SOURCE: Bitcoin Shop

Bitcoin Shop

October 28, 2014 09:00 ET

Bitcoin Shop Opens Redesigned Ecommerce Platform to the Public in Beta

ARLINGTON, VA--(Marketwired - Oct 28, 2014) - Bitcoin Shop, Inc. (OTCQB: BTCS) ("Bitcoin Shop" or the "Company"), operator of the digital currency ecommerce marketplace www.btcs.com, which is undertaking the build-out of a universal digital currency ecosystem, today announced the unrestricted beta opening of its new 2.0 ecommerce platform to the public.

The 2.0 beta ecommerce site is now open to the public for testing at www.btcs.com. Beta testers are encouraged to give feedback on front end user interface improvements, category and product presentations, page layout and workflow, and the checkout experience. The 2.0 beta ecommerce site offers over 2 million products and utilizes its "Intelligent Shopping Engine" to find consumers competitive prices on products from over 85 retailers. The site allows beta testers to purchase products, make returns, and exchanges while shopping with bitcoins, dogecoins and litecoins. The company recently started its testing process with a private beta. This launch is the second step as the Company prepares for the replacement of its legacy ecommerce platform.

Charles Allen, CEO of Bitcoin Shop, commented, "For an ecommerce platform to be viable it must stand on its own two feet. Therefore we made a decision in February this year to build an entirely new website, version 2.0, at www.btcs.com which utilizes our 'Intelligent Shopping Engine.' Our team has worked diligently on building this new 2.0 platform and, while it is still in beta, we believe this is a great milestone for our Company."

According to Forrester Research, Inc. U.S. online retail product sales are estimated to be $260 billion for 2014 and the value of all bitcoins in circulation today is around 5 billion. The business model of the Company's legacy site didn't allow for payment by credit card. With a long view in mind, Bitcoin Shop plans to build a bridge to current payment methods such as credit cards to drive adoption and revenue on its new site The Company anticipates accepting credit cards after its 2.0 launch.

About Bitcoin Shop, Inc.:
 
Bitcoin Shop, Inc. plans to build a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. We currently operate our legacy ecommerce website (www.bitcoinshop.us) and are operating our public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 2 million items. We provide our customers competitive pricing options from over 85 retailers through our "Intelligent Shopping Engine". All ecommerce customer orders are fulfilled by third party vendors. We plan to use our ecommerce platform as a customer on-ramp for a broader digital currency platform. We have been actively partnering with strategic digital currency companies who have technologies, services or products that are complementary to our business strategy by making investments in them and integrating with them.

Digital currencies use peer-to-peer networks to facilitate instant payments. They are categorized as cryptocurrencies, as they use cryptography as a security measure. Digital currency issuances and transactions are carried out collectively by the network, with no central authority, and allow users to make verified transfers.

Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact Information

  • Investor Relations Primary Contact:
    Valter Pinto
    Capital Markets Group, LLC
    (914) 669-0222 or (212) 398-3486
    Email Contact

    Investor Relations:
    Jon Cunningham
    RedChip Companies, Inc.
    (800) 733 2447 ext 107
    Email Contact

    Public Relations
    Mercy Chikowore
    Bitcoin Shop Inc.
    (803) 347-6905
    Email Contact