Bitcoin and Black Friday
November 28 will mark the third occasion of Bitcoin Black Friday, which BitPay described as “the largest day of the year for bitcoin purchases.”
BitPay stated that Bitcoin Black Friday 2013 was the most popular day in Bitcoin commerce history and provided some data relating to last year’s event. BitPay experienced a 6,260 percent increase in transactions from the inaugural event in 2012, and BitcoinBlackFriday.com received more than 100,000 visitors.
This year’s event “is poised to be another groundbreaking event for digital currency sales,” said BitPay, whose blog post offers several reasons why Bitcoin Black Friday 2014 will be bigger:
Black Friday was by far the company’s largest day for transaction volume in 2013 with $6 million processed. Currently, the company processes $1 million in transactions daily.
Many high-volume online merchants such as Newegg, TigerDirect, and Warner Bros. Records have begun accepting Bitcoin.
PayPal merchants can now accept Bitcoin payments via BitPay in PayPal’s payment hub.
Merchant acquirers such as Alternet Systems and Global Payments have partnered with BitPay to allow their merchant network to easily integrate Bitcoin payments.
Point-of-sale systems DC POS, SoftTouch, and VisualTouch have integrated retail POS Bitcoin payments within their systems, offering Bitcoin acceptance to hundreds of thousands of new merchants.
Bitcoin Black Friday founder Jon Holmquist said that 1,200 merchants are expected to participate in this year’s event, which is looking to branch out the customer base beyond the realm of existing Bitcoin users.
“We have two things planned,” said Holmquist. “First is the ability to instantly purchase bitcoin with your credit card: a small amount, like $25 worth. For most people, that’s not too much of a risk. And we’re also going to have a section [of the site] where you can purchase something for a small amount of money.”
Holmquist said the event has grown to the point where he had to bring on some staff to assist in organizing it for the past two months.