Electronic Store CeX to Allow Bitcoin Exchange

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Electronic Store CeX to Allow Bitcoin Exchange

A UK high Street exchange CeX for games and electronics will allow its customers to pay in bitcoins for three days per week.

CeX commercial director David Butler said that bitcoin enjoyed several security and access advantages on top of being a currency that’s gaining popularity on a global scale.

Bitcoin was invented in January 2009 and is mined by means of peer-to-peer network that’s outside the realm of banks.

The virtual currency can be transferred from one person to another. An entire digital currency network authenticates each transaction.

CeX’s Glascow branch has put bitcoin on trial for the next three days and has already performed well, according to Express.

Shoppers are being shown how to trade pounds for bitcoins by slotting banknotes into a machine before the transaction is reflected on the digital account.

Just like conventional money, bitcoin price fluctuates, although this morning it exchanged at 0.00386 to the pound. Product prices are then changed to show the difference in value between the two currencies.

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Unlike other currencies, the virtual currency is not controlled or regulated by a government, bank or any other central authority.

One shopper said he walked into the store intending to buy a few DVDs only to realize he could only purchase by using the bitcoin machine. Ben Griffiths said he found the experience good, although he was helped by the staff to know how to pay via the machine.

The shopper said he was willing to make purchases using the virtual currency if it was available in other stores.

Butler said that the halting of payments in the sterling pound had no political connotation.

“While we are temporarily dropping the pound from our Glasgow store, at a time when Scottish independence is high up on the news agenda, we are doing so to give customers a choice in how they trade with us,” Butler is quoted by Sky as saying.

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To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com