A 2009 study by Lexis Nexis shows that US merchants lose about $190 billion per annum to credit card fraud. A recent example involved the online retailer Target who’s database was hacked over the Xmas holidays. Customer credit card information was stolen and up to 15% of cards put to fraudulent use. Damage from the incident is estimated at $1billion.
Considering the amount that companies already spend on IT security, it seems logical that they be interested in a payment system that is a) more secure and b) has lower transaction fees. Hence, the case is being made that merchants do not need to be coerced into accepting Bitcoin, they would welcome it with open arms, since it would save them the administrative nightmare being added to on a daily basis by card fraud, as well as save them billions of dollars in the cost of fraud.
There is, of course, a symbiotic relationship between more merchants accepting Bitcoin and wider use among consumers. Any move by the retail sector toward accepting Bitcoin payment will have a positive impact on existing Bitcoin merchants, since they would already have experience of the market arena, have payment systems in place as well as have done mileage with those systems in the course of day-to-day business.
BitcoinShop offers 100,000s of products ranging from personal health & beauty products to electronics and home decor, as well as, food and garden products. Their core technology is built on Linux and other Open Source software with a Bitcoin Best Bid (BBB) system which interfaces to their vendors and suppliers to ascertain instantaneous correct pricing and inventory. Bitcoin is not the only cryptocurrency accepted for payment and BitcoinShop intend to add more options in future.
BitcoinShop, Inc. currently currently has stock ticker (OTCQB: TUCND) which will soon change to BTCS.
Last modified: February 20, 2014 08:06 UTC