According to Alex Daniels, the ease of use convinced them to take the pioneering step for retailers in Thunder Bay.
THUNDER BAY – A local electronics store accepts digital currencies as payment.
Alex Daniels, advertising director at The Power Center, said the main reason behind the decision to use Bitcoin as a means of payment was because of its ease of use. He added that this was also the wave of the future. So why not get on the ground floor? .
“We’re really not trying to accept this. All companies around the world and all banks around the world are starting to invade this area. We thought it was really easy for us. “We might as well step in,” Daniels said in an interview with CKPR Radio on Tuesday, hours after he announced that he would accept Bitcoin as a means of payment.
According to Forbes magazine, Bitcoin is a decentralized digital currency that can be bought and sold directly without the assistance of a bank, based on cryptographic truth rather than trust. It works outside the control of governments.
Transactions are recorded digitally, making them difficult to reverse or forge, according to the magazine. Bitcoin was first introduced in 2009. According to Morningstar for Currency, as of Tuesday, a bitcoin will be worth around $ 74,169 Canadian dollars.
Daniels said there had been no consumer response yet, but he expected it to happen, albeit rarely.
“If I had to guess, I would say there might be a person or two coming up to us this year. That’s my guess. I have no idea what kind of reaction to expect, ”Daniels said.
One of the stumbling blocks is the fact that it is not an instant payment like it could be with a credit card.
“If the customer chooses to use Bitcoin, it takes about 10 minutes for it to get into our account just because Bitcoin works that way,” Daniels said. “From there, it’s up to our owner. I don’t know what he wants to do from there. “
Bitcoin’s rising and falling value has made headlines around the world in recent years. It rose by almost 48 percent in March alone. In 2012, a Bitcoin was only worth $ 5.27.
“We can send it to Canadian funds right away. Or if we want we can leave it in Bitcoin and let it sit. The only nice thing about keeping it in Bitcoin is that it’s an appreciative asset (versus a deflationary currency), at least historically. So it might be better if we keep it than Bitcoin for a while. “
Daniels believes the Power Center will be the first retailer in Thunder Bay to accept Bitcoin as a form of payment. TBNewswatch reached out to the Thunder Bay Chamber of Commerce to see if they knew of any other companies that are currently accepting digital currencies.