British store CeX to replace GB Pound with Bitcoin

British dealer of second hand electronics goods, CeX, is set to carry out transactions exclusively using Bitcoin instead of the GB Pound sterling.

According to the Daily Mail, CeX will be the first such retail outlet to use only Bitcoin for selling and purchasing of goods. CeX's store in the Sauchiehall area of Glasgow will be the one testing the digital currency based trades for a period of three days.

Although many retailers do accept Bitcoin nowadays, this particular store is the only one which will be trading exclusively with the cryptocurrency, and will also be paying the customers with the same when purchasing used electronic devices from them.

The commercial director at CeX, David Butler has said that, 'It's really exciting to be at the centre of such an innovative trial." He believes that being closely tied to technology it is appropriate for the store to buy and sell using Bitcoin, which is a modern day technology trend.

Bitcoin has seen support from users as well as businesses in recent times despite its volatile nature. Additionally, companies such as Wordpress and Google have also shown interest in the digital cryptocurrency, and such real life trials may help them understand possible flaws and benefits of switching to it. It also presents something of a risk to limit paying customers to this method, will it work? Only the time of three day trial will tell.

Source: Daily Mail | Image via Forbes

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That's awesome. A few thrift stores here accept BTC anyway, so seeing it spread more to the common joe level is most exciting.

In a 15 day window from April 15th to the end of the month, Bit Coin saw a USD high of about $540 and a low of about $428. How can a variance of $100 within such a short time frame be tolerable for a currency?

If I buy a TV with a bitcoin today and then the next day (or within a week) the value of bitcoin goes up $100, can I go return my TV for the same amount of bitcoin or can the vendor justifiably give me less?

I don't have any bitcoins. I don't think I know anyone that has any bitcoins. None of us would be able to use the store, which makes this sound like a ridiculous idea. :/

And you can't buy some because? They could solve the issue mind you by having a Bitcoin ATM in their shop. I have a Bitcoin, they're not difficult to buy in the UK.

Paul Hill said,
And you can't buy some because?

That wasn't my point. Of course I could buy some, but why should I buy Bitcoins to use in one store when I could just take my custom elsewhere that will accept real currency? They will potentially lose business by only accepting Bitcoin, that was my point.

Okay I just spoke with CeX and i think this has been slightly wrongly reported/taken out of context. They are adding a bitcoin option for everyone online on their website and to celebrate theyre making one store bitcoin only for 3 days. This isnt a trial for bitcoin only stores merely a celebration/gimmick for 3 days to mark the acceptance of bitcoin from the company online.

Pretty sure it means if you walk in with £ sterling, they'll just convert it to BTC at the till. It's a publicity stunt but a pretty good one for a store that deals in electronics.

Accepting bitcoin and paying it for transactions as an alternative currency is a pretty cool idea, but trading solely in bitcoin strikes me as being a pretty risky strategy.

Legal Tender means a form of payment that has to be accepted by a debt collector when collecting debt issued by a court order.

Retailers can accept any form of payment they wish including monopoly money or chocolate buttons if they so wish.

lee31 said,
Legal Tender means a form of payment that has to be accepted by a debt collector when collecting debt issued by a court order.

Retailers can accept any form of payment they wish including monopoly money or chocolate buttons if they so wish.

They aren't precluded from accepting any currency, but in many countries, they are required to ALSO accept the national currency.

i.e. They can accept bitcoin, but not exclusively in many countries.

Im not sure how it works in Scotland as opposed to England however this would raise serious concerns over the terms of Legal Tender.

But then again if Scotland vote for independence their screwed currency wise anyway so they might as well adopt Bitcoin as the national currency.

Yeah, I think I heard this on the radio this morning and it was for a limited time only. (I thought I'd heard one day only, but I was only half listening)

not really look at all the free publicity they are getting.

I have never bought anything from a CEX store, they are just a second hand/pawn shop are they not?

surprised GAME didn't try to pull a stunt like this.