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newsweek highlights lee road, the 'bitcoin boulevard' in cleveland heights

In a Newsweek article titled "Bitcoin Makes the Jump to Brick-and-Mortar in Cleveland," reporter Joe Kloc describes the details of a new digital currency, Bitcoin, and how numerous retailers on Lee Road in Cleveland Heights have adapted the system.

"Most of the customers at Mitchell’s Fine Chocolates in Cleveland Heights, Ohio, are locals who have been reared from birth on its chocolate-covered marshmallows, pecan turtles and half-dipped apricots," Kloc writes. "But lately, says Bill Mitchell, the shop’s 54-year-old proprietor, there have been some new faces."
 
Mitchell goes on to describe a fresh-faced couple who recently shopped at his store, and while the visit was unremarkable, the payment was anything but.
 
“I couldn’t even tell you what they bought,” the Mitchell confessed. But what he does remember is how the couple paid: "with about 0.12 bitcoins."

"Mitchell is one of a dozen shop owners on Lee Road in Cleveland Heights who have joined together to accept the controversial digital cryptocurrency in the hope of attracting new customers, and as a way to avoid credit card fees. Since May 1, bitcoiners have traveled to the tree-lined street in northeast Ohio from as far away as North Carolina. Here, they trade their bitcoins for ice cream cones, haircuts and handmade Colombian bracelets, and are sent off with a 'buh-bye now,' the local parlance on what bills itself as America’s first Bitcoin Boulevard."

“We don’t expect a windfall,” says Nikhil Chand, founder of the bitcoin consultancy CoinNEO, who conceived of Bitcoin Boulevard late last year. “This is about so much more -- about the hurt from the fees through traditional payment.”

Read the rest of the story here.

 
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