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Hello Group: The Main Purpose of the Bitcoin Embassy in Limassol is Community Building

Hello Group: The Main Purpose of the Bitcoin Embassy in Limassol is Community Building

With the cryptocurrency gaining more territory in the financial world and with Cyprus being an important hub of start-ups and IT companies, Limassol-based Hello Group has considered it as a good opportunity to open the first bitcoin embassy in Cyprus, which is expected to operate officially in the first quarter of 2018, while the first bitcoin ATM was established at the end of November. The Managing Director of Hello Group, Khaled Slim, spoke to InBusinessNews and gave all the details of the new bitcoin embassy in Limassol.

 

What will be the function of the embassy?

The main purpose of the bitcoin embassy is community building - for anyone who wants to come and find out more about cryptocurrencies or bitcoin. To hold Q&A sessions, open discussions, we might also invite experts to come and contribute to the discussions and hold regular meetings. The goal of this so called ‘embassy’ is to raise awareness on cryptocurrency in Cyprus. There has been a huge boom going around this for the past few months now, so it’s more of a mission to bring more awareness on this in Cyprus.

 

Why Cyprus was chosen to open such an embassy?

Given the fact that our HQ are here in Limassol and that we introduced the first bitcoin ATM in Cyprus at the end of November, it seems like it was the only logical solution to open it here. There was also no such thing in the island which is good for us as a business to bring forward this sort of thing.

 

What are the benefits of opening a bitcoin embassy in Cyprus?

Cyprus has quite a strong startup and tech community and there lots of web development and web design agencies where more people are interested in cryptocurrencies as well. There was a cryptocurrency exhibition in a hotel in Limassol last month which had a good turnout as well as the IFX expo which attracts every year a lot of people from the financial industry. So it was the next logical step for the island to move a little bit towards cryptospace; I think it would be a shame for the island to stay behind on this.

 

Is there any interest for the cryptocurrency?

There is a massive interest. We have been in Cyprus since 2014 and a lot of our partners here, a lot of our clients maybe, more and more people are moving towards cryptospace, you can find a lot of online groups, that are interested in cryptocurrency. There is a big community building, which is still at early stages but is heading towards the right direction.

 

How does the Bitcoin ATM work?

The way it usually works since the creation of bitcoin, is by purchasing bitcoin on an online exchange. Because bitcoin is a virtual currency you cannot buy it physically in the world you have to make an online exchange, use your credit card and purchase it.

With the introduction of a bitcoin ATM, the cryptocurrency becomes more open and accessible to the Cyprus public. The way it works is by simply inserting cash into the machine. Firstly, you must decide how much you want to spend beforehand, so for instance, you put 50 euros in the machine and the machine will do the automatic conversion for you based on the live rates from the exchange. Then, you scan the code of your coin wallet from your smartphone on the machine’s camera reader and the bitcoin will be sent to your virtual wallet. It is not like an ATM where you insert your card and you take money out of it. It’s a one way ATM that does not give out cash - it only takes it.

 

Also read: Bitcoin Cash Embassy to Open in Limassol

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