Bitcoin Price Goes up on #BitcoinBlackFriday

Journalist:
Caleb Chen @bitxbitxbitcoin
November 29, 2014

Despite a steady drop in the Bitcoin price following the beginning of #BitcoinBlackFriday around the world, the Bitcoin price seems to be on an uptrend as the day draws to a close. The low from earlier today was ~$358, and the Bitcoin price has quickly jumped to ~$381 on Bitstamp. The site bitcoinblackfriday.com has had an undeniably large effect on the development of Bitcoin Black Friday each and every year. BitcoinBlackFriday founder Jon Holmquist, speaking exclusively with CCN, said:

We’re super excited for Black Friday, although we had a couple hiccups launching the site, we’re now ready for the holiday shopping spree!

Also read: Bitcoin Black Friday 2014 Soon to Be “Most Popular Day In Bitcoin Commerce”

Bitcoin Use Surges On #BitcoinBlackFriday

Bitcoiners are increasingly buying back their bitcoins as soon as they sell them; in some instances, Bitcoiners will end up buying just as much or more bitcoin than they originally spent. Services such as Coinbase’s “repurchase” feature expedite this process and integrate it into their Bitcoin shopping habits. Remember that #BitcoinBlackFriday is a recent phenomenon and each year there are exponentially more Bitcoiners and bitcoins moving around.

As more and more merchants hold larger and larger percentages of the bitcoins received (on average), the Bitcoin ecosystem grows. Increasingly, small businesses are even able to pay their costs using Bitcoin. There are services around the world that let you use Bitcoin to pay for utilities or common business services such as VPNs or domain name registration. Some businesses are even able to pay their suppliers directly in Bitcoin.

Bitcoin Black Friday continues past Friday. The same way that Amazon and other online retailers are opting to do a “Cyber Week” to truly milk America’s collective consumerism for all that it’s worth, Bitcoin merchants are finding that discounts generate traffic, generate publicity, and generate sales. For example, Newegg’s Bitcoin only deals are valid until Cyber Monday. The data from Bitcoin Black Friday 2014 will be released soon after the sales end, but it is already expected to be the biggest day in Bitcoin commerce.

What do you think about the Bitcoin price rise on #BitcoinBlackFriday? Comment below!

Images from Shutterstock.

Last modified (UTC): November 29, 2014 00:49

Tags: Black Friday
Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.