Bitcoin may or may not be the future of money. Many are skeptical, but in the Cleveland suburb of Cleveland Heights, some businesses are ready to accept Bitcoin payments. The Cleveland Plain Dealer reports that a group of merchants in the Cedar-Lee neighborhood have joined together to create the first “Bitcoin Boulevard” in the United States. Over a half-dozen businesses along Lee Boulevard will start accepting Bitcoin payments starting in May.
The Wine Spot first started accepting Bitcoin in February, becoming the first business in the Cleveland area to accept the digital currency. The only other Bitcoin Boulevard in the world is in The Netherlands.
“The Wine Spot’s experience generated interest by neighboring businesses, and soon a vision was shared,” [local Bitcoin consultant Nikhil] Chand said.
He said businesses can save money buy using Bitcoin because the 1 percent processing fee is less than the 2-5 percent charged by many credit card companies.
Chand said the Bitcoin transactions also are safer for customers.
“When you hand someone your credit card, you are giving them all your personal information,” he said. “You don’t do that with Bitcoin.