20Mission Announces the Launch of the First Bitcoin Retail Store in San Francisco


20Mission Announces the Launch of the First Bitcoin Retail Store in San Francisco

20Mission, a 41 room community in San Francisco for art and technology creators in the heart of the Mission District, has announced that it is launching Nakamoto’s electronics, the first Bitcoin retail store in San Francisco. This is going to be a huge development for the locals as they would now be able to use the digital currency.

According to the announcement it is a former home to several Bitcoin startups, including Blockchain.info, 37Coins, Tradehill, Piper Wallet, and Bitcoin marketplace, Purse.io, etc. The release from the organization informs that Nakamoto’s tech retail store follows the initial concept behind Purse.io; however, in brick-and-mortar format.

An official from the organization says that it aims to give more practical uses and applications for the digital currency on a local scale. Additionally, Nakamoto’s electronics offers dozens of popular products, including Chromebooks, Amazon Kindles, Apple headphones, and Raspberry Pis. Thus, a whole range of products are available with the company.

Nonetheless, as the outlet offers a minimum 10% discount off the Amazon price when paying with Bitcoin, it is expected to fetch lots of customers. Talking to media professionals Andrew Lee, CEO of Purse.io commented that it is a great way to onboard new users with goods and products that they can pick up and physically touch.

According to Andrew Lee his company will have a BTM or popularly called Bitcoin ATM on site 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.

Most of the Funding Came from BTCJam, a Brazilian Company

The company informs that it received lots of funds from BTCJam, a peer-to-peer lending platform that gathers investors and Bitcoin enthusiasts. It says that the Brazilian software engineer Celso Pitta formed BTCJam to provide global P2P lending powered by Bitcoin. Lately, it has emerged as a major lender for several startups.

Nonetheless, as the platform uses a credit-scoring algorithm that works online and on a global scale, that leverages users’ social media profiles, including Twitter, Facebook and LinkedIn, and e-commerce transaction history, such as PayPal and eBay, as well as traditional date points, to grade borrowers, it has become extremely popular among the businesses.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com