20Mission, a 41 room co-working space dedicated to art and technology creators has announced the launch of Nakamoto’s electronics, the first Bitcoin retail store in San Francisco. This is a huge development for the locals as they will be able to pay via the digital currency.
It is located in the heart of San Francisco’s Mission District and is a former home to several Bitcoin startups, including Blockchain.info, 37Coins, Tradehill, Piper Wallet, and Bitcoin marketplace, Purse.io, etc.
The release informs that the tech retail store follows the initial concept behind Purse.io, a Peer-to-peer bitcoin shopping service, though in brick-and-mortar format. Besides, it aims to give more practical uses and applications for the digital currency on a local scale.
Andrew Lee, the CEO of Purse.io, is excited to bring bitcoin to the public:
“It is a great way to onboard new users with goods and products that they can pick up and physically touch. We’ll have a BTM (Bitcoin ATM) on site so if you don’t have Bitcoin and only have cash you can purchase Bitcoin and take your discount on the spot.”
At the moment, Nakamoto’s electronics offers a whole range of products including such popular products as Chromebooks, Amazon Kindles, Apple headphones, and Raspberry Pis. Since the outlet offers a minimum 10% discount off the Amazon price when paying with bitcoin, it is expected to attract lots of customers.
Majority of the funding came from loans that were funded on the BTCJam peer-to-peer lending platform by BTCJam investors and bitcoin enthusiasts alike. Lee had already experienced the platform as an investor in loans himself so it was something he and his associates were familiar with.
“BTCJam was not only a great way to raise money but awareness through the social attraction of the platform.”
According to Lee, Purse.io will have a BTM or popularly called Bitcoin ATM on the website so if some user does not have Bitcoin and only has cash, he can purchase Bitcoin and take his discount on the spot. Nonetheless, as Bitcoin is becoming popular among merchants, a lot of companies are trying to provide them bitcoin payment processing services as well.