San Francisco’s First Bitcoin Retail Store

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Bitcoin ATM in Nakamoto’s Store

20Mission is welcoming the return of an old friend in a new form. The longtime coworking space and former home to Purse.io, located in the heart of San Francisco’s Mission District, is launching the opening of Nakamoto’s electronics. Nakamoto’s is the city’s, and potentially, the world’s first Bitcoin centric retail space where customers will receive eye opening discounts on all products for purchasing in Bitcoin. Think along the lines of 10% off Amazon 100% of the time.

Andrew Lee, the CEO of Purse.io, is excited to bring Bitcoin to the public. The lack of everyday practical use and application for Bitcoin was a driving factor in the concept for a physical retail location. Nakamoto’s is a direct extension of the Purse.io idea in brick and mortar form.

“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.”

What better way to stay in the Bitcoin community than to have the retail store primarily backed by the Bitcoin community itself? While other avenues like Kickstarter were considered it was important enough to support the bitcoin community and use one of their own. 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. Andrew already had experienced the platform as an investor in loans himself so it was something he and his associates were familiar with.

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Prices at Nakamoto’s store are up to 20% cheaper than normal retail rates

“BTCJam was not only a great way to raise money but awareness through the social attraction of the platform.”

During the funding process, Andrew and his associates were able to discuss the plans for the loan with their investors, bringing awareness to the Nakamoto project.

“San Francisco needs a killer Bitcoin merchant and store. Despite what the rest of the world thinks, there are very few practical merchants that accept bitcoin in the Bay Area.”

20Mission, once the the legendary home to Blockchain.info, Purse, 37Coins, Tradehill and Piper Wallet is the epicenter of Bitcoin in Silicon Valley and the meeting spot for San Francisco’s first Bitcoin meetups. Tonight Nakamoto’s will be hosting a mixer and pre launch party for the Bitcoin community at the 20Mission location starting at 7pm. The public grand opening will be Friday, February 6th. San Francisco and possibly the world will have it’s first retail store where Bitcoin is the primary currency.

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Looking to have your next idea funded? What are you waiting for? Head over to BTCJam and apply for a loan today.

– Jarrett Carlston BTCJam Team