The bank is designed to simplify Bitcoin transactions as the ATM machines exchange Bitcoin for euro, and vice versa. Customers can also get information about the virtual currency. Bank’s representatives said for local media that Bitcoin transactions “are simply much faster and can be done without a middleman.”
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.
The first Bitcoin ATM was set up in Austria three years ago and was successful enough to inspire the launch of further ones, according to RT. Vienna now has more than 20 Bitcoin-friendly vendors ranging from restaurants, bistros, and bars.
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