Online shop to accept only Bitcoin payments

A new online marketplace that allows customers to pay for their goods only with the virtual currency has been launched.

The platform, BTXDeals, says it is the first of its kind to use Bitcoin as its sole currency, offering better value to its customers compared to other online retailers. Vendors can list an unrestricted number of items with the option to receive the payment in either Bitcoins or British pounds.

"BTXDeals embraces the potential of Bitcoin and provides a safe, secure and transparent form of online shopping that puts the power in the hands of the consumer," said Nick Boardman, CEO and founder of BTXDeals.

The equivalent price in British pounds, based on current exchange rates, is also displayed next to the Bitcoin price to ensure that people shopping for goods get a fair representation of the product’s value. The prices are updated every 10 minutes based on the exchange rate of the payment gateway Bitpay.

"We're passionate about the potential of this virtual currency and believe it will become the future for all e-commerce transactions," added Boardman.

Bitcoin is an increasingly popular way of sending money over the Internet and it is thought to be the future of e-commerce, with entrepreneurs such as Richard Branson or Marc Andressen embracing it. Without being managed by a bank, Bitcoin’s current market value sits at $5bn.

The UK-based company offers an array of items ranging from concert tickets to hardware and software items and it is currently negotiating with global brands to expand its product range.

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