We are no stranger to the Austrian Finance Minister’s addressal of Bitcoin. Hartwig Loger has urged the future economy to see Bitcoin as an important sector in the financial sector. He also suggested the financial sectors to be wary of the impending dangers of cryptocurrencies and that regulations are imperative. Austria’s Financial Market Authority (FMA) has also appreciated the concerns shared by Mr. Loger where they have even welcomed the suggestions of supervision and regulation.
As of now, you can easily buy Bitcoin in Austria with EUR. Since the Austrian banks are a part of SEPA, the crypto exchanges using the SEPA wire transfer results in a cheaper transaction for the Austrian users. Austria has also been one of the leading countries in terms of blockchain implementations and innovations. A bitcoin bank has also been established in Vienna during the first quarter of 2017.
There are various options which you can avail to buy Bitcoin in Austria. It can be from local traders, BTC ATM, or exchanges online. Although it is understandable that acquiring Bitcoin can be a formidable process for many since it is quite complicated. But it apparently is not as complicated as it seems. There are several options to buy Bitcoin in Austria which are easy, reliable and fast.
TLDR: You can use FIAT money to acquire Bitcoin. Once you own a Bitcoin wallet, you can use various forms of traditional payment methods such as bank transfer, debit card, credit card, etc. to purchase Bitcoin.
But before you start off with your very first purchase, you should take certain parameters into account, such as:
- How much are you willing to pay?
- How much information are you ready to disclose?
- And, your location of course. Here, for instance, it is Austria.
So, now you need to find platforms that will fit your requisites. Bitcoin is essentially a financial tool and thus they are subject to regulations. AML or Anti-Money-Laundering-Rules are being applied to crypto platforms that sell Bitcoin. These platforms also have KYC rules which help them identify their users. Austria is also adopting such regulations, especially after its Financial Minister decided to point the fallacies out. His proposals will also strengthen the countries Money Laundering Registration Office of the Federal Criminal Police Office in addressing token holders of Bitcoin since the exchanges are also under the FMA watch.
Buying Bitcoin in Austria
Bitcoin and other cryptocurrencies have garnered a lot of traction over the last couple of years. It also has led to developments that formerly seemed impossible. However, Austria is also not very behind to the entire discourse, they have had developments associated with Bitcoin and other cryptocurrencies.
P.S.A.: On the international and the nation thresholds, there have been different terms which are being used in this particular context i.e. virtual coins, cryptocurrency, token and coin etc. However, crypto-assets can be used as an umbrella term all the other terms mentioned above.
When it comes to buying Bitcoin in Austria, there are three viable methods that one can avail of:
- Bitcoin ATM
This is perhaps one of the most privatized and safest ways to purchase Bitcoin in Austria. If you weren’t aware of earlier, Bitcoin ATM often bears similarities to a FIAT ATM which fundamentally helps you to acquire or purchase monetary assets. There are companies like Lamassu which makes ATMs for Bitcoin specifically where FIAT currency is used for purchasing Bitcoin. These operators of such machines often apply KYC regulations if they wish to such as mobile or any biometric verification. You can find a lot of BTC ATMs near you, something similar can be done when you are in Austria. However, it is important to note that BTC ATMs have a higher fee of about 3 to 6 percent or even more, depending on the real-time market value and operator. Here is a list of places to find Bitcoin ATMs in and around Vienna, Austria
- Aspang Niederösterreich
- Krems an der Donau
- St Pölten
- Commercial Brokers and Exchange Platforms:
There are several exchanges in the Eurozone which Austrian Citizens can avail of. However, all of the exchanges will demand full KYC checks before you start purchasing or trading.
- Austrian Post Office:
In 2017, the Austrian post office along with Bitpanda, a BTC exchange collaborated to offer BTC, ETH, DASH, Litecoin at post branches that are scattered across Austria. This partnership has also led to safe and easy purchase of crypto assets in exchange for Euros. In the initial stages, there was a trial period that enabled users to buy crypto assets like Bitcoin in three levels of quantities i.e. 50 EUR, 100 EUR, and 500 EUR.
However, there have been no known denominations but that might have changed over the years. The buyers receive a crypto voucher that they can apply on the official website of Bitpanga and receive their Bitcoin within a matter of minutes.
This has also been tagged as a step towards the right direction since this adoption will ease the masses in. Exchanges these days are always requiring data and information of their users. They even take a lot of time to process and verify their data. However, the voucher system will enable easy purchase of cryptocurrencies which also is more secure and faster as well.
- With MasterCard:
If you are a first-time buyer who’s looking to invest in Bitcoin with MasterCard it might be a bit too specific for people to discover with spontaneity. A lot of exchanges that function in Austria will not allow MasterCard since there are complex laws and regulations pertaining to its approval in that particular region. However, there are exchanges that will allow Bitcoin to purchase with MasterCard.
