Prepare to spend bitcoin – and not just because of the Black Friday bargains.
This year, buyers can spend or earn bitcoin on discounted deals from all over the world: the Bitcoin Black Friday event is back with over 300 merchants and associations, over 330 deals, and a chance to win 1 bitcoin ( BTC, -0.94%), still worth around $ 17,000.
“This is the way to get the attention of your average buyer around the world… We are trying to attract the same people who are looking for deals to do the same with bitcoin,” John Riggins, head of international operations at BTC Inc and organizer of Bitcoin Black Friday, CoinDesk said.
Read more: What is Bitcoin?
A number of crypto companies are also offering special discounts on products and services available to users all over the world.
Riggins and some participating merchants told CoinDesk that technology upgrades have improved the transactional use of cryptocurrencies, like Bitcoin’s Lightning Network. Combined with the recent rise in bitcoin prices and the growing popularity of cryptocurrencies around the world, this could make Black Friday 2020 the one to beat.
“Some of these offers are available to people around the world only in bitcoin. If they are in Vietnam and want to make a purchase from Newegg Australia, or if they are in a country under more scrutiny and cannot use their credit card or bank account to buy things online , they can still use Bitcoin and take advantage of those deals, ”Riggins said.
Bitcoin Black Friday Deals
The event will feature offerings from hardware manufacturers such as Trezor, Foundation Devices and Nodl.
Secure wallet provider Ledger is offering 40% discounts through Nov. 30 on Nano S and Nano X wallets, said Benoit Pellevoizin, vice president of marketing at Ledger at CoinDesk.
Pellevoizin added that the Nano S has a small storage capacity (two to three pieces), which is ideal for backup, while the Nano X has greater expandability and is Bluetooth connected so that you can use it in shifting.
Shoppers can also browse offers from online retailers for electronics (like Newegg) as well as food and home (shopping.io).
Part of this year’s Bitcoin Black Friday promotion features Fold’s Bitcoin debit card, where users will have the chance to earn 1 bitcoin if they register and refer others to the waitlist for the menu.
A special year
Bitcoin Black Friday was founded in 2012 as a popular initiative with a few dozen vendors participating by crypto enthusiast Jon Holmquist. In 2013, the event brought together 600 companies, but the momentum has slowed somewhat since. According to Riggins, although the event continued to a lesser extent, 2016 was the last year it was bitcoin-focused and had “efforts made” so far.
Bitcoin’s technical advancements since 2017, including Scaling and Lightning Network solutions, combined with better payment processors with improved functionality, make it a special year for Bitcoin Black Friday, Riggins said.
Learn more: What is Bitcoin’s Lightning Network?
For example, the Atlanta-based payments platform BitPay offers a number of discounted products, some going through December. BitPay VP of Marketing Merrick Theobald believes crypto payments have proven to be a safe and convenient way to shop online for businesses and consumers alike.
“This year, even more than in previous years, we have seen an increase in the number of people choosing to shop online, especially for the holidays,” Theobald told CoinDesk via email.
Ian Balina, CEO of AI-based cryptocurrency research platform Token Metrics, noted his business had its best month yet on YouTube, with more people watching explanations and comments. other content around crypto, thanks to the rise in the price of bitcoin.
“The level of interest in bitcoin and crypto is high, much higher even for us than it was in August during DeFi’s interest,” Balina said.
Token Metrics, itself, is celebrating its first anniversary this week with a special Black Friday deal, offering 40% off all of their subscriptions from November 27 through November 30.
Pellevoizin also agreed that 2020 is significantly different from Bitcoin’s previous price in 2017.
“I think the current crisis and the fact that for six months you’ve had a lot of newcomers to space makes Black Friday special this year,” Pellevoizin said.
Hodl or spend?
With the price of bitcoin recently approaching all-time highs, investors may be more inclined to buy and hold the asset for future gains. But BitPay’s Theobald doesn’t think it’ll get in the way of big Thanksgiving spending this week.
“Historically, when the price of bitcoin goes up, consumers feel good and are looking for ways to spend these new gains… Many hodlers have a target amount in mind and when crypto hits a certain price, they sell,” Theobald said. .
Taking it a step further, Riggins suggested that dedicated hodlers could always spend their bitcoin on discounted goods and services and redeem it later.
Read More: 3 Reasons Bitcoin Crashed $ 3,000 – And Why It’s Still Bullish
“We believe it’s time to start promoting Bitcoin’s payments use case again. Hodling Bitcoin is still important, but to support a circular economy we need both sides, ”said Riggins.
He added that some companies, like Strike, will let users pay for their purchases this Black Friday without actually selling their own bitcoin or paying capital gains tax.
Users can pay with Strike’s bitcoin, which they can access via Bitcoin and Lightning QR codes using the fiat of their bank accounts, Jack Mallers, founder of Strike, told CoinDesk by email.
In 2019, Americans spent $ 7.4 billion online on Black Friday. By offering deals to buyers around the world, crypto could potentially turn National Consumerism Day into a global phenomenon.
“The best gift is a crypto gift because crypto is the future of money,” Balina said.
Most of the offers on Bitcoin Black Friday will go live from November 27 through Cyber Monday.