Temple Cycles claims to have become the world’s first bicycle manufacturer to accept bitcoin.
Temple Cycles founder and designer Matt Mears says that the brand is a strong supporter of the bitcoin economy, as it allows overseas transactions with fewer fees and greater autonomy: “Bitcoin and other cryptocurrencies are a fantastic development, especially for small businesses with an international customer base. We’ve seen a massive uptake in interest from overseas in the last year, so using bitcoin will allow us to reduce the costs involved with sending our bikes all over the world. More people are choosing to opt out of government-backed currencies, too, so being able to buy a bike with bitcoin is another step forward.”
"The bike industry is one of the most backwards and old-fashioned setups around. Most manufacturers sell to national distributors, who then sell on to local shops, all of which take their cut and raise the final price for the customer. We believe that the industry needs to start offering better value for money and is due for a big shake- up, so using a direct-to-customer model and accepting bitcoin is our way of making that known," Mears concluded.