Bitcoin and Retail Sector Guide

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 ForumPingwest ForumPingwest ForumPingwest Forum
29292929thththth June 2013June 2013June 2013June 2013

Chris WoodsChris WoodsChris WoodsChris Woods
About meAbout meAbout meAbout 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

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

TimelineTimelineTimelineTimeline
Introduction/Introduction/Introduction/Introduction/ 简介
2010:2010:2010:2010: 1 pizza = 10,000 Bitcoins ！
2012:2012:2012:2012: Wordpress accepts Bitcoin
2013:2013:2013:2013:
– 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

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

OnlineOnlineOnlineOnline
• Two types of API service provider
– Without exchange facilitiesWithout exchange facilitiesWithout exchange facilitiesWithout exchange facilities
o Business model: charge the
merchant a % to receive the Bitcoins
o Example: Walletbit (0.89%)
– With exchange facilitiesWith exchange facilitiesWith exchange facilitiesWith exchange facilities
o 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: WalletBit
o Asia Pacific:Asia Pacific:Asia Pacific:Asia Pacific: Coinjar & Bitpiggy
o Mt Gox
o 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 & BitInstant
o 欧洲：WalletBit
o 亚太：Coinjar & Bitpiggy
o Mt Gox
o 这些业务面临的巨大困难：监管
执照的获得!

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

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

Step 3: CompleteStep 3: CompleteStep 3: CompleteStep 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）

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

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

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

For ConsumersFor ConsumersFor ConsumersFor Consumers
Current IssuesCurrent IssuesCurrent IssuesCurrent Issues //// 现存的问题
Broad acceptance
Wallet security
Ease of use
1. Setting up account
2. Obtaining Bitcoins
3. 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 volatility
Transfer 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

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

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 - Chris.woods@woodskelkar.com

16
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

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