✏️ Exciting News: Our website is getting a fresh new look - stay tuned! 💻

What is Bitcoin?

Bitcoin
A virtual currency
Unlike traditional currencies such as the euro or US dollar, Bitcoin currency is not printed by governments, but created by computation on computer networks. This process is called “mining” and controls the amount of Bitcoins in circulation. Bitcoins change hands in so-called peer-to-peer networks. These are a bit like file-sharing systems such as those used to exchange films or music.

How can I use Bitcoin?

First you need to install free-of-charge software on your computer to create a “digital wallet” that works much like an online bank account. Bitcoin can be exchanged for official currencies on special exchanges. Using bitcoin is quick and anonymous; payments can be made worldwide without using banks. The transactions are performed directly between the two users involved. Banks – which usually charge fees for their services – are not needed as financial intermediaries. Bitcoin can now be used to buy a number of items, and some companies, such as electronics vendors and hotels, accept payments made in Bitcoin. Moreover, the cryptocurrency can be bought and sold at a later point to profit from rising bitcoin prices. As its popularity keeps growing, bitcoin is increasingly becoming an object of speculation.

How safe is Bitcoin?

Bitcoin may continue to grow in importance. However, there are some risks and dangers associated with it. The European Banking Authority warns that prices may be subject to massive ups and downs, and speculative investments may result in substantial losses. Because of the cryptocurrency’s high degree of anonymity, bitcoin is frequently used by criminals for money laundering. However, transactions can now be traced very easily.

FAQ

Bitcoin is a digital currency that is not issued by governments or banks, but is generated by a computer network (“mining”) and traded via a peer-to-peer system.
You need a digital wallet. You can use it to receive and send Bitcoin or exchange it for euros or other currencies on special exchanges.
Payments are fast, worldwide and often cheaper, as no banks are involved as intermediaries. Bitcoin is also relatively anonymous.
The technology is safe, but there are risks: strong price fluctuations, possible losses through speculation and misuse by criminals. The European Banking Authority therefore warns against ill-considered investments.
Yes, some companies – e.g. electronics retailers or hotels – accept Bitcoin as a means of payment. However, it is also often used as an object of speculation.

Subscribe to our newsletter*!

Stay up to date with our newsletter –
subscribe for new tour dates and important updates.
*only available in German

Mehr zu Banks & Economy

Pocket Money Guide
All about money, Money & Happiness

Pocket Money Guide

Taschengeld als Instrument: Kinder und Jugendliche lernen den Umgang mit Geld Kinder und Jugendliche lernen den Umgang mit Geld. Welche Dinge gibt es dabei zu beachten?
Why do we pay with euros?
Money & Society

Why do we pay with euros?

The euro is the common currency of 19 EU member states and six other European countries. In Austria, we have been paying with euros since 2002. Despite some criticism here and there, the story of the euro is a success story. How come?
Designer clothes<br>Do you really need them?
Money & Happiness

Designer clothes
Do you really need them?

Branded clothes are “in”, but are they worth the money? Or is the saying true: “Buy cheap, buy expensive?”
Choosing an occupation
Education & Career

Choosing an occupation

When you leave school, you may still want to become a prince or princess, or maybe a racing driver – but most people tend to opt for other professional fields.
How does a banking crisis come about?
Banks & Economy, Money & Society, Debts

How does a banking crisis come about?

The banking business is associated with certain unavoidable risks. What happens when banks go bust?
The right to your own account
Money & Society, Account & Payment, Debts

The right to your own account

Living without a bank account is possible, but it is difficult. The European Union has therefore decided that every person has a right to an account.
Fixed costs – electricity and gas
Account & Payment, Debts

Fixed costs – electricity and gas

You want to save ten euros each week. But how to get started?
To decide that, you first need to know what your fixed costs, or fixed expenses, are.
Only if you know how much money you need to spend each month
will you be able to find out what your potential savings could be. To decide that, you first need to know what your fixed costs, or fixed expenses, are. Only if you know how much money you need to spend each month will you be able to find out what your potential savings could be.
Apprenticeship
Education & Career

Apprenticeship

Thinking about doing an apprenticeship? We have some good reasons for you why an apprenticeship might suit you.

Subscribe to FLiP News

Updates on exhibition, program & events

Subscribe to FLiP News

Updates on exhibition, program & events