You can buy clothes with ***

In April this year, a website called Bitfash.com slipped on the line and became the world’s first website to use *** to trade fashion. Moreover, it is worth noting that the site is based on China and Australia at the same time as a "base area" and seems to target China's huge *** holding market. Currently, Zara, Forever 21 and Mr.Porter products can be purchased directly on Bitfash, and other fashion brands have joined.

The two founders of the team member Bitfash were British Australian Chris Woods (26) and Indian Australian Keyur P. Kelkar (27). Prior to this, both were in an investment bank and the competition was fierce. Working in the industry, so I contacted and learned a lot about Asia's very complex and challenging business, corporate and financial work. Bitfash.com founders Chris Woods (left) and Keyur P. Kelkar. Bitfash.com founders Chris Woods (left) and Keyur P. Kelkar.

“We started to pay attention to the news from the end of last year, especially about what is the working principle of *** and *** and the future prospects and potential of entrepreneurship in this industry.” Chris said in an interview Says, "We have been firmly convinced that only after taking full consideration of possible risks and results in all aspects will the decision be made."

In order to launch this site, Chris and Keyur established Woods & Kelkar Co., Ltd. in Australia. They spent a lot of time to consider and plan the Bitfash website.

Operational Principles Before Bitfash appeared, there were already other sites offering similar services for purchase. However, their services were cumbersome and lengthy. They were very untargeted and took a long time to purchase products through the middle purchasing companies. Finally, it is sent to the user, which makes the buyer feel very inconvenient. Bitfash is determined to overcome these drawbacks.

“The entire site took over six months from the initial idea development, planning, to market research, website architecture and website development, and we spent most of our time improving user experience,” said Chris. “Bitfash has taken a completely new concept and has overcome the work of the middle-class purchasing service, making it as easy as possible for the *** holder to spend on our website.”

Bitfash connects customers and retailers through its website and charges a small fee. It works by first accepting *** from the buyer and then paying them in US dollars or other legal currency approved by the retailer for the cost of the product purchased by the buyer (Bitfash website provides real-time exchange rates, so shopping The total purchase price of the goods they purchase can be known in a timely manner. That is to say, the entire shopping process of the consumer is seamlessly integrated with the retailer's interface, just like shopping on the official website of the brand, except that the payment is ***. Bitfash's website does not store any *** data, *** addresses, or *** keys. The Bitfash website's merchandise can be sent to the United States, Canada, Europe, Asia (including Australia), and delivery times range from two days to two weeks.

Business Opportunity "We thought of linking *** to fashion. It was because we observed that there are many *** holders in the world who have a lot of wealth, but no one channel can provide it. They, let them use *** to buy fashion-related products. This is a gap in the current market, and hope that through my Bitfash for the majority of *** holders to create a brand new channel of goods."

At the beginning of Bitfash's launch, consumers could only purchase Zara and Forever 21 products, and recently Mr.Porter also joined their camp, which made Chris excited. Because Mr.Porter is not a single brand, but a retailer, when it joins, *** users can directly purchase more than 180 brands of goods. Moreover, it is worth noting that Mr. Porter is targeting high-end, more selective users to purchase more distinctive products.

“We have a very strict screening process for each retailer, mainly to measure whether the retailer can effectively and appropriately supplement our existing brand library and whether it can bring about good commercial effects. We also emphasized whether the retailer has a wide range of effective distribution channels and the brand's position in the market.” Chris said with great confidence, “The next 12 months will be amazing and users will see Our brand library has more dramatic changes. We will announce our fourth retailer in June and will continue to update existing retailer brands. Several independent small retailers have already contacted us and hope to join us. Brand library."

Currently, as the company’s co-founder, Chris has quit his original job and moved to work in Beijing. Keyur stays in Australia. Although he still retains a position in a major oil and gas company, once the time is ripe, Will invest in Bitfash's operations. In the interview, Chris also revealed that he is stepping up to learn Chinese, and shared more ideas for us.

Q: How is the current operation of the website and how much volume is there? What areas are there in?

A: Due to company policy, we cannot disclose or discuss the sales volume and turnover. Then we would like to tell you about some Bitfash related data information:

· Web viewers: The top three regions: Asia/Oceania 35% (China accounted for 8%, including viewers from more than 35 cities), 32% in the Americas (North and South America), and 32% in Europe;

· Web browsers come from 5 continents in the world;

· The current major buyers are from Asia/Oceania and the United States;

· Most purchasers are between 18-34 years old;

• There are currently three retailers, Zara, Forever21 and Mr.Porter. In addition, more retailers are currently in our business evaluation and technical testing phase and will soon be logging in to Bitfash.

Q: Is it expected that more and more Bitfash-like websites will appear in the future?

A: The current position of Bitfash is very unique. We expect to see more websites in similar industries in the future. Based on this, we provide users with an integrated shopping experience. As a new generation of websites, we focus on meeting the requirements of fashion users worldwide. In order to promote the development of *** as an alternative currency, allowing *** holders to use *** as a circulation currency for consumption, we think that the emergence of sites such as Bitfash is very necessary. At the same time, this also requires the development and improvement of the infrastructure necessary for the circulation of the banking system, such as the exchange platform, easy-to-use business services and, of course, the necessary government supervision.

Q: How many Chinese *** holders are there? Is it more difficult for you to conduct this business in China than anywhere else?

A: We believe that China's *** market is still in its initial stage, but its potential to develop into one of the world's largest ***-related markets in the short term is very large. Interestingly, CCTV has broadcast two documentaries and news on *** in the past one month.

As far as Bitfash's market is concerned, China and India are two key points in our development plan. Due to the market share of these two countries and the growth potential of online retail consumption, we are paying close attention to the development of these two countries. It is only a matter of time before China and India catch up with the development of the *** market in other regions. We very much hope that we will also participate in the development process.

Like any other country, China will have unique challenges related to this country for our business, whether it comes from various considerations of regulators or as a Chinese *** holder of Western fashion culture. Different aesthetics or values. Because I now live in China, we believe that Bitfash has a unique advantage over other western websites. At the same time, we also have public relations and translation professionals. At the same time, we also employ external network development teams, accountants and lawyers to assist our development.

Q: Have you ever thought of collecting *** in this way?

A: We have noticed that many people tend to hold *** in consideration of price factors. This is also one of the main reasons why *** prices have so far fluctuate in varying degrees. Our view is that simple coin holding and accumulation cannot actively promote the development of a healthy currency exchange platform, nor can it promote the healthy growth of *** as an alternative currency.

Keyur and I both think that *** as a mobile currency should have more room for development, so our business philosophy is always that we will not accumulate *** through price speculation. After we receive the consumer's ***, we will convert it into the general currency at the first time for the consumer to purchase the product on our website (we pay the retailer in U.S. dollars).

We would like to emphasize that the Bitfash website does not invest in *** prices, so we keep the number of *** for website operations to a minimum. The surplus of *** is only for the purposes of return or company operations that may occur under the circumstances.

Q: Do you also have been one of the “coal mining” forces of the ***, how many *** are they holding?

A: Sorry, we can't disclose the exact number of *** we hold. We personally hold a certain number of *** and we also use *** to purchase goods or services.