Bitcoin commerce reaches record highs during Black Friday weekend

bitcoingraph

Bitcoin’s transaction quantity history over the last few years. Graph via Coinometrics.

In yet another reminder of the digital currency’s massive growth over the past several weeks, Bitcoin transactions reached record highs during Black Friday weekend.

According to Coinometrics, which measures the cryptocurrency economy, there were a record 102,010 Bitcoin transactions on Nov. 29.

Meanwhile, leading Bitcoin merchant processor service BitPay announced today that Black Friday was its busiest day ever after processing 6,296 Bitcoin transaction in 24 hours. Compare that to Black Friday 2012, when BitPay processed just 99 transactions.

“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,” BitPay co-founder Tony Gallippi said in a statement.  “We are building the most powerful, reliable, and scalable tools for businesses to accept Bitcoin.”

BitPay is one of the bigger and more well-known Bitcoin merchant processors with more than 12,000 customers. It said that more than six percent of all transactions on the Bitcoin network on Black Friday were spent on goods and services through BitPay’s platform, thanks in large part to the Bitcoin Black Friday event.

BitPay's transaction history.

BitPay’s transaction history this year, including a record 55,288 transactions in November.

BitPay also said that it processed a record 55,288 Bitcoin merchant transactions in November, a 165 percent increase from October.

The growth of Bitcoin in the past few weeks is quite astonishing. It was at $200 in late October and its value hit $500 for the first time on Nov. 17. Then, it shot up to $900 the following day before quickly dropping to $650.

It recently surpassed $1,000 and the value continues to keep growing. The overall rise is likely due to rising Bitcoin popularity in China and the U.S. government discussing the legitimacy of the digital currency. However, it’s unclear as to whether Bitcoin is 100 percent here to stay, or if the spike in value is due to happy-go-lucky investors trying to make a few bucks.

Bitcoin, if you still haven’t heard, is the emerging decentralized, virtual currency gaining popularity lately in light of the FBI shutting down Silk Road, the online marketplace for illegal drugs and illicit services. Bitcoins exist only online, can be transferred right away and are not controlled by a central authority like the Federal Reserve.