While the Chinese yuan and the United States dollar remain the most heavily traded currencies on bitcoin exchanges, the euro is also gaining and popularity. Several bitcoin exchanges offer conversions between the continental currency and the cryptocurrency. Moreover, users can also exchange euros for bitcoins in a variety of eurozone countries.
Primary Exchanges:
Individual who wish to exchange the euro for bitcoins can do so on a variety of exchanges.
– Kraken: According to BitcoinCharts.com, this exchange is, by far, the largest euro to bitcoin conversion exchange by volume. Whereas the second-largest euro bitcoin exchange, ANXBTC, had a bitcoin trading volume of 28,114.36 during a thirty-day period that ended on Oct. 19th, a total of 59,767.67 bitcoins were exchange on Kraken. The exchange offers visitors the opportunity to install a variety of strategies that ensure users will be receiving the trade they desire on their bitcoin exchanges. Additionally, the Slovenia-based exchange has, of its own volition, chosen to implement anti-money laundering policies, allowing only authenticated users to trade on its website.
– Coinbase: The largest bitcoin wallet service in the United States market now offers its services in several European countries, including Austria, Greece, Italy, Belgium, France, Latvia, Slovakia, Spain, the Netherlands and Finland. However, because the service to these countries is still in beta testing, users can also exchange up to €500 per day through the website. In other words, users can exchange more than one, but less than two, bitcoins. That being case, Coinbase does plan to expand the available services to customers in the region.
– ANXBTC: This exchange is the second-largest euro to bitcoin exchange by volume, as determined by the data found on BitcoinCharts.com. Users who wish to make bitcoin exchanges on the site can also make USD, HKD, AUD, CAD, JPY, SGD, GBP, NZD, and CHF exchanges on the site. ANXBTC is also a fully licensed and regulated money service business that stresses safety and security. The website also includes an instant buy-instant sell feature, offering customers the ability to calculate the price of
ATMs
Additionally, individuals who wish to convert their euro for the cryptocurrency can do so at certain bitcoin ATMs throughout the continent. The first bitcoin ATM was installed in Europe in December 2013. Since that time, ATMs have begun to pop up in countries like Slovenia, Ireland, the Netherlands, and the Isle of Man, a small country which is arguably the cryptocurrency leader of the entire region. That being said, the small island’s national currency is not the euro, but the Manx pound.
Trading Volume
As of 8:19PM EST on Oct. 19th, 2014, BitcoinAverage.com recorded euro to bitcoin exchanges as accounting for 11.51% of all bitcoin exchanges, a figure which is less than 15% of the total volume of exchanges utilizing the United States dollar. That being said, the euro has a large lead over the GBP and the CAD. The website notably does not take the three largest Chinese bitcoin exchanges into account when calculating its volumes.
Factors Affecting The Relationship Between These Currencies
As one of the most prominent economic markets in the world, the eurozone is a prime location for bitcoin adoption. Additionally, the euro has consistently been ranked as a strong currency as the dollar over the past several years. These figures, combined with the ability for the currency to cross economic barriers without transfer fees, suggests that its adoption will increase over time.