There are 247 tea selections among the 100,000 items in the Bitcoin MegaStore, an online marketplace where Bitcoin owners can exchange their Bitcoins for a wide variety of goods.
The site launched in August.
Popular brands like DoMatcha, Stash Tea Company, a Royal Tea from Newman’s Own, offerings from Numi Organic Tea, Zhena’s Gypsy Tea, Lipton, Rishi, Impra, Snapple and Twinings Earl Grey Tea appear on the site. Offerings include loose leaf tins, pouches, tea in K-Cups and tea bags. There is a smaller selection of roasted coffees.
There are also a few independent tea retailers like Toronto-based The Tao of Tea which listed a one-pound package of Liquid Jade Matcha for ฿0.0819 ($US70.43 or $CAD75.22). Six 50-count packages of Taylors of Harrogate Pure Assam Tea lists for ฿0.0537 ($US46.29) and 88-count package of Snapple’s Lemon Tea in K-Cups is listed at ฿0.0826 ($US70.87).
If the prices look bit strange Bitcoinshop.US trades in a digital currency that can be used by Bitcoin owners to purchase a wide variety of goods. On Dec. 15 a single Bitcoin traded for $US858 or $CAD913 in Canada or $AUD964.23 in Australia or £528.58 in England or €625 in Europe. There is no evidence the Bitcoin MegaStore has replaced more established marketplaces like eBay and Amazon.com nor does it appear that the manufacturers of these teas are using the MegaStore in place of their own digital shopping carts. Numi, Rishi, Stash and other websites checked do not list Bitcoin as a payment option.
It’s amusing to compare prices in traditional government-backed currencies. Doing so does not reveal bargains. An 8-ounce pouch of Numi Tea Emerald Sun, Flowering Green Tea containing with 34 flowering blossoms is listed for ฿0.0744 ($US64.20) in the MegaStore and $58.30 on Amazon ($7.29 per ounce). On Mugg.us the same tea was listed at $74.60 reduced to $19.95. Ito-En’s Yawaragi Bancha in 5.3-ounce packages (Pack of 10) is ฿0.0842 ($US72.66) in the MegaStore and $US66.00 ($US1.25 per ounce) on Amazon and Yahoo! Shopping and for $CAD133.78 ($US126.37).
According to a press release the store, created by entrepreneurs Michal Handerhan and Tim Sidie, has exceeded their wildest expectations since opening while meeting holiday shopper’s needs.
“We consider Bitcoins to be a legitimate currency, a currency strictly controlled by mathematical and free market principles, and not by political or geographical factors. We believe that a global currency not based on single government control or influence is the next logical step to a truly global economy,” said co-founder Handerhan.
“With the Bitcoin rate climbing, shoppers will get their Bitcoins’ worth this holiday season…” says Handerhan. Bitcoin has received increased media attention following a recent U.S. Senate hearing and has generated interest in the financial community with its promise as a global currency.
“My personal belief is that it’s in the U.S. government’s best interest to recognize Bitcoin as a currency just like any other,” says Handerhan, “however I would discourage any tight regulations that would hinder businesses like BitcoinShop.US, or worse — push them out of this country.”
Learn more at www.BitcoinShop.US