Black Friday is an American tradition for the retail industry, where they offer large savings on popular products to attract more customers to their stores. The special day is now also gaining ground above, with many European countries also “celebrating” the day nowadays.
The Bitcoin retailers also celebrated Black Friday, but also created their own sales day, which is now known as Cyber Monday. These two days turned out to be the biggest sales days using Bitcoins this year, by far.
A total of $296 million was spend in Bitcoins on Black Friday and Cyber Monday, with $152 million spent on Black Friday and $144 million spent on Cyber Monday, according to insights provided by Bitnet.
Bitcoin actually registered as the 9th most used form of payment on Black Friday and the following weekend, only finishing behind the traditional methods such as credit/debit cards, PayPal and bank wire. This is great news for Bitcoin retailers, who can see that it can pay off to have Bitcoins integrated as a payment method, as the savings made in fee's by accepting Bitcoins are huge.
“Like all other payment networks, bitcoin saw a surge in volume over Black Friday and Cyber Monday, with higher than usual payment totals over the two days. “The Bitcoin network handled $296M in two days – that’s impressive when taking into account the currency is only five years old and is still growing with respect to merchant and consumer adoption.” VP Solutions Strategy Manager of Bitnet, Akif Khan said in a press release.