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Bitcoin and the Retail Sector Bitcoin and the Retail Sector Bitcoin and the Retail Sector Bitcoin and the Retail Sector 比特币和零售业 Pingwest Forum Pingwest Forum Pingwest Forum Pingwest Forum 29 29 29 29 th th th th June 2013 June 2013 June 2013 June 2013

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Page 1: Bitcoin and retail

Bitcoin and the Retail SectorBitcoin and the Retail SectorBitcoin and the Retail SectorBitcoin and the Retail Sector比特币和零售业

Pingwest Forum Pingwest Forum Pingwest Forum Pingwest Forum 29292929thththth June 2013 June 2013 June 2013 June 2013

Page 2: Bitcoin and retail

Chris WoodsChris WoodsChris WoodsChris Woods

About me About me About me About me / / / / 个人简介

• English / Australian, live in Beijing• Former Investment Banker• Crypto-currency enthusiast• I hold Bitcoins and shop using

Bitcoins• My Business: Woods & Kelkar

Digital Currency Investments & Advisory– Headquartered in Australia– Business partner: Keyur Kelkar– Provides investments in digital

currency start ups (<250,000CNY)– Provides advice to companies,

merchants and users of digital currencies

– Current key business: Bitfash.comBitfash.comBitfash.comBitfash.com

伍立思• 英国 / 澳大利亚人,现居北京

• 曾是投资银行家

• 加密电子货币爱好者

• 我拥有比特币,也用来消费

• 我的公司:Woods & Kelkar 电子

货币投资咨询公司

– 总部位于澳大利亚

– 商业伙伴:Keyur Kelkar– 向电子货币初创企业进行投

资(<250,000CNY)– 向公司,商户和电子货币使

用者提供咨询意见

– 目前主要业务:Bitfash.comBitfash.comBitfash.comBitfash.com

Page 3: Bitcoin and retail

EnglishEnglishEnglishEnglish

ContentsContentsContentsContents / / / / 内容

• Introduction and timeline of key milestones

• How does Bitcoin work in the retail sector?– Online retail – Physical retail

• Key advantages– for merchants– for consumers

• Current issues / drawbacks• Conclusion• Q & A

中文• 简介及重点事件时间轴

• 比特币如何在零售行业使用?

– 在线零售业

– 实体零售

• 主要优势

– 对商户来说

– 对消费者来说

• 目前的问题/ 弊端

• 结论

• 提问

Page 4: Bitcoin and retail

TimelineTimelineTimelineTimeline

Introduction/ Introduction/ Introduction/ Introduction/ 简介

2010:2010:2010:2010: 1 pizza = 10,000 Bitcoins !2012:2012:2012:2012: Wordpress accepts Bitcoin2013: 2013: 2013: 2013:

– Bitcoinstore.com (Feb)– URL based procurement

services (Mar)– “2nd generation Bitcoin proxy-

purchasing systems” (Bitfash.comBitfash.comBitfash.comBitfash.com) (Apr)

– Coingig.com (Apr)– OKCupid.com (Apr)– EVR bar, New York (Apr)– Gyft.com (May)

June 2013:June 2013:June 2013:June 2013: Over 10,000 merchants online now accepting Bitcoin

时间轴2010201020102010:一个披萨 = 10,000比特币!

2012201220122012:Wordpress 接受比特币

2013:2013:2013:2013:– Bitcoinstore.com (二月)– 基于 URL 的代购服务(三月)– “第二代比特币代理购买服

务”(Bitfash.comBitfash.comBitfash.comBitfash.com) (四月)– Coingig.com (四月)– OKCupid.com (四月)– EVR bar, 纽约 (四月)– Gyft.com (五月)

2013201320132013年六月:::: 超过 10,000 家在线商

户接受比特币

Page 5: Bitcoin and retail

OnlineOnlineOnlineOnline

How doesHow doesHow doesHow does a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? 比特币交易如何运作?

