Friday, December 06, 2013 8:30:54 AM
People Are Buying A Lot Of Silver And Gold With Their Bitcoins
ROB WILE
DEC. 4, 2013, 12:51 PM
BusinessInsider
Gold and silver bullion was apparently among the biggest selling items on Bitcoin Black Friday.
According to Bitpay, one of the largest Bitcoin payment processors, the top-three online retailers on November 29 were KnCMiner (whose gonzo order volume for its latest mining device we told you about yesterday), Gyft, and Amagi Metals.
Amagi Metals chief Stephen McAskill told BI in a separate interview that his site processed $900,000 worth of bitcoin between Thanksgiving and Sunday. The biggest selling items were silver and gold coins and bars, he said.
"To me it makes sense," he said. "A lot of bitcoin enthusiasts are interested in sound money, money that doesn't lose value."
But there are still enough users who think bitcoin will someday retain the value of gold, he said.
We asked Gyft, a gift card site, for any more data about what people bought with Bitcoin, and spokesman Ian Chaffee could only say electronics and food.
For the month of November, Bitpay processed 55,288 bitcoin transactions. They did not provide us with a total dollar figure for the month. Here's a chart:
Bitpay
The price of bitcoin as of Wednesday afternoon was $1,1184. The price of an ounce of gold was $1,228.
Read more: http://www.businessinsider.com/bitcoin-black-friday-results-2013-12#ixzz2mhWpKjw5
ROB WILE
DEC. 4, 2013, 12:51 PM
BusinessInsider
Gold and silver bullion was apparently among the biggest selling items on Bitcoin Black Friday.
According to Bitpay, one of the largest Bitcoin payment processors, the top-three online retailers on November 29 were KnCMiner (whose gonzo order volume for its latest mining device we told you about yesterday), Gyft, and Amagi Metals.
Amagi Metals chief Stephen McAskill told BI in a separate interview that his site processed $900,000 worth of bitcoin between Thanksgiving and Sunday. The biggest selling items were silver and gold coins and bars, he said.
"To me it makes sense," he said. "A lot of bitcoin enthusiasts are interested in sound money, money that doesn't lose value."
But there are still enough users who think bitcoin will someday retain the value of gold, he said.
We asked Gyft, a gift card site, for any more data about what people bought with Bitcoin, and spokesman Ian Chaffee could only say electronics and food.
For the month of November, Bitpay processed 55,288 bitcoin transactions. They did not provide us with a total dollar figure for the month. Here's a chart:
Bitpay
The price of bitcoin as of Wednesday afternoon was $1,1184. The price of an ounce of gold was $1,228.
Read more: http://www.businessinsider.com/bitcoin-black-friday-results-2013-12#ixzz2mhWpKjw5
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