UK shop to exchange bitcoin for goods

 

bitcoin-noteA Glasgow store is the first in Britain to let people exchange their secondhand goods for the digital currency bitcoin.

CeX, a chain that buys, sells and exchanges gadgets, will switch from the pound to bitcoin in its Glasgow store for three days.

Bitcoin is increasingly being used to buy products in stores in Britain and elsewhere, and CeX will be the first outlet to pay out the currency in exchange for goods.

“In our store, the staff and customers live and breathe technology,” said David Butler, commercial director at CeX.

“It’s only appropriate we looked at bitcoin as a way for our customers to buy and sell electronic goods.”

He said bitcoin “is gaining popularity amongst consumers the world over.”

Bitcoin is an entirely virtual currency that works without the need for a central bank, and can be sent over the internet. Coins are transferred directly from person to person, and are kept in a digital wallet that can be accessed on a computer or mobile device.

Creating new coins is done through a process called “mining” where users are rewarded with new coins for cracking complex mathematical riddles.

The process is open source and can therefore be used by anyone, with more and more mainstream businesses now accepting the currency as a form of payment.

Part of the scheme is designed to highlight the pressing issue of Scottish independence, with the country going to the polls in September to vote on leaving the UK.

CeX says this trial will offer an opportunity to show that the country could manage without the pound.

PA

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