• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health

2

As Trump balks again at escalating war, Iran smells ‘blood in the water’ and looks to exploit its newfound strategic advantage, experts say

3

The labor market could become so backward that the economy will have to shed jobs to keep unemployment steady

1

Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health

2

As Trump balks again at escalating war, Iran smells ‘blood in the water’ and looks to exploit its newfound strategic advantage, experts say

3

The labor market could become so backward that the economy will have to shed jobs to keep unemployment steady
FinanceGrexit

Here’s what bitcoin companies are doing to woo Greeks

By
Daniel Roberts
Daniel Roberts
Down Arrow Button Icon
By
Daniel Roberts
Daniel Roberts
Down Arrow Button Icon
June 30, 2015, 3:18 PM ET
SPAIN-JAPAN-IT-FINANCE-BITCOIN
A bitcoin ATM is pictured in a commercial area of Barcelona on February 26, 2014. Japanese authorities were today probing the troubled MtGox bitcoin exchange after claims of a multi-million dollar theft from its digital vaults, as US prosecutors reportedly served a subpoena on the company. Bitcoin is a virtual currency that is created from computer code. Unlike a real-world currency like the US dollar or the euro, it has no central bank and is not backed by any government. AFP PHOTO/ JOSEP LAGO (Photo credit should read JOSEP LAGO/AFP/Getty Images)Photograph by Josep Lago — AFP/Getty Images
Add Fortune on Google for similar content.

As their country’s financial system collapses, Greek citizens are desperate to access their money. And vocal businesspeople elsewhere in the world are eager to inform them that they have another option: bitcoin.

Coinbase, a bitcoin exchange, wallet, and arguably the hottest company in the space, announced on Monday that it will waive transaction fees (normally 1%) for all purchases in euros through July 5. Separately, Erik Voorhees, founder of the bitcoin company ShapeShift, has urged the bitcoin community to tweet at Greek citizens and send them $5 in bitcoins using the payment platform ChangeTip.

But leading Greeks to the digital currency isn’t so simple.

Right now, in fact, there are very few ways for anyone in Greece to even obtain bitcoins. Their banks are closed for a week; their ATMs are limiting them to withdrawing 60 euros per day; and as of Tuesday, they cannot use Greek credit or debit cards for online transactions. That means they can’t even take Coinbase up on its offer.

That’s okay, says Fred Ehrsam, cofounder and president of Coinbase, because the company’s motive is to appeal to Europeans who are not in Greece. “If you’re sitting in Europe, you’re seeing a timeline now—you saw Cyprus in 2013, now Greece in 2015—and you’re like, ‘Hmm, my economy isn’t performing particularly well either, and all my assets could be frozen or devalued, that’s scary,'” Ehrsam tells Fortune. “There’s little that [bitcoin companies] can do for people on the ground in Greece. The bigger deal here is if you’re sitting in Italy, Spain, or Portugal, and you’re getting a little nervous, maybe it makes some sense to put value into bitcoin where you’re less susceptible to these things. The doomsday way of saying it would be, ‘Do it before it’s too late.'”

To that end, European activity on Coinbase is up 300% in the last 48 hours, compared to an average week from the past couple months. (There was also a 35% jump in activity from Greece last week, but Ehrsam says that’s coming off of a very low baseline number.)

Bitcoin’s appeal for Greeks, or for anyone whose national banking system is faltering, is that it is decentralized, securely tracked on bitcoin’s blockchain (a public ledger that records all transactions), and can be sent around with little or no fees and little or no transfer delays. And the price of bitcoin is up: it’s risen nearly 4% in the last day, 6% in the last week, and nearly 10% in the last month.

There has been some debate, over the past two weeks, around whether the price bump is coming from Greece. News outlets have run with hyperbolic (and factually suspect) headlines such as “Greeks rush to bitcoin” (CNNMoney) and “Greek citizens eye bitcoin” (Fox News). In reality, most Greeks can’t get bitcoin right now, “eye” it though they might. There are only two ways a person in Greece could get some: from a bitcoin ATM (the country has just one, in Athens) or from meeting up with someone for a face-to-face trade (cash for bitcoins) using the web site LocalBitcoins, a Craigslist-like forum for hand-to-hand bitcoin exchanges.

David Irvine, who works for digital security company Maidsafe, tweeted that bitcoin “wont help [Greeks] at the moment… Hands on spendable cash is issue, need to buy food etc.” Indeed, says Ehrsam, “Any rise in price is not due to Greeks buying bitcoin. First of all, there aren’t that many people in Greece. But more practically speaking, Greece is not particularly forward or technologically savvy. It more goes to periphery countries in Europe. I think people are waking up a little bit.”

