Crossroads Express owner
"Bitcoin is a new way for buyers and sellers to transact business," Reiter said. "It's very user friendly and very simple."
Reiter -- who is also a commodities trader -- said he first became interested in bitcoin around 2012.
"I'm always searching for different investment ideas," he said. "I really started to research bitcoin, and I made a decision to implement bitcoin into Crossroads about five months ago."
Bitcoin offers several advantages for both business owners and consumers, he said.
"Bitcoin transaction fees are so much less than credit cards," Reiter noted. "Credit cards typically charge (merchants) transaction fees that are 3-4 percent. With bitcoin, the transaction fee is 1 percent."
Reiter pointed out the value of bitcoin has increased dramatically.
"A bitcoin was about
Consumers who want to use bitcoin may purchase the digital currency at sites such as coinbase.com. The price of bitcoin may sound prohibitive but Reiter said buyers do not have to purchase an entire bitcoin unit.
"You can buy half a bitcoin or 1/5 a bitcoin or 1/8 a bitcoin, whatever you choose," he said.
Buying bitcoin is fairly simple.
"A bitcoin site such as www.coinbase.com, takes your US currency out of your bank account and converts is to bitcoin," he said. "You are then assigned a transaction number. That's how you keep up with your bitcoin."
Consumers may store bitcoin in several ways.
"You can leave your ID number stored on the coinbase site or you can simply write down your bitcoin number on a slip of paper," he said. "It can then be erased from the coinbase website."
Reiter said another positive aspect of bitcoin is that purchasing the digital currency doesn't require revealing detailed financial information.
"You aren't required to provide any personal information," he said. "You just type in your bank account number and (the site) supplies you with bitcoin.
Using bitcoin also has another advantage, Reiter said. "You aren't going to have identity theft because thieves can't access your personal information."
Financial transactions including purchases and money transfers may be completed at checkout counters via a smart phone app.
Consumers simple use their phones to link to the store's bitcoin merchant account.
"Bitcoin can be sent quickly between buyers and sellers," Reiter said. "All you need is an app."
Reiter said he's thrilled to help introduce bitcoin to the north
He's written stories about bitcoin for magazines and also plans to teach a bitcoin class this summer at
"Right now there's not a lot of people that know about bitcoin," Reiter said. "It's more popular in larger cities, but bitcoin is really gaining in popularity."
More information on bitcoin is available online at Reiter's website bitcoineducate.com or by calling (940) 284-4201.
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