Bitcoin

Bitcoin Black Friday: Merchants and Impact on Bitcoin

Armaan Chandnani | Nov 26, 2015 | 08:00

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Bitcoin Black Friday is known to the bitcoin community as the biggest single day of spending for Bitcoin merchants. Much of bitcoin’s economy revolves around its real world use; Bitcoin Black Friday encourages this idea by offering incentives for purchasing with Bitcoin. On this day, hundreds of discounts will be offered exclusively to Bitcoin buyers on electronics, holiday gifts, clothing, and much more. With over 150 participating merchants, Bitcoin Black Friday promises to be the biggest day of spending for Bitcoin.

Also read: Bitcoinist Advertisement Prices Slashed During Black Friday

Much information was released last Friday in regards to Bitcoin Black Friday’s participating merchants.  If you subscribed for early access to the first merchant list, you should have received an email containing some of the bigger name merchants that will participate in the yearly event. Some of the big names include: Overtstock, TigerDirect, Newegg, Dell, and Gyft. However, a variety of small companies will be participating as well and should not be overlooked:

• Namecheap: offers domains and hosting services to purchase
• REEDS Jewelers: discounts on jewelry
• Mixedtees: discounts on tees, hoodies, and other merchandise
• Bitsoaps: soaps molded in the shape of bitcons with discounts if paid with bitcoin

Impact on Bitcoin

These are just a few of the many merchants that will participate in Bitcoin Black Friday. However, the importance of the event lies in the impact it has in bitcoin’s economy. The resurgence of Bitcoin’s price has given faith to many that it will continue in an upward trend. The month of November saw Bitcoin achieve a high of $500 before crashing down to the $300’s, which certainly restored faith in the longevity of the currency.

Bitcoin’s true impact is not found in its price though, as we must consider its real world application to be the most important aspect of the currency. There are two supporters of bitcoins, those that want the currency to succeed as a whole regardless of the price, and investors who want to use bitcoin’s radical price swings to profit. Those that trust bitcoin’s technology will love a day in which they can spend it through discounted prices on many tech related products as well as general use clothing, furniture, etc. However, price swings are sure to happen as bitcoin changes hands onto retailers who will want to sell it as soon as possible in order to ensure their profits rather than seeing a decrease in price that would lower their income from bitcoin related sales. Whether its relevant or not depends on the type of bitcoin user one is.

What does this mean for customers?

Bitcoin Black Friday promises to be a day filled with spending by bitcoin holders as well as people wanting to take advantage of price swings that will follow. The real impact will be found in the world-wide spread of bitcoin as a usable currency. Black Friday is more than just a day where you can find deals on products before entering the holiday season. It will become a day where bitcoin awareness is spread through positivism rather than the usual negativism spread by government officials and non-supporters of bitcoin. A new stage in bitcoin’s development is approaching, whether its negative or positive is irrelevant, as it will be a new starting point in bitcoin’s life.

Will you participate in Bitcoin Black Friday? Let us know in the comments below!

Images courtesy of Mixed Tees and Bitcoin Black Friday.