02 December 2016
visit http://www.wolterskluwerfs.com

Bitcoin merchants plan own Black Friday

05 November 2012  |  6748 views  |  1 Online Buy and sell button

More than 50 Bitcoin merchants are banding together for their own version of Black Friday in a bid to stimulate the virtual currency economy.

Black Friday has become an annual event in the US, taking place the day after Thanksgiving, with stores opening early and holding sales to mark the beginning of the Christmas shopping season.

As many as 75 merchants are expected to participate in the copycat Bitcoin Friday, to be held this week, slashing their prices, holding 'Bitcoin parties' and offering customers new to the currency instruction, assistance and tools to make transactions.

The event is the brainchild of precious metals trader Coinabul.com, Bitcoin exchange Mt.Gox and merchant services provider BitPay.

Coinabul says that the although Bitcoin has grown a lot, with nearly a million clients online, less than a quarter of all coins are actually being spent, with 78% left sitting stagnant. The firm hopes that Bitcoin Friday will serve as a stimulus and get some of those stale coins circulating.

Comments: (1)

A Finextra member
A Finextra member | 05 November, 2012, 10:26

Stating the blindingly obvious I know... But a global virtual currency that is the 'leader' only has 200,000 active users....  (78% of coins lie dormant)  -  Charles Cohen launched Beenz over 10 years ago now i think - and had a combination of factors working against him... now in a much more online world it sounds like Bitcoin may follow Beenz into the history books. Not sure Black Friday is a basis for a  successful long term relationship.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

European Central Bank warns of virtual currency risks

European Central Bank warns of virtual currency risks

30 October 2012  |  12085 views  |  6 comments | 19 tweets | 5 linkedin
Hacked Bitcoin exchange Bitfloor reopens

Hacked Bitcoin exchange Bitfloor reopens

28 September 2012  |  6174 views  |  0 comments
Bitfloor exchange shuts down after $250,000 heist

Bitfloor exchange shuts down after $250,000 heist

05 September 2012  |  5346 views  |  0 comments
Users sue Bitcoin exchange over $460k in missing funds

Users sue Bitcoin exchange over $460k in missing funds

13 August 2012  |  7173 views  |  0 comments
Bitcoin exchange TradeHill sues Dwolla

Bitcoin exchange TradeHill sues Dwolla

07 March 2012  |  7600 views  |  0 comments
Sofa surfers serve up Black Friday bonanza

Sofa surfers serve up Black Friday bonanza

28 November 2011  |  5176 views  |  0 comments
Bitcoin POS system developed

Bitcoin POS system developed

21 October 2011  |  12523 views  |  0 comments
Phoney Bitcoins caused MT Gox virtual currency crash

Phoney Bitcoins caused MT Gox virtual currency crash

05 July 2011  |  11690 views  |  1 comments
Bitcoin value crashes after exchange compromised

Bitcoin value crashes after exchange compromised

20 June 2011  |  18921 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Find out moreVisit VocaLink.comVisit capgemini.com

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6047 views comments | 22 tweets | 21 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5431 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5332 views comments | 13 tweets | 12 linkedin
EBA told that tougher authentication will have a "chilling" effect on single marketEBA told that tougher authentication will...
5300 views comments | 18 tweets | 20 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5231 views comments | 15 tweets | 13 linkedin

Featured job

Find your next job