Coining it in
Jewellers first to accept ‘Bitcoins’:
AJEWELLERY shop is leading the way in modern business after starting to accept ‘internet-currency’ known as BitCoin.
Diadem Jewellery in Altrincham opened last December and is now in the process of launching a website which will make them the first Manchester business to accept the virtual currency.
And online manager Alexander Young said the benefits of BitCoin could see it used as the currency of the future, as more businesses are forced to adapt in a modernised commercial world.
Alexander, 27, said: “I think you have to remember that in today’s society you have to adapt or die, and if people want to succeed, it’s about being flexible and open to new things.”
BitCoin is a form of electronic currency invented in 2008, which uses peer-to-peer technology to operate without any central authority or banks.
Cash can be traded-in for BitCoin currency, to use as a type of electronic, online cash voucher on websites accepting the innovative ‘virtual’ money.
Alexander believes that BitCoin payments are an easier and safer way for businesses to accept online transactions via a website.
He added: “Because BitCoin payments are irreversible, it’s more secure and safer. With card payments, a customer might make a payment and it could be done on a dodgy card, where the money hasn’t actually been transferred.
“Sometimes that can mean the business being out-of-pocket in terms of the payment, and also whatever has been bought if it’s already been sent out. But with BitCoin, that just can’t happen.”
And Alexander, whose partner Daniel and business partner Elizabeth run the Diadem store, said it’s relatively easy for businesses to start accepting BitCoin, with lots of third parties on-hand to help.
From left, owners Daniel Monks and Elizabeth Agius with online manager Alexander Young at Diadem Jewellery