Bitcoin Friday Results

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I’ve posted previously about Bitcoin Friday, a one-day sale mimicking the popular U.S. post-Thanksgiving Black Friday sales famous for stampeding consumers, campers in the parking lots and of course some pretty tremendous deals. The whole thing took place just a few days ago and we’ve heard vague reports of its success from a number of sources, but thanks to Bitcoin Friday organizer and Coding In My Sleep sponsor Jon Holmquist (of Coinabul fame) I’ve got a long list of stats and quotes to quantify exactly what a success it was straight from the mouths of the participating merchants. 

The general takeaway from most merchants seems to be that volume was nowhere near what many merchants would expect from a typical Black Friday sale, but relative to the normal volume these particular retailers and service providers are accustomed to, Bitcoin Friday was a resounding success that only stands to grow at a commensurate rate with Bitcoin itself.

Summations and opinions aside, let’s hear what the merchants had to say:

Bitcoin Friday was a great success at WalletBit. With 50% off of our regular deposit rates of 0.89% we had a total of 97 transactions occur. We hope everyone had a chance to buy what they wanted and load up their wallets at a heavy discount.

-Adam Harding, WalletBit

Bitcoin Friday was a busy and successful day for BitPay and our merchants.  BitPay processed a record number of 99 orders from midnight ET Friday to midnight ET Saturday, breaking our previous single-day record of 95 orders.  Merchants like Bees Brothers, Private Internet Access, Bitcoin Coffee, and AllThingsLuxury saw good order volume all day long.  Bitcoins usefulness for internet payments got a big boost forward with Bitcoin Friday.

-Tony Gallippi, BitPay

Coinabul had a noticeably increased amount of orders, as well as our biggest amount of units sold ever: 508 individual bars and coins (albeit 99% were silver items) It was undoubtably a huge success for us!

-Jon Holmquist, Coinabul

With the tremendous exposure from Bitcoin Friday, we earned 107 signups in roughly 48 hours through the promotion. This equates to nearly $2500 revenue and approximately $1000 in savings for our new customers. It really put into perspective just how big Bitcoin has become. We can’t wait for next year’s Bitcoin Friday!

-Andrew Lee, PrivateInternetAccess.com

I’d say Bitcoin Friday was wildly successful as far as I’m concerned. I had quite a few repeat customers place orders and had some people who told me that they were making their first-ever purchase with bitcoins.

My sales volume and revenue on Bitcoin Friday actually exceeded my combined totals for the last 3 months! (I don’t necessarily do a lot of bitcoin sales…it’s basically a slow and steady trickle).

I gave away 6 pairs of our new “ankle socks”. Free socks are going to Texas, Czech Republic, Canada, New Hampshire, Wisconsin, and Washington. Customers saved a combined $190.

My sales for the day totalled over $800 not including shipping charges.

Customers “came from” as far away as: Sweden, Spain, Czech Republic, Netherlands, Canada, Austria, Slovenia, and Australia.

-David, Grass Hill Alpacas

We had record sales at our online store (over 300 euros) and we had double the amount of traffic compared to regular days. The traffic at our main site wasn’t affected much by Bitcoin Friday but our local exchange had more orders than on any other Friday thus far (it’s usually a fairly quiet day). We had over 30 buy/sell orders, thousands of euros in total.

-Henry Brade, Bittiraha.fi

I received six orders, which may not sound like a lot, but it’s actually a huge increase because I usually just receive around 5-6 orders a month! So I’d say this was a great success! I was actually a bit overwhelmed, so I ran out of stock for my most popular items pretty fast, meaning that I might’ve sold even better if I was better prepared. Pure website traffic shows a 500% increase over normal for bitcoin friday.

-Gitle Mikkelsen, BitLasers.com

Bitcoin Friday was great for us! We kicked it off by driving down to Philly to host a Bitcoin table at the biggest regional conference for libertarian students in history. The students loved it, and ran the gamut from Bitcoin experts to many who had never heard the word before. Invariably, they’d ask what Bitcoin could be used to buy, and Bitcoin Friday really came in handy answering that.

The moment the sale started we sold a pack of strings for Bitcoin. While we didn’t expect a lot of actual Bitcoin sales, since we sell a very niche range of products, our web traffic doubled on Friday, and this was entirely due to Bitcoin Friday.

I’m pretty psyched about this, and I’m looking forward to this getting out of control by next year.

-Josh, StompRomp

We had our website grand opening on BitcoinFriday and on the first day of sales we got over $200 in orders, 100% of the orders included at least 1 BitcoinFriday Special, We couldn’t have done it without BitcoinFriday, It was really great to see so much of the Bitcoin community work together to create a internet wide sale

-Zapsoda, Bitchocolate.com

Overall I would rate bitcoin friday a huge success. We receive the most bitcoin sales in one day ever, it increased awareness of bitcoin merchant and what we are offering and it brought the community together. All Things Luxury will be taking part again next year. That is a fact.

