Black Friday has come again!
It brings with it crypto goodies and other discounts that shoppers. E-Crypto News caught up with Merrick Theobald, VP of Marketing at BitPay. Here is what he had to say.
- Black Friday has come again! What is BitPay bringing to the table for shoppers?
BitPay is working with its merchants to offer deals for Black Friday. Because crypto payments allow businesses to save on payment processing costs they often use these savings to offer special discounts to the crypto community as they seek to attract new customers and grow their business.
- Do you think Black Friday will encourage further adoption of cryptocurrencies?
BitPay will be celebrating its 10 year anniversary next Summer, 2021. With each passing year, we see more and more businesses accepting crypto and more consumers holding crypto, making it more mainstream. Couple that with everyone working from home because of COVID-19 and having to do significantly more shopping online, and it’s a perfect time for online crypto purchases.
- How has BitPay made it easy for shoppers to buy stuff using cryptocurrencies?
BitPay offers a digital wallet app, debit card and Chrome extension to help make the online payment process quick and easy for those wanting to buy with crypto (Pay with BitPay). BitPay currently accepts Bitcoin, Bitcoin Cash, XRP and ETH, as well as four dollar-pegged stablecoins, USDC, GUSD, PAX and BUSD, for payment for goods and services.
- Are there any great deals that you would like to highlight?
We see this most often happening with higher-end luxury items like jewelry and electronics as well as with lower-priced volume-driven items like gaming and VPNs. Specifically, Ace Jewelers, Newegg AU and Newegg HK are offering exclusive deals to those who Pay with BitPay.
- What are your thoughts on the current Bitcoin bullish run?
Historically, when the price of bitcoin goes up, consumers feel good and seek ways to spend these newfound gains. They often want to be able to purchase items on their wish list. And, with this being the season for gift buying, we do anticipate that trend to continue as the value of bitcoin continues to rise. As with any financial instrument, crypto values rise and fall. Many hodlers have a target amount in mind and when crypto reaches a certain price point, they sell.
- What are your thoughts on the Altcoins that haven’t followed Bitcoin this time?
BitPay has seen a steady increase in usage for Ether, Bitcoin Cash and XRP this year.
- Do you have any special offers coming up for customers during this season?
BitPay’s merchants are offering the special deals to consumers. We have the list in the press release but are updating them daily here
- Do you think cryptocurrency shopping will replace fiat shopping this Christmas? Please tell us the reasons for your answer.
Crypto was made for ecommerce. With the additional uncertainty regarding product availability and shipping schedules we also anticipate an earlier shopping season this year putting even more emphasis on Bitcoin Black Friday and Cyber Monday.
- How can Merchants get on board to get started with BitPay?
Accepting crypto through BitPay has proven valuable to businesses. BitPay recently worked with Forrester Consulting on “The Total Economic Impact™ Of Accepting Bitcoin Using BitPay”. There are four main findings based on interviews with four merchants that accept bitcoin and other cryptos. First, up to 40% of customers that pay with crypto are new to the merchant. Second, purchase amounts are twice that of credit card purchases. Third, crypto is less expensive than card cards, and lastly, there are no fraud-related chargebacks.
Businesses can sign up online.
- What role do you think Cryptocurrency retail spending will play in the grand scheme of things in the next decade?
The ability to accept crypto expands opportunities into markets, especially internationally, where accepting traditional credit cards is not practical.
By adding crypto to payment options, businesses reduce high fees from traditional payment methods and increase payment transparency and efficiency as well as eliminate fraud, chargebacks, and identity theft.