UK shop to exchange bitcoin for goods

A Glasgow store which buys, sells and exchanges gadgets is the first in Britain to pay customers with bitcoin.

T

(AAP)

A Glasgow store is the first in Britain to let people exchange their second-hand 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. According to a report by The Why Forum, the number of bitcoin transactions globally has increased ten-fold in the past year.

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.


Share

2 min read

Published

Updated

Source: AAP



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world
UK shop to exchange bitcoin for goods | SBS News