Demand for Bitcoin in Ukraine Grows Fivefold

Stanislav Podyachev of bitcoin selling service Btcu.biz told ForkLog that demand for the cryptocurrency in Ukraine has increased almost five times as compared to 2015.

“We service around 10 000 customers a month. It’s a serious growth compared to the last year, when it was a matter of two or three thousand,” he said.

Btcu.biz has been in business since 2013 to offer Ukrainian residents bitcoins via iBox terminals. There are around 4000 terminals throughout the country. According to Podyachev, sales are off charts in Kyiv, Kharkiv and Dnipro (former Dnipropetrovsk).

Podyachev notes that installation of two-way BTM’s today is totally profitless under the given conditions.

“The problem that a BTM is a cost-intensive thing. So, it’s either its cost should be low enough to make the installation profitable, or the amount of transactions should be high enough to repay the expenditures. According to our calculations, with the existing ATM models, they will pay for themselves in about ten years to say the least. So today it’s hardly a reasonable investment,” Podyachev concluded.