Roger Ver, a prominent figure in the Bitcoin community known for his involvement with Memory Dealers and various marketing efforts promoting Bitcoin, has announced the launch of a new Bitcoin business: an all-purpose electronics store called the Bitcoin Store. This online store already offers thousands of products, ranging from inexpensive USB keys to high-end servers. While there are other Bitcoin electronics stores in existence, what sets the Bitcoin Store apart is its commitment to offering lower prices than its competitors.
Ver provides examples of the price difference between the Bitcoin Store and other popular platforms. For instance, a 60-inch TV costs $1,397.99 on Amazon and $1,437.99 on NewEgg, but the Bitcoin Store sells it for only $1,367.48. Similarly, a laptop priced at $2,266.66 on Amazon and $2,317.00 on NewEgg is available on the Bitcoin Store for $1985.51. Even a laser printer, which costs $202.01 on Amazon and $204.99 on NewEgg, is priced at $175.66 on the Bitcoin Store. The key to achieving these lower prices lies in the Bitcoin Store's partnership with the world's largest wholesale technology distributor and its acceptance of Bitcoin only, which helps avoid traditional merchant fees.
Ver acknowledges the challenge of maintaining good relationships with distributors while maintaining sufficient sales volume on Bitcoinstore.com. His existing store, Memory Dealers, with an annual sales volume of over $10 million USD, provided the leverage needed to secure the partnership. Ver hopes that Bitcoinstore.com can generate enough volume to satisfy distributors and continue offering competitive prices.
Currently, the Bitcoin Store charges a fixed shipping fee of $4.99 USD for orders within the United States, with exceptions for orders above $100. Internationally, shipping fees vary based on destination and weight. Even with the shipping fee, the Bitcoin Store often offers more affordable domestic shipping compared to Amazon and NewEgg. Ver aims to eventually offer free shipping within the USA, but this will require higher sales volume. There is also a possibility of reducing shipping costs to $1.99, but this depends on the store's success.
While still in beta, the Bitcoin Store has a $1,000 minimum purchase requirement. The user interface is being finalized, and international shipping costs are currently high, but these issues will be resolved as the site progresses. The team assures potential customers that the minimum purchase requirement will be removed soon, and cheaper international shipping options will be introduced.
With its competitive prices, the
Bitcoin Store presents an opportunity for increased Bitcoin adoption in the
near-to-medium term. The low prices make it even worthwhile for users to pay
the 5% fee to buy Bitcoin from BitInstant to shop at the store, expanding the
potential audience beyond existing Bitcoin holders. The main challenge for the
Bitcoin Store, like any other Bitcoin business, will be marketing. Ver and Jon
Holmquist, part of the Bitcoin Store team, are already promoting the site
within the Bitcoin community and on social media channels. However, a more
robust and coordinated marketing effort will be necessary to achieve the
desired sales volume. If successful, the Bitcoin Store has the potential to
significantly impact Bitcoin adoption and growth