Bitcoin Transactions Surge

Dec. 5, 2013

For most e-commerce retailers, Black Friday and Cyber Monday mean a bonanza of customers paying online with credit cards. For a tiny but growing chunk of consumers, though, bitcoin is the currency of choice. This week, BitPay, the Atlanta-based virtual-currency processor, said it processed more bitcoin transactions in November than any month ever.

Bitcoin saw a huge run up in value in the spring , but that has been nothing compared to the spike that started last month. Along with the price of bitcoins, the number of transactions has been skyrocketing as well, according to BitPay. The company processed 55,288 transactions in November, a 165 percent increase from October, which had been the busiest month ever until now. Nearly 6,300 of those transactions came on Black Friday. BitPay CEO Tony Gallippi said the explosion in transactions is the best sign of the strength of the currency.

“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,” said Gallippi. “We are building the most powerful, reliable, and scalable tools for businesses to accept bitcoin.”