Nottingham-based Lindleys Autocentres and digital marketing agency, Imaginaire Digital are accepting the virtual currency Bitcoin as well as more conventional forms of payment.
Created in 2009, bitcoins can be used to buy merchandise anonymously. International payments are easy and cheap because bitcoins aren’t tied to any country and aren’t subject to regulation.
Until recently, it has not been recognised by many businesses or on the high-street but it can now be used to pay for car repairs and marketing services in the Nottingham area.
“…moving currency via the traditional routes can be costly to both sides.”
Seb Dean, Managing director, imaginaire digital
Financial expert, Paul Parr, says that bitcoins a form of currency that allows worldwide trade with no costs.
Paul Parr, financial expert
Seb Dean, managing director of Imaginaire International, says, ‘Moving currency via the traditional routes can be costly to both sides. The main benefit of crypto-currency is that it removes those barriers for us.’
Director Alex Lindley said:“We are taking a risk accepting cryptocurrency as the market is so volatile but we believe the technology will be widely adopted in the years to come and would love to be part of the driving force behind the change.”
Many marketplaces called “Bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. But security can be a concern: Bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in 2016.
- There are exactly 21,000,000 bitcoins.
- Bitcoins have no inherent or set value.
- You can mine for more bitcoins by solving mathematical problems.
- You can never be forced to pay and you can’t reverse a transaction.
- Bitcoins are held in digital wallets but if you lose the wallet, you lose the bitcoins forever.
Imaginaire, based at Pear Tree Yard, has started accepting Bitcoin and Litecoin following an increased demand from customers in the technology sector.