Where Can You Spend Cryptocurrency in Edinburgh?

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The early proponent of cryptocurrency, Barry Silbert, known for being the founder of Digital Currency Group, foresaw the future potential of digitised coin in 2014, when he bought 48,000 Bitcoin in an auction.

Today, immense financial valuation discussions about cryptocurrencies have been held, including the recent led by the Wall Street’s “Dean of Valuation” Aswath Damodaran,  a Corporate Finance professor at New York University. He stressed the need for Bitcoin to be used for daily purchases and stated that he thinks it would be justified if it could be used on other things rather than just being stored as an investment asset for cryptocurrency investors. 

It’s not so long ago when Bitcoin was introduced and as it heads into its first decade, the potential for its daily usage and application has increased. The digital currency sponsors first thought of it as a simple payment system rather than a trading asset. 

If you are wondering what you can do with Bitcoin, the answer is, plenty; in fact, both retail and online stores are now accepting Bitcoin. Let’s take a look at some local examples.

Stores – CeX Edinburgh

Cex is known for being the go-to alternative to Cash Converters. Customers are able to buy and sell numerous second-hand items such as computers, Bluetooth speakers, games, movies and various mobile phones ranging from Samsungs and iPhones down to Nokia and Alcatel.

CeX accepts Bitcoins when buying their technology and entertainment products. Payment methods vary according to places, but most of them pay by scanning the QR code, instantly making a transaction from their virtual wallets. This method is very useful to customers whose virtual money application goes beyond Paypal, Skrill or Payoneer.

Online Gaming – Fortune Jack

As the trend of digitised currency application increases so do the industries that accept Bitcoin and the online gambling world is following and navigating the trend. It comes as no surprise that Fortunejack offers a full range of gambling currencies, which range from Dogecoin, Ethereum, Litecoin and naturally, Bitcoin. The bonus scheme comes with 5 BTC and 250 spins.

Pubs – The Royal Dick

Phil Barkley, the owner of The Royal Dick Pub also offers Bitcoin as one of the payment methods his customers can use. This is probably because he is a fan of digital currencies and has been trading for months now. In this pub, punters and drinkers pay for their pints using Bitcoins.

He says that The Royal Dick Pub doesn’t have the card payment option because using credit cards is not viable for them, “but customers can use Bitcoins at the bar, the transaction comes through in seconds”. It’s an interesting approach that highlights how Bitcoin payments have much lower transaction fees for merchants and customers alike than many cards out there.

Housing – Umega Letting Agents

Some tenants are very happy with Umega Letting Agents accepting Bitcoin for deposit and rent payments. The Property Industry Eye reported Umega as the first property developer to accept Bitcoins as a form of payment, and quite a number of other landlords are also following suit.

The reason Umega Letting Agents resorted to virtual currency came from the high numbers of international students, who wished to to cut out the high international bank transfers rates.

The expansion of platforms that accept cryptocurrency will no longer solely be limited to Bitcoin, as understanding and acceptance of digitised money become the norm.

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