Increasing growth in Bitcoin commerce.
BitPay, a merchant processor for virtual currencies, has announced that in November it processed a record 55,288 bitcoin merchant transactions, representing a 165% increase from October.
During the Bitcoin Black Friday event on November 29, BitPay processed 6,296 bitcoin transactions in a single day, making it the most popular day in the history of bitcoin commerce. On November 29, more than 6% of all transactions on the bitcoin network were spent on goods and services through BitPay’s platform. Whereas last year, the Bitcoin Friday event was BitPay’s largest volume day in 2012 and the company processed 99 transactions. The year-over-year growth of BitPay on Black Friday is 6,260%.
“BitPay’s order volume is the most accurate indicator of the real bitcoin economy, and today that economy is soaring higher as merchants are seeing tremendous value in accepting bitcoin payments,” states Tony Gallippi, BitPay Co-founder and CEO. “We are building the most powerful, reliable, and scalable tools for businesses to accept bitcoin.”
“No merchant service provider riding on the traditional interchange rails can offer all-inclusive pricing because there are three or four middlemen who take a cut of every transaction, Some processors tease merchants with flat-rate pricing, but there are many hidden fees and limitations that make flat-rate offers an illusion.” Added Gallippi.
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