters themselves who forced austerity on the people of Greece that the use of alternative currencies such as Bitcoin is gaining traction. And as such, as their economy grows or sustains through the use of Bitcoin and other black market currencies, it will also keep the Greek financial centers from recovering since fewer and fewer people will be keeping their money in the banks, and less revenues will find their way into government coffers from taxation and use of more easily trackable currencies.
In the end, corruption and excess greed is like a snake that ends up eating its own tail, where a business, government, or bank is never satisfied with earning a modest profit, and is obsessed with consuming everything until is no longer has anything left. And once a certain line is crossed, and where the people are pushed to a limit because of this greed and corruption, they rebel in ways that allow them to function outside the ordered system, and lead to new mechanisms such as Bitcoin to provide what their ‘trusted’ institutions no longer can.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.