Bitcoin Black Friday: Reinventing Virtual Currency

If you’re considering trying out Bitcoin as an alternative to your nation’s currency, Friday, November 9 will be a good day to start.

In an attempt to raise Bitcoin awareness, retailers are dubbing November 9 as “Bitcoin Friday” — the virtual currency’s version of the Black Friday shopping holiday which takes place three weeks later. At least 25 retailers are participating, and hope to both inform new users about Bitcoin’s perks as well as deflect some of the negative press Bitcoin has received lately due to security and drug trafficking concerns.

“I believe this sale will expose how much cheaper it is to transact in Bitcoin than in U.S. dollars,” says Jon Holmquist, head of marketing for Coinabul and Bitcoin Friday’s organizer. “The end goal is to convince consumers in the U.S. that using Bitcoin can save them money,” Holmquist told American Banker.

According to Holmquist, Coinabul, Mt. Gox and the Room 77 restaurant are among those retailers offering deals on Nov. 9, and he hopes to encourage “door-buster specials” as well.

Bitcoins have been in the news for all the wrong reasons as of late. A few weeks ago, we learned that 78 percent of all Bitcoins are currently not in circulation. In September, Bitcoin exchanger Bitfloor had to temporarily shut down after a theft of the equivalent of $250,000. And in the recent past, we’ve seen Bitcoins linked to the Silk Road drug trade, thanks in large part to its lack of regulatory enforcement.

An event like Bitcoin Friday could serve to frame Bitcoins in a more positive light, and is a gimmick Holmquist believes could lead to more mainstream adoption for the struggling virtual currency.

“We already have plans to do a second year,” Holmquist said. “There’s talk of doing something at Christmas as well.”

Read more about Bitcoin Black Friday, click here.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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