One day after Japan legalizes Bitcoin, Austria opens up first 'Bitcoin Bank'
Yesterday Japan announced that they are accepting Bitcoin as legal tender in their monetary system, making them the first nation to legitimize the crypto-currency into their financial system. Â Now on Feb. 10, a blockchain based tech company in the city of Vienna has opened up the first ‘Bitcoin Bank’, making Austria the first country to have a centralized physical location for the buying and selling of the digital money.
The worldâs first dedicated bitcoin bank has opened in the center of the Austrian capital Vienna. 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 âBitcoin-Bank.â
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.â
She added that âvalue and money can be sent straight from user to user.â – Russia Today
Prior to today there have been ATM machines scattered throughout North America that have facilitated the purchasing of Bitcoin using sovereign currencies, but these have always been tied to an online exchange which had no centralized physical location attached to it. Â Now for the first time individuals can walk into a brick and mortar ‘bank’ and commence currency swaps for Bitcoin with the knowledge that there are live points of contact available to aid and assist in case of questions or problems with their transactions.
To date, most of the issues that have been the cause of high volatility and loss of confidence in Bitcoin have been due to online exchanges that have in some cases gone insolvent overnight, and resulted in the loss of hundreds of millions of dollars for individuals seeking to trade in the crypto-currency. Â But beginning now there is a real physical Bitcoin Bank, and it will be interesting to see how much better the buying and selling of Bitcoin is when it is dealt with on an individual transactional basis.
Kenneth Schortgen JrÂ isÂ a writer for The Daily Economist, Secretsofthefed.com,Â Roguemoney.net, and Viral Liberty, and hostsÂ the popular youtube podcast on Mondays, Wednesdays and Fridays.Â Ken can alsoÂ be heard Wednesday afternoons giving an weekly economic report on theÂ Angel Clark radio show.