Bitcoin Friday & Sales Show The Resilience of Crypto-Currencies

Bitcoin has already changed the world, and each and every passing day the evidence of this accumulates.

The Bitcoin Store is more than happy to announce that, as Bitcoin appreciates in price, business has increased dramatically, culminating recently in Black Friday, on which the Bitcoin Store generated $98,000 in total sales.

For the month of November alone, Bitcoin Store generated nearly $400,000 in sales.

This is particularly exciting for us, as wondering about the future velocity of Bitcoin has always been a concern of Bitcoin Store’s and other bitcoin merchants. As it turns out, with Bitcoin having appreciated in price as it has, people are more excited than ever to buy things like the Zen Magnets Bitcoin Set, which was the Bitcoin Store’s top-seller on Black Friday.

We believe the Bitcoin Store has done so well specifically because we do business solely in Bitcoin. We are here to change the world for the better with the most streamlined payment system that has ever existed, decentralized and independent.

Mere months ago people believed that by only accepting Bitcoin the Bitcoin Store was limiting its customer base. But, truth be told, we have discovered that the opposite is true: people are willing to go out of their way and buy bitcoins to buy goods from our store.

And now, with Bitcoin prices breaking records day-in and day-out, people have realized that the Bitcoin Store and countless other bitcoiners the world over were right: decentralized cryptographic currencies are the future, and the future is now.

The rising price of Bitcoin, from our perspective, has resulted in increased bitcoin velocity, with more individuals spending their bitcoins at the Bitcoin Store than ever before.

We believe this to be extremely positive for Bitcoin, as the velocity of a currency or asset oftentimes hints at its overall health. Thus, Bitcoin is healthier than ever before.

 

3 December 2013 Comments 1 Notes

Bitcoin Black Friday was a huge success!

Our blog posts have been few and far between because we have been hard at work improving the site.  Lots of great features will be released soon,  but for now we would like to share with you what an amazing success the last few days have been.  The media likes to claim that no one ever spends their bitcoins,  but we have been selling tens of thousands of USD worth of goods each day for Bitcoin recently.  Multiple orders come in every hour,  twenty four hours a day. We are looking forward to seeing the rest of the world realize that they need to be using Bitcoin too! If you want to accept Bitcoin at your business, we recommend using www.bitpay.com

30 November 2013 Comments

Bitcoinstore.com Extortion Attempt

Today someone contacted us with the following message:
From: Lance G <> 

Subject: DDoS incoming unless you pay $5,000

Lance G about 1 hour ago 

DDoS pending you have 12 hours or we will start our assult

Why you should pay: http://bit.ly/12uVRFL 
Payment options :- 
Bitcoin:1E6wygZnwPU2HCx2QwkxFFFd7hPJbrifzp 
LibertyReserve: U8248232

Funding bitcoin guide: http://bit.ly/bitcoinguide 
Funding LibertyReserve: http://www.libertyreserve.com/


Bitcoinstore.com will never pay any extortion attempt, ever.

However, we are happy to announce a $5,000 reward for information that leads to the arrest and conviction of whoever is behind this extortion attempt.
Full email details at:  http://pastebin.com/M5WqYE7X

24 April 2013 Comments 5 Notes

Update

Hello,

Unfortunately we have received too many orders to process them all at the speed you guys are used to. We are currently experiencing a processing time of 48hrs at the moment.

We are scaling up our processing team to expedite all current and future orders.

Furthermore, we are receiving too many international orders to process them all. We do not want to provide a service you pay for, then fail to deliver. For this reason, we’re turning off international shipping for the time being. It is a huge bottleneck for our order system. We have a lot of international customers and we do not want to shut them out, but at the same time we do no feel comfortable giving them anything less than stellar service.

Feel free to continue placing orders domestically, there only will be the slight delay of 24hrs or so on any additional orders. We are working tirelessly to fix the issues we’re having.

So, in summary, international shipping is turned off until we can hire more staff and all orders are slightly delayed right now. Because of the actions we are taking, any further order delays are unlikely and we should get back to same day processing soon. Keeping our reputation clean and our service smooth is important to us, please let us know if there is anything else we can do. (I promise you we’re working on the search function).

-Jon Holmquist

https://bitcoinstore.com

11 April 2013 Comments 1 Notes

Deflation, Disflation, Inflation, and why none of it matters to Bitcoin.

This is something that has been yanking my chain the last couple of days. People consistently call Bitcoin a “deflationary currency”. Go do a google search for that term, a lot of Bitcoin related posts come up. I’ve been seeing a rash of Reddit comments about it. Bitcoin’s money supply is not deflationary, it is decreasingly inflationary, or disflationary. (Example: http://qz.com/72118/yes-people-are-hoarding-bitcoins/)

But none of that matters. 

There is an underlying assumption in the public’s economic analysis of why Bitcoin just cannot work because of all that dreaded hoarding, the assumption is that users of Bitcoin have to hold onto their bitcoins before spending them. In other words, the assumption that Bitcoin is a currency, or speculative investment, to all users.

It isn’t. Not to every Bitcoin user at least.

If it was, we wouldn’t have seen a (roughly) 10x increase in sales coupled with a 5x increase of the Bitcoin price. No one would be spending any bitcoins, yet BitPay processed 5 million dollars worth last month. (http://www.miamiherald.com/2013/04/02/3319063/bitpay-eclipses-silk-road-in-bitcoin.html)

I have a theory that a lot of our customers and other Bitcoin consumers are simply using Bitcoin as a payment processing network. They do NOT send 1BTC to us, they use Bitcoin to send $150 to us. The price doesn’t matter, they put money in, and we pull money out (or at least most merchants do); much like sending money through PayPal. In this scenario, it doesn’t matter if the price is $150 or $5, the process is the same and if the volume is there, it works.

So, while there are speculators hoarding, this does not affect the Bitcoin economy at all. Speculators aren’t interested in buying things, they are there to make money. They’re investing in a currency. People looking to save 1-10% on goods and services use Bitcoin to send money, they’re sending money through a processing network, not investing, not hoarding, not speculating. 

In summary, Bitcoin is becoming more and more user friendly each month. We’re seeing a whole new swath of Bitcoin consumers emerging and most importantly, we’re seeing working examples (like our site!) of how Bitcoin can save the end consumer an insane amount of money by using Bitcoin. The price, although a sexy story for most news and press agencies, does not matter in the slightest for the fastest growing sector of Bitcoin: average online consumers.

-Jon Holmquist

10 April 2013 Comments 2 Notes

Q: Why use Bitcoin to buy electronics?

A: It’s cheaper. Buyers cannot commit fraud against us when using Bitcoin, and since they cannot doublespend, we can give rates much lower than conventional electronics dealers.

21 January 2013 Comments