You can now exchange second-hand games, monitors and old Nokia handsets for Bitcoin – for three days, in Scotland.
Tech and gaming exchange shop CeX has started a three-day trial of the digital currency, becoming the first physical UK retailer to do so, exclusively in its Sauchiehall branch, in Glasgow.
While using Bitcoin to buy products is becoming increasingly common in stores and online in the UK, CeX will be the first outlet to pay out in the currency, meaning customers can earn the currency for the first time, by selling goods.
For those of you who are thinking, “what the hell is a Bitcoin?”, it’s 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 verifying transactions that take place.
The process is open source and can therefore be used by anyone, with more and more mainstream businesses, including pubs and taxi firms, now accepting the currency as a form of payment.
Commercial Director at CeX, David Butler told the Huffington Post: “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.”
If this trial works, maybe we could see Bitcoin being used in shops all round the country soon.
By Hayley Minn | May 14th, 2014