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Austria gets first dedicated ‘Bitcoin Bank’

Berlin-based blockchain startup, Bit Trust Services has opened first dedicated ‘Bitcoin Bank’ on Mariahilfer Strasse in downtown Vienna, Austria. This bank helps customers to exchange cash for bitcoin in an easier and safer way than other in-person options.

“It (bitcoin transactions) is simply much faster and it can be done without a middleman. This means that values or money are transmitted from participant to participant,” Magdalena Isbrandt, Managing Director of Bit Trust, stated in a local news outlet.

According to a data, Vienna has been growing in establishing itself as a bitcoin-friendly place. It at least has 20 bitcoin embracing vendors in the region including bars, restaurants, bistros, among others.

The recently opened bitcoin bank makes the whole bitcoin exchange process quicker, easier and safer. Unlike other standard online exchanges and trading platforms, users can buy the digital currency with cash payments.

Talking about the facility as an advantage, Andreas Petersson of Bitcoin Austria said, “If I pay online with Bitcoin, I have a certain level of privacy. The vendor does not have my credit card number. If I pay for purely digital goods, like computer games, I have a much better feeling as I’m not handing over all my private data.”

In the end of last year, Switzerland's national rail service (SBB) set to launch a new service selling the digital currency Bitcoin at all ticket machines across the country. The operations started on 11th November 2016 and the railway operator collaborated with local payments startup Sweepay to offer the service.

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