Find Out Which Stores Will Accept Bitcoin on Black Friday

Retailers hope to boost sales with digital money.
6:44 | 11/25/14

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Transcript for Find Out Which Stores Will Accept Bitcoin on Black Friday
The national federation of retailers predicts sales to grow eight to 11% compared to last year but. Getting consumers to spend their box in your store it's not so easy. So this holiday season retailers are getting creative and going be on the job dropping deals. My next guest says they are accepting bitcoin. To win your business. Jeremy L areas founder and CEO of circled the digital cash wallets start up for bitcoin it's so nice to have you with us Jeremy. Thank you are back at my pleasure sell this work what which retailers are doing this first off. Well really in the last year we've seen a lot of businesses ranging from small mom and pop shops to major online retailers start to accept bitcoin is a payment type. It's ground about 600% from about 101000 businesses to. Approaching 80000 businesses this year. And some of the names that you'd be the mayor with could be you know your booking travel you can go to Expedia. And book online if you wanna buy general consumer products you can go to you major online marketplaces like overstock. More and more PayPal merchants are accepting it quite as a payment method. You know if you're buying crafts from Celeron C you might find them accepting bitcoin as a payment methods that it's really brought a lot of online commerce folks are experimenting with it but it's important and and it's really the early days this is like early wet. 80000 might sound like a lot there's millions and millions of businesses around the world in the retail sector and so this is the start of I think a new trend in digital payments. Rick and a lot of these companies I mean these are well known reputable companies Expedia over stock these are places a lot of people shopped. But just because they offer bitcoin doesn't mean people are using it are you tracking. And I'm curious to know what percent for example over stocks business is done using that quite. Yeah some of those companies are reporting some statistics over stock talked about. The amount of revenue that they saw in the first months how much revenue to expect to see this year from bitcoin users. They also shared that on average users and it actually at a bigger shopping cart it bought war. Expedia said once they launched it exceeded their expectations but again it's it's early days this is probably in the single digits low single digits. In terms of actual contribution but some of these folks are actually. That the merchants it really benefits that because it's free transaction processing vs paying fees to card companies. And they don't have the same charge back risks that credit part present as well it's really attracted to the giving discounts singer minding more and more merchants who are saying. It will give you 1% 2% 5% even 10% discount if UK with it because it's better for their bottom. And and when they actually make the tradition an error when they may make the transition I should say. To businesses that are entirely dealing in bitcoin then we'll really know. I think that that there has Bennett shift if that shift ultimately cotton's. How difficult is it going to be given bit points history first of all it spent a currency that has been. Incredibly volatile section of all. Not long ago there was a B this scandal essentially involving that point where all the the big points had been completely hacked and and it leaves entirely online so that makes it. In this day in age of hacking. For a lot of consumers they hear currency that lives online that they think Home Depot they think target they think data breaches and they know what's happened to their credit card companies. Where they have an interface someone that they can talk she would hold accountable but when it comes to big point it's kind of this baseless saying. I write that's going to be a big hurdle to get out our. Yet there are a lot of different pieces of that I think the first is that people should really think about it and sort of like they think about the web or email. It's just a technology it's a SATA protocol that allows people exchange value in a secure way over the Internet just like. The web allows him to exchange information. You know lets you exchange communications and it's. It's early days of that technology's development an enormous amount of capital is getting into that more capital adventure capitals being invested. In technology companies and businesses around at Quentin was in the initial minimum of investments in Internet 1995. Says there's a lot of investment happened there I agree with you that that. You know respect perception needs to change we have back in 1990 or. The web was really scary is insecure people thought I'm never gonna consume media that where I'm never gonna put my credit card information into a computer. I don't trust that. Obviously you get the products and services were built around it really good and that's obviously what a company like circle. Is trying to help with to build up really trustworthy got friendly consumer based on this for users. People aren't really convenient easy to use just like Netscape did for web browsers and Gmail for email and so on and so forth. So as that guy. And one of many whose business is entirely tied to this being a success. How long a way. Companies shifting entirely for example to bit point or having at least a huge portion of their business coming out of that point. Yeah I think it's really important to put it in perspective I think these kinds of changes were we're talking about yet fundamental changes in how money moves around. They take a lot. Longer than people always expect and what I say is in this is gonna take ten or twenty years T mainstream but again to put that in perspective. Here we are today we're twenty years after the commercial Webb's introduction and and when Amazon was first setting up you know shock. And you know retail sales through e-commerce and Internet based retail sales are e-commerce is still just like 6%. A retail sales and said. That concert. Is this is making this exclusively what they're gearing or a 100% of what they're doing. Decades away but even twenty years later it yet you know Google represents ex. Percentage of advertising and and is represents extra senator retail sales. There's some very significant companies that are built and really changes in consumer expectations and sit back east. I think it happened more quickly I think that. Were years away. From it being really something that's truly mainstream over the next two to three years I think. But in terms of the percentage of business and and when it really really gets you Barrett art takes a lot longer than people expect. Jeremy a lair thank you so much for joining us. You can like test between us at Rebecca Jarvis and how to below and from the studios in New York City am Rebecca Jarvis have a great day.

This transcript has been automatically generated and may not be 100% accurate.

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