Daily Management Review

‘House of Nakamoto’: The Story Of First Bitcoin Store In The World


The first Bitcoin store ever offers various range of products besides a “Bitcoin ATM”.

“House of Nakamoto” based in Vienna is the first “Bitcoin Store” which was founded by Magdalena Isbrandt, who recounted her discovery of Bitcoin, saying:
“I studied in Beijing, and after graduation, I worked at a German producer of jewellery in China. Some day my boss showed me a room full of processors. It was loud and hot. Then he told me that he mines bitcoin.”
After this encounter, Isbrandt met with “a colleague from the Philippines”, who complained about the expensive affair of sending money back to her family. It is then that the idea struck Isbrandt, who said:
“In this moment it ‘clicked,’ and I knew, that bitcoin can be a solution.”
When Isbrandt came to Berlin, she met Mathias Roch. Both were “interested in Bitcoin”. As a result, they “co-founded” a consultancy service for the Blockchain and Bitcoin, named BIT-Trust Services. Talking about BIT-Trust, Isbrandt said:
“Our House of Nakamoto is the first Bitcoin Store in Vienna, maybe in the whole world. The store has a size of 350 square meters and is on two floors. On the ground is the area for customers, above a lecture room and our offices.”
Some media has mistakenly called “House of Nakamoto”, located in the center of Mariahilfer Street, as a “Bitcoin Bank”. One month post its opening Nakamoto gets a daily customers ranging from eighty to hundred in number. Nakamoto’s attractions consist of “hardware wallets from Ledger and books to purchase”, while the main one of a “Bitcoin ATM” wherein people can purchase Bitcoin by paying euro or vice versa.
Moreover, Isbrandt also proudly demonstrates her company created products, including “the gift cards with the portraits of prominent representatives of the Austrian School of Economics” that is redeemable for bitcoin online. Additionally, the store also has a “paper asset, similar to old security certificates”. Isbrandt recounted:
“We created a private key, printed it out and sealed the cover. The key was made in a closed room, with dices for a better entropy, and printed with offline printers. The whole process was achieved in the presence of a notary, who testifies that the private keys have not been copied or saved.”
In fact, any person new to Bitcoin can avail “an introducing booklet” that comes with a “starter kit” along with “a hardware wallet and a gift card for bitcoin worth €15”. Enthusiastically, Isbrandt added:
“With this, you can immediately start with Bitcoin. All you need is a computer and internet. Like plug ’n’ play.”
There are future plans of Isbrandt to increase the store’s product range, whereby she continued:
“We want to offer everything which is available around Bitcoin. More hardware wallets, more books, T-Shirts, arts and more.”
The reason behind selecting Vienna as the location for opening the first Bitcoin lies in “regulatory” related issues. In Isbrandt’s words:
“In Austria, Bitcoin is seen as a ‘digital good,’ while in Germany it is considered a ‘unit of account.’ The result is that in Germany you need a license to trade bitcoin, and in Austria, you do not need it; this makes many things easier for us.”