Bitcoin Blvd.: On its way to Cleveland Heights - 19 Action News|Cleveland, OH|News, Weather, Sports

Bitcoin Blvd.: On its way to Cleveland Heights

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Bitcoin is coming to Cleveland Heights. Bitcoin is coming to Cleveland Heights.
Lee Road in Cleveland Heights will soon become Bitcoin Blvd. Lee Road in Cleveland Heights will soon become Bitcoin Blvd.
CLEVELAND HEIGHTS, OH (WOIO) -

Bitcoin is coming to Cleveland Heights. 

On May 1, 2014 Lee Road will become Bitcoin Boulevard and several businesses, including Sweetie Fry, The Tavern Co., Revive, and The Wine Spot, will begin accepting Bitcoins. 

"We're hoping to be a travel destination for bitcoin Tourism," said Nikhill Chand, owner of CoinNeo. 

Chand spearheaded the idea for Bitcoin Blvd.

"It is controversial and a lot of people have a negative stand point about it," said Chand. 

So what are Bitcoins? You can think of it as global digital cash, that's stored in a "digital" wallet through a smartphone APP and used just like a credit card. 

But the value of Bitcoins changes quickly in the free market. 

"It's volatile. Today it's trading at around $500,"explained Chand. 

It's risky for investors, but bitcoin has benefits for those using it just to shop, and for business owners. 

"It saves us money on interest rates," said Sweetie Fry owner Keith Logan. 

Another bitcoin benefit is that it can be used internationally. 

Revive store owner Lisa Dunn says it would be convenient to use  overseas when she travels for work. 

"Do I take travelers checks or do I take enough cash? So I think bitcoin is definitely a viable alternative," said Dunn. 

But bitcoin has one drawback if you have an iPhone. Apple won't let you download the Bitcoin digital wallet app, because bitcoin is a competitor of iTunes. 

While it's not down to a perfect science, Chand insists it makes perfect sense for the person that wants to explore new options and support local businesses. 

"We're thinking about the future of electronic commerce and we're thinking about new and innovative ways to expand outside businesses and increase our margins," said Chand. 

The Bitcoin Blvd. launch event is on May first at 6 P.M., at the Wine Spot on Lee Road.

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