It’s that time of the year again.
Get your bitcoin wallets at the ready and prepare yourself for a day of frenzied discounted online shopping. Bitcoin Black Friday is back!
Founded by digital currency entrepreneur Jon Holmquist, the event, which sets out to unite cryptocurrency enthusiasts and retailers for a day of bitcoin-fuelled consumerism will take place tomorrow.
Now in its third iteration, Bitcoin Black Friday is often cited as one of the year’s busiest periods in terms of bitcoin transactions.
James Walpole, a marketing associate at bitcoin payment processor BitPay told CoinDesk:
“The bitcoin user base is growing and the bitcoin payment experience is getting better, so we expect that the spending patterns for this year’s Bitcoin Black Friday will be a continuation of last year’s trend towards payments for everyday items.”
Back in 2013, Walpole said, most of the items purchased during the shopping extravaganza were bitcoin-related products such as mining equipment.
During last year’s event BitPay saw a drop in total transactions but witnessed greater participation from merchants and more diversity in terms of the items purchased by customers, according to Walpole.
“These Black Friday transactions were oriented toward consumer items like gift cards and personal electronics,” Walpole said.