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CeX first high-street retailer to trial Bitcoin

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Second hand electronic retailer CeX has become the first high-street retailer to use online currency Bitcoin in one of its stores

It said it would only accept bitcoins in its Glasgow store for three days with transactions made in sterling not allowed for the period.

Cex commercial director David Butler said: “It’s really exciting to be at the centre of such an innovative trial.

“In our store, the staff and customers live and breathe technology so it’s only appropriate we looked at bitcoin as a way for our customers to buy and sell electronic goods. Not only does bitcoin have a number of security and access benefits, but it is also gaining popularity amongst consumers the world over.”

Bitcoin is a virtual currency that works without the need for a central bank. Because bitcoins can be transferred directly from one person to another they are sometimes described as digital cash.

As a form of payment for products and services, the currency has seen growth, and merchants have an incentive to accept the digital currency because fees are lower than the 2–3 per cent typically imposed by credit card processors.

Published on Tuesday 13 May by Editorial Assistant
Tags: CeX Bitcoin

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