How Bitcoin ATMs in Greece fare during a record-breaking tourist season

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Greece is globally recognized for its touristic lures of idyllic seashores and a laid-back way of life. Previous to the outbreak of the worldwide pandemic, the World Journey and Tourism Council stated that tourism generated over one-fifth of Greece’s whole GDP.

This yr, the nation confronted a report variety of vacationers throughout its summer season tourism season. Within the month of August alone, the nation acquired almost 1 million journey arrivals per week, based on the Greek Minister of Tourism Vassilis Kikilias.

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A report from ForwardKeys on this yr’s summer season tourism revealed that, of the highest ten “solar and seashore” areas in Europe, Greece held six areas. These included the island locations of Mykonos, Thira (Santorini) and Heraklion (Crete), in addition to Thessaloniki. Athens, the nation’s capital, took third place for “city” locations in Europe.

Within the 27 European Union member states, Greece takes the sixth spot in terms of cryptocurrency ATMs, with 64 energetic for utilization. Over half of Greece’s crypto ATMs are shared between Athens and Thessaloniki.

Nevertheless, the Bitcoin ATM operator BCash strategically positioned a few of its ATMs within the nation’s stylish island locations of Mykonos, Santorini and Crete. Cointelegraph spoke with the managing director and co-founder of BCash, Dimitrios Tsangalidis, on how crypto is impacted by or itself impacts the tourism season in Greece.

Though Mykonos and Santorini are probably the most visited vacationer locations, the mainland ATMs have the vast majority of site visitors, based on Tsangalidis — particularly central Athens, the place the primary ATM was put in, and Thessaloniki.

Nevertheless, the co-founder famous that in Crete, the nation’s most populated island and a preferred vacationer vacation spot, there’s a “very loyal cryptocurrency crowd.”

“There’s a robust crypto neighborhood in Heraklion of Crete [which is] the situation of certainly one of our ATMs.”

In Heraklion, the capital of Crete, the native start-up accelerator H2B Hub made a collaboration with the Greek-speaking College of Nicosia to create and assist an area blockchain neighborhood.

Each Athens and Thessaloniki have energetic, regular meetups for the crypto and blockchain neighborhood.

Whereas tourism bolsters elements of the Greek financial system, based on Tsangalidis, it doesn’t translate to the crypto scene. “Sadly, absolutely the reverse occurs,” says Tsangalidis. 

“In summer season months and excessive vacationer seasons, the demand drops. However we’re in the course of crypto winter that got here earlier this yr, so it’s actually laborious to inform.”

Particularly when it comes to common site visitors, the lower will also be equated to locals leaving for trip.

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Typically, Greece wants extra consciousness of cryptocurrencies and their utility in on a regular basis life,  Tsangalidis sums up.

“Affect on native tourism may be noticeable provided that there’s a normal adoption of cryptocurrency inside society.”

He provides that for now, there’s little to no infrastructure or adoption from the extent of Greek companies and native governments. “If our authorities will turn out to be crypto pleasant and if a inexperienced gentle can be given to companies, then adoption will comply with.”

In Might of this yr, the president of the Greek Nationwide Tourism Group, Angela Gerekou, stated the nation is at the moment exploring how blockchain know-how can result in security and transparency in tourism.