- From Cex.io
This is one of the most preferred options. Cex.io also happens to be one of the top services registered in England. It also is the only service that offers MasterCard as a paying method. They are being suggested, primarily because Cex.io is one of only services that offer MasterCard as their payment method to buy Bitcoin. They are also compliant with both the British financial regulator and the American MSB licensing, making them the most plausible choice in terms of safety and reliability.
- They have a free cryptocurrency wallet that can store your BTC along with six other crypto assets.
- They also include their own exchange which lets you sell and trade your BTC
- They have been around the market since 2013 which makes them more stable and reliable.
- There are 1% bonus free on eligible deposits but for a limited period of time.
Note: Using MasterCard usually incurs higher transaction fees as opposed to other payment methods
- From eToro
eToro is another company that has MasterCard as their payment method. They also have mustered a reputation for providing better services. eToro will help you buy both Bitcoin and international stock within the same account. They also allow users to copy funds which are basically automated portfolios that the trading experts set up. This will help you invest more strategically and the amount you’d want to purchase to hit the sweet spot. eToro also apparently offers 100$ free bonus with your first purchase.
- There is copy trading funds option which is emulated by financial experts that helps you strategize investments
- You can also buy international stocks as well as Bitcoin
- You can sell your Bitcoin on eToro at any time of the day.
Note: eToro is primarily used for any investment purchases which means that you won’t be able to retract your crypto assets from this exchange. However, this also provides added security to your funds. They have also stated that they will add a withdrawal method very soon.
- From Bitcoin Credit Card
Wirex is a UK based company that provides wallet and credit card, allowing users to use crypto assets in any store with a rebate of 0.5% in crypto assets even though the purchases were with fiat. As of now, it is used the same way people use credit cards. They basically keep the crypto assets aside while buying and paying from the balance available in your traditional banks. This also helps you earn BTC with every purchase without spending a dime.
- You can use BTC as a form of payment method without having to pay any high withdrawal fee or waiting for fiat currencies to arrive.
- You are also earning a 0.5% cashback with every purchase.
- You are also eligible to earn bonus when buying BTC with your card.
- From Coin Bundle:
Unlike other places, Coin Bundle is the only place that gives you the chance to buy crypto bundles. These bundles can be treated like ETFs or mutual funds. You are basically purchasing 1 BTC token which is in a share from the collection or bundle. These bundles are also real crypto tokens which means that you can also withdraw them while trading the same. Coin Bundle also has several other bundles to start with but you will also get an option to customize your bundle in future updates. In case you design a custom bundle, you will be granted a commission every time someone buys that particular bundle.
- It has low transaction and withdrawal fees
- You can build a diversified portfolio on your own
- You can earn a commission from the custom bundle or portfolio you make
- It is also the only portfolio tool which lets you withdraw
- With Gift Cards
Austrians can buy BTC with the help of gift cards from a site called bitcoinbon.at which are sold in several traffic shops. This can be a comfortable way to buy Bitcoin but it can also be an expensive method.
Few Things to consider before buying Bitcoin
This guide will enumerate some of the easiest ways to buy Bitcoin in Austria. However, this piece will also include a few heads-up before you play your hand in this game.
Bitcoin has gained worldwide traction as a crypto asset and it also happens to be one of the widely used cryptocurrencies in the world. This means that you are getting the global scaling you thought you didn’t need. Irrespective of your location, you can trade in any given platform with Bitcoin or buy the same since it is globally available.
Is it worth purchasing?
If you are done with your research on BTC, it is evident that you want to proceed with your investment. Bitcoin is also valuable for several reasons. One of them being that it is used by people all over the world. Naturally, investing would seem that you have been given a chance to explore globalized ventures.
You need to have a better understanding of how the pricing works before investing in BTC. There is no official price for BTC since it flagellates depending on the market.
Time of investment
It is imperative that you make note of time before investing in BTC. Anticipate the best time to buy and play your hand accordingly. Usually, Bitcoin as of now is on the higher side. But if the price ever falls down its usual threshold then consider investing because it will simultaneously hit its higher threshold eventually. That’s the exploit you need to learn from the volatility Bitcoin offers in the market.
Few warnings about BTC wallets, exchanges and a general verdict
Traditional banks provide security which the exchanges don’t provide to its users. Despite having a secure protocol and other regulations implemented, there can be a slight chance of vulnerability on online platforms. So, if you are looking to invest for a very long time, then buy a hardware wallet for your BTC assets since they can be kept in cold, secure from the internet. Also, Bitcoin might have legal recognition in Austria, it doesn’t have in many countries. But it is always better to comply with the regulation provided by the government since it will help you in situations associated with scams and fraudulent activities.