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The adoption of cryptocurrency is slowly but surely making its way to the mainstream, an idea that has become more evident when major retailers like PayPal announce support for digital currencies. Therefore, it should come as no surprise that cryptocurrency holders may be eager to spend some of their digital currency during the holiday season.
According to a new report from Forrester and blockchain payment provider BitPay, cryptocurrency users tend to spend more than other consumers. Based on interviews with BitPay merchants, the report found that cryptocurrency users have an average order value of $ 450, compared to around $ 200 for non-cryptocurrency users.
Merrick Theobald, vice president of marketing at BitPay, told Cointelegraph that often when the price of Bitcoin rises, there is also an increase in payment transactions:
“Coupled with that with holiday shopping and crypto community specific offers, we anticipate Black Friday and even Cyber Monday to be great shopping days to spend digital currencies like Bitcoin.”
According to Theobald, a number of BitPay merchants are offering special Bitcoin deals for Black Friday, for shoppers who prefer to pay in cryptocurrency. He further commented that jewelry, electronics retailers and other industries that often face fraudulent transactions offer special discounts for payments made in cryptocurrency.
For example, Ace Jewelers offers 20% discount on luxury watches and jewelry for BitPay users with the code “BF2020BitP @ y”. Newegg Australia and Newegg Hong Kong also offer discounts on online orders through BitPay. In addition, Muft Electric Bikes offers US BitPay users a 10% discount with the “HODL” code.
Pay with Bitcoin, recover Bitcoin
In addition to the Black Friday offers from BitPay merchants, Lolli – an online Bitcoin rewards platform – offers users additional Bitcoin for purchases made during Black Friday. Lolli caters to over 1,000 traditional online stories including Nike, Sephora, and Expedia. Lolli also announced an eBay integration through a tweet on November 25.
Through its Chrome extension, Lolli provides users with up to 30% refund in Bitcoin rewards. Alex Adelman, CEO of Lolli, told Cointelegraph that for Black Friday many Lolli retailers have increased their reward rates.
For example, Groupon offers a 12.5% reward rate instead of a 9% rate. Booking.com also offers a reward rate of 7% versus a 3.5% rate. Dog food company Chewy raised the rate to 7% from 4.5% during this holiday. Also, Lolli has encouraged users to share their purchases via Twitter to get even more Bitcoin rewards directly from the platform.
Adelman said Lolli is offering its highest Bitcoin refund rates ever during the holiday season, noting that the platform recently brought in over 250 new retailers. Adelman attributed Lolli’s growth to the rising price of Bitcoin, which sparked interest from the mainstream. “Lolli.com has more than tripled our growth rate over this period last year. This is a very good signal for the mass adoption of bitcoin, “Adelman said.
Church’s Chicken Venezuela has offered a Black Friday deal for Dash users
It’s also noteworthy that fast food restaurant chain Church’s Chicken Venezuela has offered a Black Friday deal for customers paying in Dash digital currency. Church’s Chicken Venezuela has been accepting Dash payments since 2018, being the first fast food chain in Venezuela to accept cryptocurrencies. Currently, Church’s Venezuela also accepts payments in Bitcoin and Ethereum (ETH).
Orlando Gustavo Navas, general manager of Church’s Chicken Venezuela, told Cointelegraph that Black Friday is a special event celebrated in the Venezuelan Sambil Caracas shopping center from November 20 to November 22. During this time, Church’s Chicken offered customers paying Dash a two-person combo meal for $ 5 and a five-person combo meal for $ 10. Navas said:
“These combinations could only be enjoyed by paying with Dash. To solve this problem, we had in-store support from a team organized by Dash. The idea was to give customers the opportunity to enjoy these promotions by providing them with a live experience of learning how to use cryptocurrencies as a form of payment “.
Navas shared that 800 customers paid with Dash during Black Friday, further demonstrating acceptance of crypto payments in countries like Venezuela. “The result was undoubtedly a success. People are eager for crypto solutions, from seniors to teenagers who want to know how to use cryptocurrencies. Cryptocurrencies could be part of the solution here in Venezuela and that is why it is so important for us to be part of this process, “Navas said.
Crypto wallet providers offer Black Friday deals to drive adoption
Cryptocurrency providers offer Black Friday deals to help people get started with cryptocurrency or to further protect their funds. Wallet provider Ledger is offering 40% off its Nano X and Nano S hardware wallets from November 23 to November 30.
A spokesperson for Ledger told Cointelegraph that as cryptocurrency prices continue to rise, it has become more important than ever to secure funds. The company noted that there has been a 50% increase in revenue in the past two weeks, as well as higher browser-to-customer conversion rates. “On LedgerLive, the volume of purchases has increased by 33% in purchase transactions, while the average cryptocurrency cart has also increased in the past fortnight,” a spokesperson for Ledger said.
Discounted NFTs for Black Friday
In addition to the physical goods discounted this Black Friday, some non-fungible tokens, or NFTs, are offered at a special rate.
Cointelegraph’s talented illustrators recently created over two dozen NFTs inspired by the concepts of cryptocurrency and blockchain. NFTs portray these concepts through famous murals and paintings, such as those by Salvador Dali and Leonardo da Vinci.
These unique NFTs can be purchased on Rarible.com, a community-owned digital collectibles marketplace. For Black Friday, Cointelegraph is offering a 50% discount on collectible NFTs. Additionally, Cointelegraph will hold auctions for the artwork until November 30th, which is Cyber Monday.
Upland, an NFT community, is also hosting a Thanksgiving virtual treasure hunt that will begin November 26 to November 27. Players who register will have the chance to win virtual properties and will receive a Thanksgiving themed block explorer.
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