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Author Topic: Bitcoin shop in London  (Read 4627 times)
hilariousandco
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How does one bitcoin?


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February 24, 2014, 06:48:25 PM
 #61

So, I dropped by this afternoon and it's everything it appears to be. Akin is very cool and obviously clued in; cool as in, he got his Bitcoin's a couple of years ago from Amir Taaki. He's moving with the times relative to MtGox and switched from a simple price averaging that included them, to looking now at BitStamp and others for a good real price, to which he adds 3% commission - so, not the high end of localbitcoins and I expect might be cheaper than ZipZap and the ATMs though I don't know what those are just yet.

I can't imagine him getting more than a few customers a day. If the market tanks how is he going to remain in profit? In fact, all the prices need to do is dip a bit and he's in the red.

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February 24, 2014, 07:23:43 PM
 #62

I don't know but he didn't seem particularly concerned; suggesting if it doesn't work here, he'll do the same in Canada or wherever. Perhaps he's just keen to support Bitcoin's development.

I was one of three people that arrived the same time. He's directly opposite a University campus too. I doubt he's going to be short of customers.

> If the market tanks how is he going to remain in profit?

Some of us don't worry about the worst case and just get on and spend time ensuring there is a positive outcome. Reality is rarely worst case or best case but somewhere in-between.

Those who've looked into what Bitcoin is, understand the real potential is far more than most understand at the moment. Coupled with that he's bought from Amir a long while ago, I expect Akin's got an edge there. Indeed he has a poster on the wall 'Bitcoin is not currency', which is spot on. Thinking of Bitcoin as only money is missing the principal capability. Bitcoin gives people a confidence to trade and that is valuable; and that's why anyone recognizing that will be buying into it. Look at what's emerging now in Mastercoin and Ethereum - that's the future. Mainstream is always slow to catch on to what is the future but some developments are inevitable.

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hilariousandco
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How does one bitcoin?


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February 24, 2014, 07:44:55 PM
 #63

Indeed he has a poster on the wall 'Bitcoin is not currency', which is spot on. Thinking of Bitcoin as only money is missing the principal capability. Bitcoin gives people a confidence to trade and that is valuable; and that's why anyone recognizing that will be buying into it.

How is it not a currency? And what is the principal capability?

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February 24, 2014, 07:46:46 PM
 #64

Thier price are higher than market a lot?
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February 24, 2014, 08:01:39 PM
 #65

How is it not a currency? And what is the principal capability?

If I give you something in the real world, you know that I've given it to you.
If I give you something on the internet, to date you can't see that as a unique instance.

The blockchain allows people to transfer ownership with confidence. Currency has a lot to do with confidence but the point about Bitcoin is that it's a ledger. If you and everyone else, acknowledges that ownership of an object is bound to a particular coin, they you can transfer ownership - on the internet - without third parties; that's capability to do trade that hasn't been possible before. These sorts of innovations and developments are what make great leaps forward in economics.

Add to that what the Bitcoin2.0 protocols can do and you're in a world that is beyond our imaginations right now. New capabilities for decentralised organisations etc etc etc. and the mainstream hasn't even got its head around Bitcoin basics yet.. and you're worried about the Bitcoin price tanking Wink

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February 24, 2014, 08:04:24 PM
 #66

Thier price are higher than market a lot?

3% commission above main exchanges is lower that I've seen localbitcoins ever offer.

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February 24, 2014, 08:06:29 PM
 #67

we need more shop like this... it is fantastic... i love a idea... Smiley

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hilariousandco
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How does one bitcoin?


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February 24, 2014, 08:07:00 PM
 #68

How is it not a currency? And what is the principal capability?

If I give you something in the real world, you know that I've given it to you.
If I give you something on the internet, to date you can't see that as a unique instance.

The blockchain allows people to transfer ownership with confidence. Currency has a lot to do with confidence but the point about Bitcoin is that it's a ledger. If you and everyone else, acknowledges that ownership of an object is bound to a particular coin, they you can transfer ownership - on the internet - without third parties; that's capability to do trade that hasn't been possible before. These sorts of innovations and developments are what make great leaps forward in economics.

Add to that what the Bitcoin2.0 protocols can do and you're in a world that is beyond our imaginations right now. New capabilities for decentralised organisations etc etc etc. and the mainstream hasn't even got its head around Bitcoin basics yet.. and you're worried about the Bitcoin price tanking Wink

I'm not worried about it tanking, but I would be if I owned a shop that existed solely on 3% commission. I still don't understand how it's not a currency from your post.

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February 24, 2014, 08:53:17 PM
 #69

This is great. I wonder if he buys to?

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February 24, 2014, 08:55:14 PM
 #70

The world has not stop Bitcoin

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February 24, 2014, 09:15:50 PM
 #71

This is great. I wonder if he buys to?

Yes.. he was looking out for opportunities to buy. Apparently a couple of miners had already gone there offering but whether that's enough to cover outgoing, I don't know.

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February 24, 2014, 09:17:53 PM
 #72

The world has not stop Bitcoin

no and it will never stop Smiley

Bitcoin is just starting my friend!

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February 24, 2014, 09:29:35 PM
 #73

It needs to spread to other countries.


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February 24, 2014, 09:40:54 PM
 #74

I think physical stores accepting BTC for goods is still in its infancy
(with confirmations times, market price fluctuations and the sort).
But the convenience provided by this shop as a gateway to using BTC is a wonderful thing.
I can't wait to see how this expands and changes.

I AM GONNA TRANSFER ALL YOUR BITCOINS TO MY SECRET POCKET CHANGE YOUR PASSWORDS BEFORE IT IS TOO LATE MUAHAHAHAHA
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February 24, 2014, 09:48:30 PM
 #75

It just sells Bitcoins and that's it? I doubt business will exactly be booming.

The guy's store looks better than him, that tells me he's in it for the long run.  His pricing strategy appears to be on that same level, he wants to appeal to the masses, get the customer list bulked-up so that he becomes a relevant player.

The cryptocurrency industry is still a kid, btc is only 5yrs, and last year it tried to run for the first time -- got a little scraped up but, you know.

That store owner's conservative yet visionary positions in the space is the type of mentality you want leading your currency movement.  His method of customer acquisition only appears  slow to the untrained eye, his model should be seen as accumulative -- where you go from 1 customer to 2 to 4 to 8 etc, as such in a rather stable and reliable way you build a solid customer based, his business roots run as deep as his business branches grow high and wide.


Here's his video
http://www.youtube.com/watch?v=TLljw5upsSA

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February 24, 2014, 10:01:23 PM
 #76

great idea and hope he does well but the shop does look rather odd and uninviting from the outside?!

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February 24, 2014, 10:22:02 PM
 #77

great idea and hope he does well but the shop does look rather odd and uninviting from the outside?!

It appears to be just the way the photo is taken...


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February 24, 2014, 11:21:41 PM
 #78

It needs to spread to other countries.
oh well indeed!

It will soon I hope ...


Here in poland thing are getting better and better.

But all those prices drops from last times stops people a bit with their plans and investitments into Bitcoin support I think..

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February 24, 2014, 11:31:40 PM
 #79

Can anyone give me the address of this place? I'm staying in E1 at the moment, would love to go check this place out!
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February 24, 2014, 11:34:01 PM
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Can anyone give me the address of this place? I'm staying in E1 at the moment, would love to go check this place out!
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