5/1/14 7:00 AM ET (PR NewsWire)
Bitcoin
Shop, Inc. (OTCQB: BTCS) is an online retailer that sells various types
of merchandise for purchase using virtual currencies such as bitcoin,
litecoin, and dogecoin. The company's website (www.bitcoinshop.us)
allows customers to purchase over 140,000 items in over 400 categories
ranging from appliances, books, cell phones, computers, grocery and
gourmet foods, health and personal care products, home and garden
supplies, musical instruments, PC and video games, Blu-ray movies, pet
supplies, watches, photo and camera supplies, sporting goods, etc. The
company was formed in July 2013 and launched its ecommerce website the
following month.
Bitcoins are a digital, or virtual,
currency that uses peer-to-peer technology to facilitate instant
payments. Since bitcoins are not a fiat currency (currency that a
government has declared to be legal tender, but is not backed by a
physical commodity), they are not controlled by a single entity like a
central bank and are therefore sometimes referred to as a
"decentralized" currency. Bitcoin is an accepted form of payment by a
growing, but still limited number of businesses, while governments and
regulators are beginning to create more regulation and structure to
legitimize it as a currency. Although each bitcoin transaction is
recorded in a public log, the names of buyers and sellers are never
revealed, which keeps bitcoin users' transactions private thereby
increasing their popularity in illegal activities such as the buying and
selling of drugs. Further, since bitcoins are stored in a digital
wallet which exists either in the cloud or on a user's computer, they
are susceptible to hackers and viruses (e.g. Mt. Gox collapse). The
total number of bitcoins that will be issued is capped at 21 million to
ensure they are not devalued by limitless supply, with this limit being
reached around the year 2140.
A full in-depth analyst report on BTCS that
includes risk factors, industry review, financial position, potential
revenues, review of current business model, competition breakdown,
analyst summary, and recommendation can be viewed by using the following
link at no cost:
http://bit.ly/BTCS-AnalystReport
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