Bitcoin Black Friday – Bitcoin (BTC, ฿, ₿) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
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.
A significant amount of information regarding the participating merchants in Bitcoin Black Friday was made public last Friday. You should have received an email containing some of the more well-known merchants that will take part in the annual event if you subscribed to receive early access to the first merchant list. Some of the most well-known names in the industry include Overstock, 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 only a few of the many retailers that will be taking part in the Bitcoin Black Friday event. Nevertheless, the significance of the event lies in the effect that it has on the economy of bitcoin. Many people now have faith that Bitcoin’s price will continue to trend upwards after it experienced a recent surge in value.
During the month of November, the price of Bitcoin soared to a high of $500 before plummeting to the $300s, which undeniably helped to restore people’s faith in the long-term viability of the currency.
The true impact of Bitcoin, however, is not found in its price; rather, we must consider the currency’s application in the real world to be the most important aspect of the currency as a whole. There are two types of people who advocate for bitcoins: those who want the cryptocurrency as a whole to be successful regardless of the price, and investors who want to profit off of the cryptocurrency’s wild price swings. Those who have faith in the technology behind bitcoin will be excited for the day when they can use their cryptocurrency to get discounts on a variety of products, including those related to technology as well as everyday items such as clothing, furniture, and more.
However, price fluctuations are almost certain to take place because bitcoin is constantly changing hands onto retailers who will want to sell it as quickly as possible in order to ensure their profits and avoid seeing a decrease in price that would lower their income from bitcoin-related sales. This will cause price swings. The type of bitcoin user that you are will determine whether or not this information is relevant to you.