Last updated on April 17th, 2014 at 10:38 am
CeX, a UK based bring and buy website and retail chain as begun offering bitcoin in exchange for goods on its website. The news was reported by a user on the Bitcoin section of Reddit (vernacular: “subreddit”), with a screenshot of the website offering bitcoin as one of several reimbursement methods for selling used products to the company.
CeX’s website says about itself:
“CeX was founded in London in 1992. We have stores in the UK, Spain, USA, Ireland, India and Australia. We buy, sell and exchange a range of technology and entertainment products including mobile phones, video games, DVDs and Blu-ray movies, computers, digital electronics, TVs and monitors, and music CDs.”
The CeX stores a familiar sight on UK high streets, with complete long queues of gamers waiting to trade their items. CeX stores are also a place to go if you want to try finding used items at eBay prices without having to wait for deliveries. Having said that, savvy shoppers can usually find cheaper prices on eBay than in-store at CeX. However, while eBay may now have a digital currencies section in some countries, it does not allow bitcoin to be traded for goods, which is where CeX may have an edge with those who want to get in on the bitcoin action.
CeX’s website states that bitcoin prices will be determined at the moment of sale, which makes sense given that the exchange rate is constantly varying. To verify the reports on Reddit, I created a CeX account, and indeed found a line for a bitcoin wallet address in the account settings page.
It should be noted that while CeX sells products at similar rates to eBay, which means the amount of money they could offer an individual for an items is less than they might get by selling directly. However, there is a convenience factor in getting an immediate sale.
Interestingly, it should be noted that CeX are not accepting payment in bitcoin. If you regularly buy and sell with CeX, it’s not possibly to get fiat money out of the trading cycle.
Unsurprisingly, the reaction on the Bitcoin subreddit was overwhelmingly positive, with many users stating they’d been holding off on buying bitcoin, but would use CeX’s service as a means to obtain the currency.
“Bam! I think this is how I’m going to get into bitcoin. I’ve been holding off buying some for ages, (very nearly did when it hit $70, but thought it wouldn’t recover, only to watch it hit $1k!) because the psychological barrier of handing over actual money was holding me back. However, I’ve got a load of stuff I could get rid of through CEX that’s just lying round the house.” [source]
Other comments inferred that the bitcoin payment service was not available in CeX stores, e.g.
“I’m holding out hope that it’ll be offered in the stores too – as unfeasible as that might be! Would be awesome to physically go to the store rather than post items off and wait before getting BTC”. [source]
Coinbuzz will investigate and see whether this reporter’s local CeX would be willing to payout in Bitcoin!
Update: I have just visited my local branch of CeX in Kingston upon Hull, and three members of staff confirmed that bitcoin payments are not available in-store. However, one of the staff added, “I think we should be offering bitcoin”.