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BizReport : Ecommerce archives : November 29, 2013

Retailers group together for Bitcoin Black Friday

As a tentative nod is given to Bitcoin by U.S. agencies, hundreds of retailers have come together to enable Internet users to spend the virtual currency on real-world festive items via Bitcoin Black Friday.

by Helen Leggatt

Earlier this week, one Bitcoin traded for as much as $1,000, a massive leap from the $13 it commanded at the end of 2012. Since their first appearance in 2009 the value of Bitcoins has fluctuated wildly, but there are now 12 million Bitcoins in circulation with new ones generated by a mathematical problem solving process known as 'mining'.

Now, in a move to help further Bitcoin's acceptance as mainstream, an organization known as Fight for the Future has brought together more than 400 retailers that will accept Bitcoins as payment for gifts.

Dubbed "Bitcoin Black Friday" the event not only benefits consumers with the usual deals and promotions, but retailers also benefit from no payment fees on transactions which are private and encrypted.

"Bitcoin Black Friday is an awesome way to bring the whole Internet community together at a time when Bitcoin needs as much mainstream attention as possible," said Holmes Wilson, co-founder of Fight for the Future, the outfit behind the event. "Even though it seems like Bitcoin is going strong, it won't be politically safe until it's widely used by average Internet users -- that's already happening, but we're speeding things up with Bitcoin Black Friday, and making it fun in the process."

Among the retailers involved in Bitcoin Black Friday are Virgin Galactic, Reddit Gold, and GSM Nation.

However, as Sarah Perez over at TechCrunch notes, few of the major retailers have jumped onboard. Why? Because, says Perez, those big names are already pushing their own payment systems such as Google Wallet, PayPal and Amazon's 1-Click checkout.

Image via Shutterstock

Tags: Bitcoin, Black Friday, ecommerce, payments industry, virtual currency trends

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