Bicyclist Jeremy Kowalchuk is selling bicycles on a platform called “Bicycle Depot” that is similar to online retailers like Amazon and Etsy.
The bikes are priced at $3,200, about the same price as a used bike, but they come with the added perk of a 30-day warranty and a $2,500 deposit.
Kowaltchuk, whose shop is located in a former shoe store on a busy residential street in a northern Chinese city, said he hopes to sell about 100 bikes a day.
He said he’s already had a couple of customers order bikes from China.
“It’s a great market.
It’s really good for young people who want a bike to start their career, or who have kids,” he said.
The new retail model in China has sparked debate, with many people calling it a scam and a threat to local manufacturing.
It’s not uncommon for bikes to be stolen, but in the case of the new model, the thief has not taken any credit for the bikes being stolen, said the owner of Bike Depot, a former retailer in Shanghai.
“We are really proud of our business, but we are worried that there is some kind of deception going on,” said Li Guoping, who said he doesn’t want to be identified.
He added that he thinks the bikes are a good investment for his family.
The owner of Bicycle Depot, Li Guopling, said that his shop is the only bicycle shop in the area that accepts Bitcoin.
He plans to open a second store in China next year.
Kowaluk is one of the lucky ones.
He is one the few Chinese to have found a bike shop that accepts cryptocurrency, but he doesn�t have the means to buy one.
“I had to rely on Bitcoin for most of my income, so I think I will need to use Bitcoin in the future,” he joked.
Bitcoin and other cryptocurrencies are often used to buy and sell goods in China, where they have been gaining popularity as the country struggles to recover from the Great Recession.
Last month, the government announced plans to crack down on cryptocurrency trading in an effort to crack the illegal market.
Some bitcoin traders are now considering going cashless, instead of using a debit card or other method of payment, according to China�s Global Times newspaper.