Hodl or spend? Retailers offer Black Friday deals for those paying with cryptocurrency

Saturday 28 November 2020, 8:54 AM AEST - 1 month ago

Cryptocurrency adoption is slowly but surely making its way to the mainstream — a notion that has become more apparent as major retailers like PayPal announce support for digital currencies. As such, it shouldnt come as a surprise that crypto holders may be keen to spend some of their digital currency this holiday season.

According to a new report from Forrester and blockchain payments service provider BitPay, cryptocurrency adopters tend to spend more than other consumers. Based on interviews with BitPay merchants, the report noted that cryptocurrency users have an average order value of $450, compared to about $200 for non-cryptocurrency users.

Merrick Theobald, vice president of marketing for BitPay, told Cointelegraph that often times when the price of Bitcoin increases, there is also an increase in payment transactions:

Coupled that with the holiday spending and specific deals for the crypto community, we do anticipate Black Friday and even Cyber Monday to be big shopping days for spending digital currencies like Bitcoin.

According to Theobald, a number of BitPay merchants are offering special Bitcoin deals for Black Friday, catering to shoppers who prefer to pay in crypto. He further commented that jewelry, electronic retailers, and other industries often faced with fraudulent transactions are offering special discounts for payments made in crypto.

For example, Ace Jewelers is giving 20% off luxury watches and jewelry for BitPay users with the code [email protected] Newegg Australia and Newegg Hong Kong are also offering discounts on online orders via BitPay. Additionally, Muft Electric Bikes is offering BitPays U.S. users 10% off with the code HODL.

Pay with Bitcoin, get Bitcoin back

In addition to Black Friday deals from BitPay merchants, Lolli – an online Bitcoin rewards platform – is offering users additional Bitcoin back for purchases made on Black Friday. Lolli caters to over 1,000 mainstream online stories including Nike, Sephora, and Expedia. Lolli also announced an i ...

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