• This requires two things:

• A merchant who accepts Bitcoins and has either a Merchant Application Programming Interface (API) or a simple digital wallet

• A consumer who has a digital wallet with enough Bitcoins in it to complete the transaction

网上

• 需要达到以下两个要求:

1. 接受比特币的商户需要拥有商户应用程式界面或普通的电子钱包

2. 消费者的电子钱包里必须有足够的比特币来完成交易

Page 6: Bitcoin and retail

OnlineOnlineOnlineOnline

How doesHow doesHow doesHow does a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? 比特币交易如何运作?

• Two types of API service provider– Without exchange facilitiesWithout exchange facilitiesWithout exchange facilitiesWithout exchange facilitieso Business model: charge the

merchant a % to receive the Bitcoinso Example: Walletbit (0.89%)

– With exchange facilitiesWith exchange facilitiesWith exchange facilitiesWith exchange facilitieso Business model: charge the

merchant a % when converting Bitcoins into ‘fiat’ currency

o To date, service providers with exchange facilities have been regional

o USA:USA:USA:USA: BitPay (1%) , Coinbase & BitInstant

o Europe:Europe:Europe:Europe: WalletBito Asia Pacific:Asia Pacific:Asia Pacific:Asia Pacific: Coinjar & Bitpiggyo Mt Goxo Big difficulties with this business

model – regulatory licensing!

网上• 两种类型的应用程式介面(API)服

务提供商

– 没有交易所设备o 商业模式:向商户收取一定的费

用来接受比特币o 例子:Walletbit(0.89%交易费)

– 拥有交易所设备o 商业模式:向商户收取一定的费

用来把比特币兑换成法定货币o 到目前为止,拥有交易所设备的

服务提供商仍为区域性o 美国:BitPay (1%交易费) ,

Coinbase & BitInstanto 欧洲:WalletBito 亚太:Coinjar & Bitpiggyo Mt Goxo 这些业务面临的巨大困难:监管

执照的获得!

Page 7: Bitcoin and retail

OnlineOnlineOnlineOnline //// 网上

Step 1: Choose Product:Step 1: Choose Product:Step 1: Choose Product:Step 1: Choose Product:第一步:选择商品

How doesHow doesHow doesHow does a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? 比特币交易如何运作?

Page 8: Bitcoin and retail

OnlineOnlineOnlineOnline //// 网上

Step 2: Fill out Step 2: Fill out Step 2: Fill out Step 2: Fill out delivery informationdelivery informationdelivery informationdelivery information第二步:填写送货信息

How doesHow doesHow doesHow does a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? 比特币交易如何运作?

Page 9: Bitcoin and retail

How doesHow doesHow doesHow does a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? 比特币交易如何运作?

OnlineOnlineOnlineOnline //// 网上

Step 3: Complete Step 3: Complete Step 3: Complete Step 3: Complete checkout:checkout:checkout:checkout:第三步:完成支付

Option AOption AOption AOption A ((((选择““““AAAA””””):):):):Send Bitcoins manually using unique wallet address (通过

单一钱包地址发送比特币)

Option BOption BOption BOption B ((((选择““““BBBB””””):):):):“Click to pay” (点击支付)

Option COption COption COption C ((((选择““““CCCC””””):):):):Use QR Code (使用QR码)

Page 10: Bitcoin and retail

How doesHow doesHow doesHow does a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? a Bitcoin transaction work? 比特币交易如何运作?

