I have a solution now, I wanted something like a eye button, when you press it down the password shows, when you stop pressing, the password hides again.
Solution
 First I added a pictureBox with Eye Icon and added this pictureBox to my password textbox and set  Passwort textbox to .UseSystemPasswordChar
public Form1
{
textBoxPW.Controls.Add(pictureBoxEye);
pictureBoxEye.Location = new Point(95,0);
pictureBoxEye.BackColor = Color.Transparent;
textBoxPW.UseSystemPasswordChar = true;
//Subscribe to Event
pictureBoxPW.MouseDown += new MouseEventHandler(pictureBoxPW_MouseDown);
pictureBoxPW.MouseUp += new MouseEventHandler(pictureBoxPW_MouseUp);
}
Added the Mouse_Down/Up Event
private void pictureBoxEye_MouseDown(object sender, MouseEventArgs e)
    {
        textBoxPW.UseSystemPasswordChar = false;
    }
private void pictureBoxEye_MouseUp(object sender, MouseEventArgs e)
    {
        textBoxPW.UseSystemPasswordChar = true;
    }

This works fine for me! Thank you guys !!