(MENAFN- ProactiveInvestors)As the Greek people line up outside banks to withdraw a measly €60 a day it may be worth noting that there is an alternative Bitcoin. The online currency which can be transferred safely and securely has seen a huge influx in popularity in Greece in the last few weeks as the saga between the Syriza government and the country's creditors has played out. New clients have flocked to BTCGreece the only Greece-based Bitcoin exchange with numbers up by 600% in the last few weeks according to its founder Thanos Marinos. On average more than 150 clients have registered every day this week he said. Meanwhile gold exchange traded funds (ETFs) have only seen holdings rise by 0.1% over the last week. Using Bitcoin allows the Greek people to transfer money out of their bank accounts if they wish something the government had hoped to control. However a self-imposed cap of €250 a day has been imposed on buying the online currency by Marinos' BTCGreece down from €1000. The currency is preferable to gold because it allows people to spend it but it is not fool-proof. Bitcoins can be bought from specialist exchanges free from central governments and banks a strategy that has proved popular among Greeks in recent weeks as the Syrza government has put restrictions in place limiting the amount of money a person can withdraw. The value of a Bitcoin however a web-based digital currency has yo-yoed since it was created six years ago. It peaked at over US$1200 in late 2013 before tumbling 70% in less than a month. Still it is a testament to the currency that in only a few years it is already proving to be the safe-haven of choice with gold the traditional choice becoming an afterthought in the modern age. Gold which has a market estimated at more than US$2trn is far bigger and more established than Bitcoin which has a market capitalisation of around US$3.7bn but investors seem less interest in the commodity recently. Greeks take to the polls to vote on Sunday to decide whether to accept bailout terms of the European Central Bank.
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