We want to sincerely thank you for coming to BitCoinWorldMarket.com
Regretfully we have chosen to suspend business due to the current Bitcoin economic state.
Bitcoin is an idea that is ahead of its time. In terms of currency it is a brilliant idea that solves so many of our financial problems. However as most ahead-of-their-time solutions, it also introduces several problems that have negatively impacted its success.
The negative press surrounding Bitcoin starting with the first major theft and then numerous tragedies that struck the bitcoin community including the hack of Mt. Gox, Mybitcoin, Bitcoin7, and other major bitcoin companies, has struck at the core of people's perception of bitcoin. Bitcoin itself has weathered the storm and is currently even hovering around a very respectable price worth more than the US Dollar. The technology at the heart of bitcoin is still secure. Peoples perception of bitcoin unfortunately is not. The general population has poor standards for computer security and theft of bitcoin is becoming more and more prevalent. While not the fault of bitcoin, it does show that this technology is not ready for general use.
Hoarding is the biggest challenge that faces bitcoin today. People are not using their bitcoin to contribute to the bitcoin economy. As long as bitcoin spending is not happening, businesses trying to offer goods and services to the bitcoin community will not be able to be financially viable.
There are many who have attempted to create sustainable businesses using bitcoin and so far the truly successful ones (reading those that make a profit in the six figure range) are mostly based around the speculative trading of bitcoin.
We had hoped to be part of the shift of usage from a speculative commodity to a currency traded for goods and services. This shift is what bitcoin most needs to stabilize and move successfully into the future. The problem is that people don't often want to use speculative commodities for general currency.
People are just not spending their bitcoin on goods and services in any significant amount that contributes to supporting healthy economically viable businesses. This is not to say that there are not good business opportunities within the bitcoin economy, just that our attempt at being a general store with a wide variety of products available for purchase in bitcoin has not been successful.
While our opponents may point to a variety or reasons why we were unable to be successful, we feel that there is just not enough desire by consumers to use bitcoin as a currency at this time. Offering goods or services for bitcoin is just not a sustainable business model for a profitable business. The market just isn't strong enough yet.
So we bid farewell for the time being. We leave this site up as a monument to our efforts and a project we are still very proud of. If in the future the Bitcoin economy becomes economically viable for us to compete in we may be back.
We believe in the overwhelming benefits of Bitcoin and encourage everyone to experiment and find ways to support and spread the use of bitcoin. Good luck to Bitcoin and the community of bitcoin enthusiasts. We have enjoyed participating in the most exciting experiment the financial world has ever seen!
Dan M & Jonathan S
BitCoin World Market