-Nathan McDonald, All Things Luxury

Shire Silver saw more than double the normal visits to our website during Bitcoin Friday, and even though we had turned off all the payment options except bitcoins, we got 4 times as many orders as we usually do. We’re definitely interested in doing this again next year.

-Ron Helwig, Shire Silver

Sales increase from average day: 11x
Increase in traffic from average day: 3x

-Patrick Testagrossa, BitcoinBlaster

In my mind, the most interesting of all these is probably the combined breaking of BitPay’s previous order record (as set by BFL‘s ASIC release) and the stunning success of WalletBit. Lacking complete statistics from every participating merchant, it seems that the combined stats from payment processors would speak most clearly to Bitcoin Friday’s overall success. Perhaps now that we’ve got a permanent date set, BFL can time their next ASIC release to coincide and really break some records.

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Comments

  1. Great article thanks for putting this together!

    • Thanks, but in truth all I did was tweak the formatting and pretty things up, the real thanks should go to Jon Holmquist who not only got all these quotes and stats together but also put the whole Bitcoin Friday thing together in the first place.

  2. yossarian says:

    You missed a minor detail which was kick-started by Bitcoin Friday: https://bitcointalk.org/index.php?topic=124092.0

  3. Bob l'éponge carré says:

    Great article! thanks for reporting the success of Bitcoin Friday. I made my first bitcoin purchase that day and definitely liked it! I'll make more purchase over the year until the next Bitcoin Friday for sure!

  4. So, according to https://arxiv.org/abs/1207.7139, Silk Road facilitates the sale of about $40,000 worth of merchandise per day. That number has presumably grown since July, when that data was gathered. It sounds to me like even on the biggest sales day in history, all of the "Bitcoin Friday" vendors listed in this blog entry didn't sell even 1/10 of that volume.

    My tentative conclusion is that this validates the widely-held suspicion that Silk Road is responsible for more than 99% of all transactions in which Bitcoin is exchanged for anything other than a different currency.

Trackbacks

  1. [...] Ver más testimonios, en idioma inglés en Coding in My Sleep [...]

  2. [...] Bitcoin Friday seems to have been a great hit.  Several sites are reporting record sales and record site visits.  Bitpay and Walletbit are both reporting record sales for the day.  There is a very good article in review of the very first bitcoin friday on the blog coding in my sleep. [...]

  3. [...] by Jon Holmquist, Bitcoin’s two largest payment processors, BitPay and WalletBit, reported a total of 196 transactions – not much, by large business standards, but more than any previous day in Bitcoin history [...]

  4. […] —1 For more specific numbers: http://codinginmysleep.com/bitcoin-friday-results/ […]

  5. […] — 1 For more specific numbers: http://codinginmysleep.com/bitcoin-friday-results/ […]

  6. […] es soll damit Handel betrieben werden. Der erste Bitcoin-Friday fand vor einem Jahr statt und war ein Erfolg. Gegen den Bitcoin als Währung sprechen die grossen Schwankungen. Der Bitcoin ist zum Spielball […]

  7. […] durchschlagender Erfolg. Rund 75 Händler in den USA haben mitgemacht, viele von ihnen haben laut rückblickenden Berichten ihre Umsätze vervielfacht. Der Zahlungsanbieter BitPay wickelte die bis dahin höchste Anzahl an […]

  8. […] premier Bitcoin Friday a eu lieu l’année dernière et a été un très gros succès. Environ 75 marchands aux USA ont participé à l’opération et beaucoup d’entre eux ont fait […]

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  1. [...] Ver más testimonios, en idioma inglés en Coding in My Sleep [...]

  2. [...] Bitcoin Friday seems to have been a great hit.  Several sites are reporting record sales and record site visits.  Bitpay and Walletbit are both reporting record sales for the day.  There is a very good article in review of the very first bitcoin friday on the blog coding in my sleep. [...]

  3. [...] by Jon Holmquist, Bitcoin’s two largest payment processors, BitPay and WalletBit, reported a total of 196 transactions – not much, by large business standards, but more than any previous day in Bitcoin history [...]

  4. […] —1 For more specific numbers: http://codinginmysleep.com/bitcoin-friday-results/ […]

  5. […] — 1 For more specific numbers: http://codinginmysleep.com/bitcoin-friday-results/ […]

  6. […] es soll damit Handel betrieben werden. Der erste Bitcoin-Friday fand vor einem Jahr statt und war ein Erfolg. Gegen den Bitcoin als Währung sprechen die grossen Schwankungen. Der Bitcoin ist zum Spielball […]

  7. […] durchschlagender Erfolg. Rund 75 Händler in den USA haben mitgemacht, viele von ihnen haben laut rückblickenden Berichten ihre Umsätze vervielfacht. Der Zahlungsanbieter BitPay wickelte die bis dahin höchste Anzahl an […]

  8. […] premier Bitcoin Friday a eu lieu l’année dernière et a été un très gros succès. Environ 75 marchands aux USA ont participé à l’opération et beaucoup d’entre eux ont fait […]