Paypal Shuts Down in Greece - Bitcoin Still Operates

Paypal Shuts Down in Greece - Bitcoin Still Operates

As if everything to do with money is not bad enough, Greeks no longer have access to their PayPal accounts, reports Quartz. Capital controls imposed by the Greek government mean that Greek citizens can only withdraw 60 euros (effectively 50 euros after ATMs have run out of 20 euro notes) and online payment service, PayPal, has been left crippled, as a result. PayPal relies on the traditional banking sector and credit card industry for all its transactions to flow. Announced by a PayPal spokesman today: Due to the recent decisions of the Greek authorities on capital controls, funding of....


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Eurozone Ministers Considering New Greek Bailout

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Is Bitcoin Bad for Greece?

Would switching from the euro to bitcoin be a bad move for Greece? Techcrunch recently posed this question, and while the writer makes some valid arguments, it's quite possible that the entire situation is not being looked at. For one thing, the publication makes it plain and clear that the euro is, at this time, Greece's currency of choice, and that the main problem with it is that Greece cannot print more euros in order to thwart deflation. Only the European Central Bank has the power to do that. The article then suggests that Greece should persuade the bank to print more euros for its....

Quotes

The Federal Reserve system hates it! They would love to kill it. They’re attacking it any way they can, but they will fail. This is what we’ve been waiting for! This is the Cyber Christ moment. This is when the activists that having been pushing against the Fed are gonna win with Bitcoin.

Max Keiser, Investor and Journalist