Times are tough for most companies active in the Bitcoin and digital currency space these days, and the low BTC price is not helping matters at all. But it seems like at least one company is slowly turning things around, as Bitcoin Shop, Inc sees another major increase in the price per share. The company is also working on an e-commerce website that will focus on digital currency payments.
Bitcoin Shop Inc – Bringing Bitcoin Consumerism to Mainstream Attention
The name Bitcoin Shop Inc is synonymous with bringing Bitcoin to mainstream attention by creating user-friendly platforms to buy goods and services. On its own website, btcs.com, customers can purchase all kinds of products with digital currencies including Bitcoin, Litecoin and Dogecoin. With over 2 million items available from 85 participating retailers, there are plenty of options to choose from.
What makes btcs.com so unique is the fact that Bitcoin Shop Inc does not physically store any of the items for sale on the website. However, the company does take care of processing Bitcoin payments on behalf of the third party vendors. A profit margin is earned by charging a processing fee for every Bitcoin transaction.
Unlike traditional Bitcoin payment processors, Bitcoin Shop Inc converts a portion of digital currency payments to the amount of USD needed to remit payments to the vendors using the platform. This is not always the case, however, as Bitcoin Shop Inc. sometimes keeps all funds in digital currency and pays the vendors in that same currency.
Over the past year and a half, Bitcoin Shop Inc has been making various media headlines by striking important partnerships and acquiring stock in other Bitcoin companies. Additionally, BTCS was one of the four initial investors in GoCoin, one of the world’s leading digital currency payment processors for Bitcoin, Litecoin and Dogecoin.
One of the most interesting partnerships comes in the form of Bitcoin Shop Inc and Coin Outlet. Earlier this year, BTCS acquired an additional 2% stock in Coin Outlet. One of Coin Outlet’s upcoming projects is the release of a Bitcoin ATM that makes the exchange between Bitcoin and fiat currency even smoother and more streamlined than it is right now.
Huge Spike in Market Valuation In Recent Weeks
BTCS is an interesting company from an investor’s point of view. The company is publicly traded under the ticker BTCS on OTC markets, and its stock was worth US$0.375 per share earlier this year. That being said, share value dropped to US$0.09 in recent months, but it looks like things are on the rebound again.
Part of this success can be attributed to increase in the company’s balance sheets, with over US$200k in digital currency and US$100k in cash. At the time of publication, BTCS has a total market valuation of US$31m, and their aggressive plan of expansion will only push that number to higher values in the months and years to come.
Furthermore, Bitcoin Shop Inc is working on a new e-commerce platform which will focus on accepting digital currency payments. Rather than relying on third-party vendors, this new marketplace will be available for all customers, both for the buying and selling of products. Bitcoin, Litecoin and Dogecoin will all be accepted as payment methods.
Source: Microcap Daily
Images courtesy of Bitcoin Shop Inc and Shutterstock