SOURCE: City Wine Cellar

City Wine Cellar

March 05, 2014 09:38 ET

City Wine Cellar Joins Virtual Currency Revolution With New Online Payment Method

Staten Island Wine and Spirits Retailer Is First of Its Kind to Accept Bitcoin Transactions

NEW YORK, NY--(Marketwired - Mar 5, 2014) -  Pretty soon paper currency and even electronic payments in the form of credit and debit card transactions will feel dated. That's because "virtual currencies" and mobile payment solutions (like PayPal) are continuing to gain converts aggressively vying for younger user attention.

In fact, according to research agency Millward Brown, 73 percent of millennials -- individuals generally born between 1980 and 2000 -- expect to complete shopping and bill payments through their mobile phone. Considering millennials are predicted to mature into the world's largest spending group (outspending baby boomers by as soon as 2017), catering to their desired payment method is essential if the business in question expects to thrive.

Recognizing the growing importance of online payment and virtual currencies, the owners of City Wine Cellar and hosts of CityWineCellar.com are pleased to announce that their wine and spirits establishment on Richmond Avenue (located in the New Springville section about two miles south of the Staten Island Expressway/I-278) is now accepting the Bitcoin virtual currency for all online purchases.

"Using Bitcoin is a way to avoid the hassle of everyday currency, while giving consumers alternate shopping options with their virtual currency," said John Ha, City Wine Cellar's co-founder. "Here at City Wine Cellar, we want to give customers as many payment options as possible to make transactions smooth and simple without the frustration and restrictions of traditional currencies."

A "Bit" More Info
Bitcoin is a virtual digital currency, meaning Bitcoins are not valued against a precious metal like gold or silver, and they are not printed on bank notes or minted on coins. Created in 2009, Bitcoin has grown to become one of the world's most popular virtual currency platforms out of some 67 other competitors. As of late 2013 the combined value of all virtual currencies stood at about $13 billion, while Bitcoin alone was worth more than $10 billion. Currencies like Bitcoin appeal to small businesses eager to eliminate high credit card transaction fees. Consumers, meanwhile, appreciate the currency's ease of use, as well as the ability to complete anonymous payment.

Any orders placed with Bitcoin on CityWineCellar.com can be shipped throughout the U.S. Consumers can also pick up any Bitcoin-purchased online orders in person if they live near the Staten Island area. To place orders with Bitcoin, select the Bitcoin payment option during the online checkout process.

"For those who are already Bitcoin users, City Wine Cellar offers an array of both red and white wines in addition to champagne, dessert wine, rose wine and even spirits available for purchase using your virtual currency," added Ha. "Whether you're searching for the finest rum, sake or even the latest Moscato, we have everything to satisfy your tastes."

About City Wine Cellar
After graduating college in 2002, John Ha and his father went into business together, opening their very own wine store on Staten Island. In just six years, the shop became the largest wine and liquor store on the island. In 2009, the brand City Wine Cellar was launched along with the official website, CityWineCellar.com. Today, the store currently sells the most wine on Staten Island, with a 50-percent growth in online sales and over 3,000 products.

For more information about City Wine Cellar, please visit their website.