In a long term what part of the market do you think the currency will be taking ? Do you think you have the potential to position yourself as a major player in the crypto currencies market ?
In a long term what part of the market do you think the currency will be taking ? Do you think you have the potential to position yourself as a major player in the crypto currencies market ?
BCShop.io is focused on a global (worldwide) markets. Depending on markets’ current relations with cryptocurrency use and potential ease of adoption markets can be segmented the following way.
Market segmentation
Cryptocurrency related markets – this segment consist of markets which already are heavily based on cryptocurrency use. Notable examples are:
1. ICO projects related services: legal, technical, marketing, etc.
2. Blockchain technology related services: software development, auditing and business adoption
3. Cryptocurrency based existing projects: niche ad networks, websites and journals, lotteries and gaming, etc.
It’s difficult to estimate this segment size and it’s mostly newly born. Current capitalization of cryptocurrencies only (not including blockchain based projects) is $200bn and rapidly growing.
Markets highly beneficial to use of cryptocurrency – this segment includes markets which will highly benefit of using our platform. Examples are:
1. Online legal services (est. $5bn)
2. Online tutoring (est. $411m)
3. In-game currency and skins (est. $500m)
4. Tickets to online events (est. $4bn)
Conservative markets beneficial to use of cryptocurrency – this segment consists of markets which will benefit of using our platform but are slow to adopt and usually need acceptance of blockchain technologies on government level. These markets are huge (hundreds of $bn), some examples are:
1. Mobile, tv and internet providers
2. Government structures accepting payments from citizens
3. Physical good commerce and e-commerce
Market needs
All targeted markets aim to increase effectiveness, widen the range of customers and provide them with convenient ways of making payments. On the other hand, many cryptocurrency users are looking for ways to pay with crypto with no fiat exchange involved, no middle-man involved and in a reliable and transparent way. All this requirement can be formalized as follows:
1. Need of lower commission for merchants
2. Need of transparent interaction between merchants and its customers
3. Need of fast international payments with no additional costs involved
4. Need of simple and cost-effective way of making an offer of digital good or service
5. Need of trustful reputation system
All these needs can be fully satisfied with BCShop.io platform.
Market strategy
The platform will be marketed and adopted in “cryptocurrency related markets” first. As all of them already use cryptocurrency regularly the cost of marketing and adoption is low.
“Markets highly beneficial to use of cryptocurrency” needs to be worked more with for increasing adoption of the platform. One of the core strategies here is to work with opinion leaders and visit different specific market-based events to showcase the platform to potential customers.
After some successful integrations we expect BCShop.io to become a standard for companies willing to accept cryptocurrency as a payment. After this has happened we will start to target “Conservative markets beneficial to use of cryptocurrency” with intention to show them benefits of cryptocurrency use proved by successful use cases.
