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Company Description

Contact Info

1901 North Fort Myer Drive

Suite 1105

Arlington, VA 22209

United States

Phone: 248-764-1084

Fax:

Bitcoin Shop Inc. operates as a Bitcoin-only online retailer that sells various types of merchandise for virtual currencies, primarily Bitcoin payments. The company intends to list merchandise for customers to purchase with virtual currencies, primarily Bitcoin. Similar to other online retailers with solely an online presence, such as Amazon, eBay, or Rakuten, customers experience a traditional browse and checkout process. The company exists primarily as a medium between consumers wishing to spend Bitcoin and sellers wishing to receive sales driven by Bitcoin. The online presence that the company operates is hosted, maintained, and developed by the company. The company has developed software that allows it to interface with vendors in order to display up-to-date inventory, and present prices in Bitcoin according to the exchange rate from U.S. Dollars. The company, through its ecommerce Website, lists approximately 140,000 products for sale. Its payment processor allows the company to select a ratio of cash versus Bitcoins for its account. Seasonality Based on comparable and established ecommerce trends, the company’s business would be affected by seasonality throughout the year with increased growth in the fourth quarter. Due to its short operating history, the company is unable to determine if its growth is due to its general business operations, or was attributable to year-end holiday shopping patterns. Strategy The company’s business strategy is to become a virtual currency marketplace where consumers and sellers of products and services can use any virtual currency to transact business. The company focuses on delivering value and convenience to its online customers while providing a reliable and scalable platform for vendors and sellers. The company would also evaluate other strategic Bitcoin opportunities, as well as technologies that are complementary to its business strategy in an effort to minimize risks and drive shareholder value. This would include evaluating opportunities that cross market its e-commerce site, diversify its revenue streams, and provide on-ramps for new users. Intellectual Property In January 2014, the company applied for a trademark of ‘BitcoinShop’ with the United States Patent and Trademark Office. Competition The company competes with various competitors, including the following: liquidation e-tailers such as SmartBargains, Optoro and Overstock; online retailers with discount departments such as Amazon.com, Inc., eBay, Inc. and Rakuten.com, Inc.; private sale sites such as Rue La La and Gilt Groupe; online specialty retailers such as Bluefly, Inc., Blue Nile, Inc. and Zappos.com; and traditional general merchandise and specialty retailers, and liquidators such as Ross Stores, Inc., Wal-Mart Stores, Inc., Costco Wholesale Corporation, J.C. Penny Company, Inc., Sears Holding Corporation, Target Corporation, Best Buy Co., Inc., Home Depot, Inc. and Barnes and Noble, Inc. History Bitcoin Shop Inc. was founded in 2013.

 

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