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Austria gets its first bitcoin digital currency 'bank'

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Staff Writer | February 14, 2017
The world’s first dedicated bitcoin bank has opened in the center of the Austrian capital Vienna.
Austria bitcoin
Currency   The whole transaction process is anonymous
It is designed to make buying and selling bitcoin easier and safer than other in-person options.

The digital currency outlet is owned and managed by a local Blockchain startup Bit Trust and is named simply ‘Bitcoin-Bank.’

The ATM machines exchange bitcoin for euro, and vice versa. Customers can also get information about the virtual currency.

Managing Director of Bit Trust Magdalena Isbrandt told state broadcaster ORF the advantages of digital currency is that transactions "are simply much faster and can be done without a middleman.”

She added that “value and money can be sent straight from user to user.”

To receive a bitcoin, a user must have a special address which looks like a string of 27-34 letters and numbers and acts as a kind of virtual postbox to and from which the cryptocurrency is sent.

Since bitcoin addresses are not registered, that makes the whole transaction process anonymous.