One of the questions that is asked the most about Bitcoin is “where can I use Bitcoins?” The number of businesses that accept Bitcoin is limited; however, more are accepting Bitcoin as a payment method every day. At The Genesis Block, we will feature businesses that are creating and innovating products and services for the Bitcoin industry.
Bitcoinstore.com is an online electronics store that launched last month and is accepting Bitcoin as its ONLY payment option. The mission of the site is to prove to other retailers the benefits of adopting Bitcoin as a payment option. For merchants, the benefits are small processing fees and no reversal of payments. Bitcoinstore.com is passing on these savings to the customer in the form of lower prices in hope that this will entice potential customers to purchase their electronics through them.
This month, they have set a goal to sell $850k worth of consumer products. The idea is that if they hit this goal they will have proven the concept of using Bitcoins as a payment method. This may help larger electronics retailers, such as Amazon.com and Newegg.com, realize the Bitcoin can and should be a payment option at their website.
By only accepting Bitcoins, Bitcoinstore.com is taking a huge risk by significantly limiting its potential customer base to only those are interested in using Bitcoins. Here’s to hoping that this risk pays off and Bitcoinstore.com can be used as a case study for Bitcoin use in the future.