What is Greece’s relationship with cryptocurrencies like Bitcoin?

Cryptocurrency has become a prime asset around the world because of its value. Bitcoin is the biggest asset in the crypto market. It was the originator and it perfectly captures what people want from cryptocurrency. This digital currency is focused on decentralization which means it’s veering away from the concept of traditional assets being controlled by a central authority.

Countries like Japan and the United States have taken a liking to the asset, while there are that have only recently found out about it and other cryptocurrencies. A good example of this is Greece which has only taken an interest in Bitcoin recently because of high taxation and the effects of the pandemic.

Cryptocurrencies have many uses which is why it’s such a huge asset. While it is seen as an investment by many people, you can expect that it can also be used for a soccer bet or any other sports betting activity. Bitcoin is usually the crypto used in these platforms. Greece has improved to the point where it is growing as a top country in the crypto market.

Now, let’s talk about Greece’s relationship with Bitcoin and how it looks like for the future.

Crypto mining is a luxury in Greece

Crypto mining is a huge part of the industry because it is the way to maximize cryptocurrencies. This process is where miners validate transactions by solving difficult math problems. These problems need top-tier computer specs which means that it will have to consume high amounts of electricity.

With this, crypto mining is a luxury in Greece because only a few people have access to that kind of power. It is expensive to mine which is why only a few people can do it. CEO of Lancom Ltd., Georgios Nolis talked about how the cost might be a bad omen for the crypto market in the country.

He said, ‘The cost of cryptocurrency mining equipment and the rising costs of electricity in Greece make crypto mining a prohibitive task for Greek citizens. There is no methodology to measure the number of people or companies mining cryptocurrency in Greece. I am personally aware of a handful of miners in Greece who are amateurs. They are investing in between 1 and 10 mining rigs, the equipment needed for mining’.

This can improve in the future

While cryptocurrency has a tough access point in Greece, you can expect that it will keep growing to become easier to access. Computers will continue to get better and the prices will go down as well. Bitcoin is reliant on top-tier PCs but this can be improved as people progress through their timeline.

Cryptocurrencies are the way of the future and it is difficult to argue against that point. Greece has not reached the same level of rapport with crypto just yet but you can expect that it will improve soon.

There will come a time when cryptocurrencies like Bitcoin will be used as a solid mode of payment. Like other countries, it will be used for soccer bet activities or for purchasing goods.