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Author Topic: Bitcoin store is moving merchandise!  (Read 1780 times)
jostmey
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August 26, 2011, 06:25:03 PM
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I sometimes contact the stores featured in Search Bitcoin to see how well they are doing. I want to report on a store I recently contacted.

JJGames sells used video games and video game equipment in America.

They just reported to me that the usually sell $2000.00/month worth of merchandise in bitcoin. Their highest sales are $6000.00/month in bitcoin.

Hopefully, in the coming months we will start seeing more of these success stories.

P.S. They offer 5% if you pay in bitcoin  Wink

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August 26, 2011, 06:48:46 PM
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Are those figures "per month?"
jostmey
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August 26, 2011, 07:31:13 PM
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Yes they are. I edited the post and clarified the numbers.

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August 26, 2011, 08:10:30 PM
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All sales added up on bitmart equal around $9,000 in a month.

It has slowed this month though.
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August 26, 2011, 08:14:51 PM
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Love it!!!
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August 26, 2011, 08:35:40 PM
 #6

I sometimes contact the stores featured in Search Bitcoin to see how well they are doing. I want to report on a store I recently contacted.

JJGames sells used video games and video game equipment in America.

They just reported to me that the usually sell $2000.00/month worth of merchandise in bitcoin. Their highest sales are $6000.00/month in bitcoin.

Hopefully, in the coming months we will start seeing more of these success stories.

P.S. They offer 5% if you pay in bitcoin  Wink
omg! lol Grin

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August 26, 2011, 08:46:21 PM
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cool!!
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August 26, 2011, 08:47:06 PM
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All sales added up on bitmart equal around $9,000 in a month.

It has slowed this month though.

very cool, BUT

what do JJGames and bitmart do with there coins?

this might be why we see crazy ups and DOWNS, at one point the store cashes out its bitcoins to buy more inventory

jostmey
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August 26, 2011, 08:52:02 PM
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this might be why we see crazy ups and DOWNS, at one point the store cashes out its bitcoins to buy more inventory

Many of the stores do "cash out" quickly.

But pricing commodities in bitcoin is a good thing. It makes a statement that a bitcoin is worth however much the merchandise is worth. In essence, vendors are pseudo-backing the currency with commodities - but only when they value their merchandise in bitcoin.

Right now the value of bitcoin is almost entirely determined by people speculating on the value of the currency. Bitcoin stores are critical for fixing this.

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Littleshop
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August 26, 2011, 08:54:51 PM
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I do not cash most of my stores sellings.  I either keep them, or spend them in the bitcoin economy.  My sales have been way down due to the loss of mybitcoin and the fact that still, no one has a merchant plugin for opencart that works for standard bitcoin addresses.

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August 26, 2011, 09:05:07 PM
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All sales added up on bitmart equal around $9,000 in a month.

It has slowed this month though.

very cool, BUT

what do JJGames and bitmart do with there coins?

this might be why we see crazy ups and DOWNS, at one point the store cashes out its bitcoins to buy more inventory

Since i run on small %'s mostly I do exchange quickly, since that % can disappear.

Right now the store is mostly setup just for convenience, so you don't have to wait for getting your cash from the exchange.

Bitcoin needs to grow quite a bit before you see things look more like USD retailers.
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August 26, 2011, 09:31:53 PM
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I do not cash most of my stores sellings.  I either keep them, or spend them in the bitcoin economy.  My sales have been way down due to the loss of mybitcoin and the fact that still, no one has a merchant plugin for opencart that works for standard bitcoin addresses.

Well if you're a business and have finances, why not step up to the platform and offer to pay someone to do it? Else the "I'll just wait for someone else to do it" will be continued on by everyone and get us nowhere.
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August 26, 2011, 10:21:38 PM
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I do not cash most of my stores sellings.  I either keep them, or spend them in the bitcoin economy.  My sales have been way down due to the loss of mybitcoin and the fact that still, no one has a merchant plugin for opencart that works for standard bitcoin addresses.

Well if you're a business and have finances, why not step up to the platform and offer to pay someone to do it? Else the "I'll just wait for someone else to do it" will be continued on by everyone and get us nowhere.

I have personally talked to no less then three vendors who say they will have it shortly.  Some were quoting being finished by this week. 

If something does not appear soon I will be going to magneto and my own server. 

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August 26, 2011, 10:38:21 PM
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this might be why we see crazy ups and DOWNS, at one point the store cashes out its bitcoins to buy more inventory

Many of the stores do "cash out" quickly.

