Business 4 July 2018

Ed Drake

Bitcoin Cash goes mainstream in Austria

Bitcoin Cash (BCH), the only true Bitcoin and the world’s only functional cryptocurrency, is now widely available in Austria, thanks to an initiative that brings cryptocurrency trading into over 400 post office branches across the country.

The project, pioneered by Vienna-based cryptocurrency exchange Bitpanda, consumers will now be able to purchase Bitcoin BCH, along with a host of other cryptocurrencies, at post office counters in Austria.

The arrangement extends to a further 1,300 post partners, as part of the new Bitpanda To Go service. In addition to BCH, customers will be able to purchase Ethereum, Ripple, IOTA, Dash, Litecoin, Komodo and the SegWit BTC coin.

Customers can enter their postcode on the Bitpanda To Go website in order to find their nearest participating branch. From there, they can choose to buy crypto in one of three denominations—€50, €100, €150—in exchange for a voucher bearing a unique code.

The transaction occurs in branch for cash, with only an email address required to participate. Funds are tied to an integrated cryptocurrency wallet with each transaction, which customers can redeem in seconds by entering the code on the website.

According to the Bitpanda To Go website, cryptocurrencies will be sold at “the best price in Austria,” giving consumers access to the same price as through their online exchange. If the service proves popular, it could present a model for other retail partners to offer cryptocurrencies at point of sale locations across Austria and beyond.

Seen as a move towards more mainstream adoption of cryptocurrencies in the country, the project ties in with the objectives of Austrian Post, in becoming increasingly involved in retailing financial services, as well as allowing Bitpanda to access a wider market.

With Austrian Post forecasting a further 5% decline in postal mail over the next year, coupled with an expansion of its parcel deliveries, the move is designed to help keep the firm’s branches relevant for the future, as well as providing consumers with greater retail access to cryptocurrencies.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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