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Saturday, November 26, 2022

Front and Center: Bitcoin Shop Inc (OTCMKTS:BTCS)

Bitcoin Shop Inc (OTCMKTS:BTCS) recently made a big move up off its base under a dime to highs over $0.35. Since then the stock has been consolidating touching the $0.20 mark.

The move up was marked by steady accumulation and excellent support before the recent shakedown. Speculators are looking for a comeback and break of $0.35 highs here.

Bitcoin Shop Inc (OTCMKTS:BTCS) is in the business of developing, marketing and operating an e-commerce website, which offers its users an online marketplace for transacting business in digital currencies, including Bitcoins, Litecoins and Dogecoins. The Company is also in the business of mining Digital Currencies specifically Bitcoin.

The Company operates the website btcs.com where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 2,000,000 items from 85 retailers (“Beta”), as well as their legacy site at legacy.bitcoinshop.us.

BTCS does not take physical possession or title to any inventory in either the Beta or Legacy sites. All orders are originated by the Company’s customers through its websites and are fulfilled by third party vendors. The Company charges its customers a processing fee and earns a profit margin on each transaction. Customers purchase merchandise on the Company’s websites in amounts denominated in Digital Currencies.

The Company converts a portion of the Digital Currencies received from its customers as payment, to an amount of USD that are needed to remit payments to third party vendors that ultimately fulfill the orders; provided, however the Company from time to time elects to retain the Digital Currencies and pay third party vendors with the Company funds.

BTCS has been making several important acquisitions and investments in recent months to drive future growth, some of them very smart investments; BTCS was one of just four investors in GoCoins Series A back almost a year ago. Since then PayPal partnered with GoCoin for their upcoming bitcoin integration. See here.

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In October of last year BTCS made a strategic investment in Coin Outlet, Inc. which plans to establish and operate a worldwide bitcoin ‘ATM’ kiosk network. Bitcoin Shop. Coin Outlet recently partnered with Locant Services who holds the exclusive rights to locate equipment such as bitcoin ATMs at over 100,000 high traffic locations across the United States. Coin Outlet also recently announced they are expanding into Europe.

In recent news BTCS said it was acquiring LibertyX’s (formerly Liberty Teller’s) ATM network. The four LibertyX machines will be rebranded as Coin Outlet ATMs but will still remain in their existing locations.

LibertyX gained fame for launching the very first Bitcoin ATM in the United States at Boston’s South Station, only a year ago. LibertyX Co-Founder Chris Yim said the decision to sell the ATM arm of their company to Coin Outlet was “a natural evolution of their business and allows them to scale quickly and focus on adding partners and services to their existing 2,500 cash-to-bitcoin store locations.”

Coin Outlet is also pleased to announce a newly developed backend network ecosystem that the Lamassu machines hook into. This system will allow any existing Bitcoin ATM machine or existing traditional ATM machine to exist on the Coin Outlet platform, regardless of the hardware platform of that machine. With this development, Coin Outlet will have the capital-raising ability to acquire existing viable ATM markets with proven revenue streams, and grow rapidly.

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Currently trading at a $28 million market valuation BTCS has a ton going for it here; the Company’s balance sheet has improved significantly with over $100,000 in cash and over $200,000 in digital currencies on the books. BTCS seems to be making all the right moves with an aggressive business plan and rapid expansion in a fast growing industry; 2015 looks to be a great year for bicoins; the sector continues to display major momentum with the number of bitcoin-related startups and jobs booming. We will be updating on BTCS when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with BTCS.

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Disclosure: we hold no position in BTCS either long or short and we have not been compensated for this article.

Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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