Example:Example:Example:Example:Cup Cake Shop in San Francisco, USA

例子::::在美国旧金山的杯子蛋糕店

In shopsIn shopsIn shopsIn shops //// 商店里

Page 11: Bitcoin and retail

To MerchantsTo MerchantsTo MerchantsTo Merchants

Current AdvantagesCurrent AdvantagesCurrent AdvantagesCurrent Advantages //// 优势

� Unidirectional transactions– Finality– Chargebacks– Refunds

� Lower merchant fees– Helps small businesses

对商户来说

� 单向交易

– 终局,不可逆转

– 退单/拒付

– 退款

� 较低的商户费用

– 对小型商业有帮助

Page 12: Bitcoin and retail

To ConsumersTo ConsumersTo ConsumersTo Consumers

Current AdvantagesCurrent AdvantagesCurrent AdvantagesCurrent Advantages //// 优势

� Overcomes the risk of “Card-Not-Present” problems in online transactions

- Fraud- Worldwide: US$5.6billion/year

- Identity theft- USA: 10 million victims- USA: 65% of identity theft

comes from credit card fraud� Overcomes cross border credit card

payment problems� Can pay using portable electronic

devices (e.g. mobile phone)� Overcomes the issues with Paypal

-Worldwide acceptance-Account freezing-Fees-Security of personal information

� “Ringfence” online presence

对消费者来说� 克服“无卡”网上消费的风险

- 诈骗

- 全球: US$56亿美金/年- 身份盗窃

- 美国: 高达1000万受害者/年- 美国: 65% 的身份盗窃来源

于信用卡诈骗

� 克服境外信用卡支付的麻烦

� 可以用移动电子设备(例如:手机)� 克服和贝宝相关的问题

- 世界范围内的接受度

- 帐户冻结

- 高费用

- 个人信息安全

� 网上信息透露界限

Page 13: Bitcoin and retail

For ConsumersFor ConsumersFor ConsumersFor Consumers

Current IssuesCurrent IssuesCurrent IssuesCurrent Issues //// 现存的问题

Broad acceptanceWallet securityEase of use

1. Setting up account2. Obtaining Bitcoins3. Payment practicality

对消费者来说

尚未被广泛接受

电子货币钱包的安全

使用的方便程度1. 设立帐户

2. 获得比特币

3. 支付的实用性

For Merchants

? ? ? ? Currency volatilityTransfer of consideration at point

of sale? ? ? ? Evolving tax & accounting guidance? ? ? ? Evolving regulatory environment

对商户来说

? 汇率波动

交易点对价转移? 正在发展的税务和会计准则? 正在发展的监管环境

Page 14: Bitcoin and retail

WhatWhatWhatWhat’’’’s next?s next?s next?s next?

Conclusion / Conclusion / Conclusion / Conclusion / 结论

• Continuous adoption by forward thinking merchants

• Education– Government– Media

• Regulation• Tax & accounting guidance• More worldwide

entrepreneurs entering the sector and creating – faster exchanges– more secure digital wallets– more robust payment

facilities for merchants

未来发展

• 前瞻性的商户将继续接受比特币

• 教育引导

– 政府

– 媒体

• 监管

• 税务及会计准则

• 全世界将有更多创业者加入电子货币行业并且创造出:– 更快速的交易所平台

– 更安全的电子钱包

– 更便捷、方便的商户支付系统

Page 15: Bitcoin and retail

Thank you for listening!Thank you for listening!Thank you for listening!Thank you for listening!谢谢

Questions & AnswersQuestions & AnswersQuestions & AnswersQuestions & Answers提问与回答

Email / 电邮 - [email protected]

Page 16: Bitcoin and retail

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DisclaimerDisclaimerDisclaimerDisclaimer //// 免责声明

This document may not be reproduced, referred to or furnished to any other person without the consent of Woods & Kelkar Pty Ltd (Woods

& Kelkar).

All the information in this document has been obtained from either publicly available sources or confidential information, none of which has

been independently verified by Woods & Kelkar.

Woods & Kelkar does not make any representation or warranty, express or implied, with respect to the information contained in this

document, its accuracy or completeness. This document does not constitute financial advice.

Woods & Kelkar Pty LtdWoods & Kelkar Pty LtdWoods & Kelkar Pty LtdWoods & Kelkar Pty Ltd

Melbourne, Australia

Perth, Australia

www.woodskelkar.com