Ryan Selkis, director of investments for the Digital Currency Group, agrees. “Greeks aren’t buying, but I’m sure there is some moderate amount of buyers who are speculating that this turns into the next Cyprus. Capital controls and bank closures in general more or less prove the point that states are irresponsible,” he tells Fortune. “The time for Greeks to have put small amounts of savings into bitcoin—call it a 2% rainy week fund—was last week.”

The price rise is not coming from Greece, though it may be partially tied to what is happening in Greece. And, depending on how the Greek crisis plays out, bitcoin believers still see big value in educating Greeks about bitcoin. But not everyone is a fan of the effort to use this crisis as an opportunity. Some critics tweeted to Voorhees that his ChangeTip campaign looks unsavory, and doesn’t help people anyway.

https://twitter.com/coolbearcjs/status/615573346395160576

https://twitter.com/coolbearcjs/status/615583661811851265

.@coolbearcjs @ToneLives @MadBitcoins @ChangeTip The goal is not to help them go shopping. The goal is to help them learn about alternative.

— Erik Voorhees (@ErikVoorhees) June 29, 2015

For Voorhees, Ehrsam, Coinbase, and other bitcoin devotees turning Greek’s fiasco into a bitcoin marketing opportunity, the reward is worth the criticism. And Ehrsam bets that it will have an impact.

“When it’s all said and done,” he says, “I do think it’s probable that awareness of bitcoin will go up in Greece as a result of all this.”

 

 

About the Author
By Daniel Roberts
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Finance

Ukraine uses business principles to maximize Russia’s casualties and economic costs, potentially crushing its will to keep fighting, RAND says 
EconomyUkraine invasion
Ukraine uses business principles to maximize Russia’s casualties and economic costs, potentially crushing its will to keep fighting, RAND says 
By Jason MaAugust 3, 2026
2 hours ago
What percentage of your income should go toward your mortgage?
Personal Financemortgages
What percentage of your income should go toward your mortgage?
By Joseph HostetlerAugust 3, 2026
2 hours ago
George Santos stands in front of the US Congress on Capitol Hill.
CryptoUnited States
Kalshi CEO clashes with disgraced former Congressman George Santos in latest prediction market controversy
By Camila Grigera NaónAugust 3, 2026
2 hours ago
A ship sails on the ocean near the Strait of Hormuz
EnergyShipping
The Iran war already has a winner: The world’s largest shipbroker notching record earnings from the ‘exceptional volatility’ in the Strait of Hormuz
By Sasha RogelbergAugust 3, 2026
2 hours ago
A physical Bitcoin coin held between an index finger and a thumb.
CryptoBitcoin
Bitcoin owners rocked by $116 million hack: What we know about the Coldcard exploit
By Camila Grigera NaónAugust 3, 2026
4 hours ago
Is car insurance required? Minimum car insurance requirements by state explained
Personal FinanceInsurance
Is car insurance required? Minimum car insurance requirements by state explained
By Joseph HostetlerAugust 3, 2026
5 hours ago

Most Popular

Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health
North America
Bars, bowling alleys, and movie theaters cost too much to run and visit. Americans have run out of places to hang out and we're paying with our health
By Catherina GioinoAugust 2, 2026
1 day ago
As Trump balks again at escalating war, Iran smells ‘blood in the water’ and looks to exploit its newfound strategic advantage, experts say
Middle East
As Trump balks again at escalating war, Iran smells ‘blood in the water’ and looks to exploit its newfound strategic advantage, experts say
By Jason MaAugust 2, 2026
1 day ago
The labor market could become so backward that the economy will have to shed jobs to keep unemployment steady
Economy
The labor market could become so backward that the economy will have to shed jobs to keep unemployment steady
By Jason MaAugust 1, 2026
2 days ago
Trump just invoked a 1930 tariff law no president has ever used — against Canada
Commentary
Trump just invoked a 1930 tariff law no president has ever used — against Canada
By Caleb PetittAugust 2, 2026
1 day ago
The average worker would need to save for 52 years to claw their way out of the middle class and be classified as wealthy, research reveals
Success
The average worker would need to save for 52 years to claw their way out of the middle class and be classified as wealthy, research reveals
By Orianna Rosa RoyleAugust 2, 2026
1 day ago
He was homeless at 16. Now he sits on the board of David Beckham's wellness company and his business is about to hit $1 billion in revenue
Success
He was homeless at 16. Now he sits on the board of David Beckham's wellness company and his business is about to hit $1 billion in revenue
By Emma BurleighAugust 2, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.