CeX to Buy Used Tech from UK Customers, Pay Out in Bitcoins
Published on April 16, 2014 at 20:10 BST
CeX, an online marketplace for buying and selling technology and entertainment products, is now paying bitcoin for used goods on the UK version of its site.
UK-based users are now able to sell products on the website for bitcoin as an option in CeX's shopping cart.
The cart informs users that they will receive the BTC equivalent fair value at the time a good is sold:
"Your actual bitcoin payout will be determined at the time of payment processing, after we have received and tested your goods."
Selling items for bitcoin
The decision for CeX to take bitcoin for used goods follows a recent trend in the bitcoin industry.
A few companies now allow users to sell old products for bitcoin. It's an easy onramp for bitcoin newcomers to get some digital currency for products that they no longer want.
CeX's trade-in model is similar to that of MintSpare, a startup that accepts electronics in exchange for bitcoin. Another company called Glyde also pays out its customers in bitcoin for used products.
However, Glyde functions like a marketplace: a seller's item must be matched with a buyer that wants the product. Also, MintSpare and Glyde are both US-based and focus on that particular market.
Founded in London in 1992, CeX has stores in the US, UK, Spain, Ireland, India and Australia.
According to the company's website, it has 243 physical UK retail locations. The core focus for the company is for customers to buy and sell gaming, phone and computer products.
Some reddit users made it clear that they intend to sell items via CeX to get bitcoin for the first time.
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