But pricing commodities in bitcoin is a good thing. It makes a statement that a bitcoin is worth however much the merchandise is worth. In essence, vendors are pseudo-backing the currency with commodities - but only when they value their merchandise in bitcoin.

Right now the value of bitcoin is almost entirely determined by people speculating on the value of the currency. Bitcoin stores are critical for fixing this.

most stores take the current price on mt gox to calculate how many bitcoins an item is worth.

so they are not saying this item is worth 1btc
they are saying this item is worth 10$ and that = 1.1btc

bitcoins could be worth 10$ one day and 5$ then next, this doesn't really matter because the price for an item is calculated.

if i buy 10btc's at 100$ one day
and the next week its worth 110$ i'm happy
but if its worth 90$ ... not so happy

thats the only flaw in this system.
it seems as if the price will NEVER stabilize

is this a fatal flaw?


 

gw4tt
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August 26, 2011, 10:39:39 PM
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this might be why we see crazy ups and DOWNS, at one point the store cashes out its bitcoins to buy more inventory

Many of the stores do "cash out" quickly.

But pricing commodities in bitcoin is a good thing. It makes a statement that a bitcoin is worth however much the merchandise is worth. In essence, vendors are pseudo-backing the currency with commodities - but only when they value their merchandise in bitcoin.

Right now the value of bitcoin is almost entirely determined by people speculating on the value of the currency. Bitcoin stores are critical for fixing this.

most stores take the current price on mt gox to calculate how many bitcoins an item is worth.

so they are not saying this item is worth 1btc
they are saying this item is worth 10$ and that = 1.1btc

bitcoins could be worth 10$ one day and 5$ then next, this doesn't really matter because the price for an item is calculated.

if i buy 10btc's at 100$ one day
and the next week its worth 110$ i'm happy
but if its worth 90$ ... not so happy

thats the only flaw in this system.
it seems as if the price will NEVER stabilize

is this a fatal flaw?


 


That is a big problem. When the exchange rate goes up my sales definitely increase. Right now the major slump seems to be due to the exchange rate.
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August 26, 2011, 10:54:18 PM
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That is a big problem. When the exchange rate goes up my sales definitely increase. Right now the major slump seems to be due to the exchange rate.

Would it make sense to have sales when the value of the coin falls? You'll get to pick up more at the cheaper rate than most shops will. Eventually the expectation of sales when the value drops will keep people from worrying about the drops as much too.

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adamstgBit
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August 26, 2011, 11:02:58 PM
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That is a big problem. When the exchange rate goes up my sales definitely increase. Right now the major slump seems to be due to the exchange rate.

Would it make sense to have sales when the value of the coin falls? You'll get to pick up more at the cheaper rate than most shops will. Eventually the expectation of sales when the value drops will keep people from worrying about the drops as much too.

not sure i get what your saying,
if the price goes up then their is more incentive to buy because your btc have more buying power.



jostmey
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August 27, 2011, 03:23:07 PM
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That is a big problem. When the exchange rate goes up my sales definitely increase. Right now the major slump seems to be due to the exchange rate.

It is definitely hard to jump-start sales in the bitcoin economy. It is unfortunate that so many stores base their prices on the latest quote from MtGox. Stores that only update their prices daily act to stabilize the value of bitcoin.

I want (but don't have the time) to create a live ticker that shows the bitcoin value based on the prices of commodities. The idea is to compare the price of items sold in the bitcoin stores to Amazon and Google shopping to derive a value for bitcoin (original idea).

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evoorhees
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August 27, 2011, 03:59:04 PM
 #19


That is a big problem. When the exchange rate goes up my sales definitely increase. Right now the major slump seems to be due to the exchange rate.

Exchange rate risk is totally removed if merchant uses something like bit-pay.com.
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August 27, 2011, 05:00:56 PM
 #20



That is a big problem. When the exchange rate goes up my sales definitely increase. Right now the major slump seems to be due to the exchange rate.

Would it make sense to have sales when the value of the coin falls? You'll get to pick up more at the cheaper rate than most shops will. Eventually the expectation of sales when the value drops will keep people from worrying about the drops as much too.

not sure i get what your saying,
if the price goes up then their is more incentive to buy because your btc have more buying power.


Right, when the value/price of Bitcoin goes up they have lots of reason to buy (they are richer,more bang for 1 coin, etc) when the value/price of Bitcoin goes down, maybe offer a small discount so that you still get sales, otherwise you will tend to accumulate coins at their high price more often than their low price.

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