The first bitcoin ATM in Austria has been introduced three years ago. Today, there are more than 20 merchants accepting bitcoin in Vienna. Nowadays, an interesting news is the newest development in relation to the virtual currency. Namely, a bank focused on activities related to the virtual currency, named “Bitcoin Bank”, has been opened in Vienna, Austria.
The new bank is managed and operated by local blockchain start up Bit Trust. This blockchain startup is founded in 2014, with headquarters in Berlin. It is primary oriented toward payment systems and investments.
Exchanging bitcoin for cash has been rather daunting task because of the lengthy process or the need for in-person meetings. Thus, aim of Bitcoin-Bank is to ease the process of dealing with bitcoin transaction. This is in terms of easing the process of buying and selling Bitcoin.
Therefore creating a viable and safe option for bitcoin transaction in comparison to face-to-face meetings. Consequently, it could be said that Bitcoin Bank represents a physical Bitcoin exchange center. Bank’s ATM machines offer the possibility for bitcoin to be exchanged for euro and vice versa. In addition, the customer can obtain additional information about the currency.
Aside of the possibility for personal Bitcoin trading, the Bitcoin Bank provides supplementary services related to crypto-currency and blockchain.
One advantage of Bitcoin Bank platform is the option for users to buy bitcoin with cash payment. This is simplifying the standard online exchange process and the process on trading platforms.
While, according to Magdalena Isbrandt, managing director of Bit Trust, one advantage of bitcoin as representative of digital currency it that transactions “are simply much faster and can be done without a middlemen”.
During the last couple of years the bitcoin’s value has been constantly fluctuating, and it is currently at 950 euros or a bit more than $1,000. For some bitcoin is considered to be a virtual money for other it is a risky investment.
Whatever is your attitude regarding bitcoin, the fact is that its popularity is increasing. Stated differently, the idea behind crypto-currency is becoming widely accepted. One example of this acceptance is the Bitcoin Bank.
So, what do you think, should other financial companies follow the example of Bit Trust i.e. the opening of Bitcoin Bank?