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This week the first Bitcoin machine in Vorarlberg has been set up in Dornbirn. Demand for the digital currency is already high, says the operators. Banks are critical of the product.

For a long time, only computerfreaks with the Bitcoin currency had to start something. Almost a decade after its founding, the digital currency is also slowly becoming salonable for Otto Normalanleger.

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Bitcoin is a digital currency that can be generated by means of highly complex mathematical algorithms by computer and can be converted into real money at special online exchanges. For the currency that has existed since 2009, unlike classical currencies such as the dollar and the euro, there are no governments and central banks. Their course is determined solely by supply and demand – read more The most important facts about the digital currency.
Demand across all age groups

The Bitcoin machine is located in the “Yellow Factory” in the Widagasse. Although it was only a few days ago, the demand is already high, says Sara Bonetti of the “Yellow Factory”. Every day, there are inquiries about the digital currency across all age groups.
No action possible in case of emergency

Günther Lutz, Procurator at the Dornbirner Sparkasse, is critical of Bitcoin. A year ago, the value had quintupled, two years ago the value had decreased by a factor of five. Moreover, no one is behind this currency, and in case of doubt no one can be sued.

Lutz does not believe in the long-term success of Bitcoin and other virtual currencies. However, the technology behind the digital transactions could be used by the domestic banks in the future.

The Bitcoin News