Bitcoin getting close to Mass Adoption in Japan?
As you likely know by now, on April 1st Japan passed a law that recognized Bitcoin as a legal method of payment.
No, this wasn't an April Fool's joke (as some might have thought at the time), although ironically it happened on the same day.
April 1st represents a new fiscal year in Japan. A day when all the official books turn the page on a new business year. Which is likely why it was announced on April 1st.
Not only did they announce that Bitcoin would be considered legal tender, but they also went about setting up capital requirements, cyber security regulations, employee training, and annual audits. There was also official standards for auditing digital currencies put in place by the Accounting Standards Board of Japan.
Basically they are setting up all the infrastructure needed for Bitcoin to not only be used as a possible means of exchange but also to possibly take over as the primary means of transaction at some point.
Recent developments only further those possibilities...
According to recent reports, there are more than 300,000 Japanese merchants that could soon be accepting Bitcoin. There are also thousands of convenience stores that could soon start offering Bitcoin as an accepted means of payment.
Combine that with the fact that leading airlines, electronic stores, and some of the Country's most well known companies are accepting Bitcoin as a form of payment makes it seem likely that mainstream adoption of Bitcoin is imminent in Japan.
Japan's largest budget airline, Peach recently announced that it would start accepting bitcoin.
They became the first airline to do so.
The release can be read here:
The company, Bitpoint partnered with Peach to help make that a reality.
The president of Bitpoint, Genki Oda had this to say in a recent interview when talking about their plans for Bitcoin integration going forward:
"Currently we are holding discussions with a retail-related company. By going through a company providing payment terminal services to shops, we have the possibility of increasing Bitcoin's use at one stroke. It's easier than talking to lots of individual retailers. We're also talking to a big convenience store operator about using it."
So, it sounds like a single payment processing company could be the middle man for processing bitcoin transactions for literally thousands of merchants. Likely similar to what paypal does.
Currently Bitpoint operates mostly as an exchange but has been pushing Bitcoin to be adopted in stores and outlets as opposed to merely promoting it as a speculative investment.
(A Bitpoint ATM in action)
This is likely just the beginning for Bitcoin
Bitcoin has always had it's long term safe-haven asset appeal, but now it appears it's real world use cases are expanding rather rapidly.
Bitcoin will need to solve a couple technical issues before it really hits the mass adoption stage and I am a bit surprised Japan is pushing it so aggressively in it's current form.
Scaling/speed and fees will likely need to be addressed at some point in the future.
In my opinion, though, Japan is likely setting the trend that the rest of the world will soon follow.
Stay informed my friends!
Sources:
http://www.cnbc.com/2017/05/11/bitcoin-rides-japanese-demand-to-record-1800.html
https://cointelegraph.com/news/suddenly-everybody-loves-bitcoin
Image Sources:
http://bitcorati.com/2014/03/23/bitcoin-tipping-point-mass-adoption/
Follow me: @jrcornel
It will be a hard-time for it to get accepted worldwide but one step at a time. Hope I see some BTC atm's and it's daily usage during my lifetime in my country. It's actually symbolic. Land of a rising Sun - accepting BTC. Next stops will be more difficult. :)
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@jrcornel,this is a really good news, but I don't know when it will be accepted in China, looking forward to it.
Bitcoin not accepted in China?! There are plenty of Chinese who are very passionate about Bitcoin.
Yeah!
China drove bitcoin the first $1000 or more on the current run up.
@yeah, there are many, but is not legalized..
That's the best part. Bitcoin doesn't care.
@kyle.anderson, yes, thank you ^_^
There are a few countries where bitcoin is forbidden or at least discouraged; elsewhere it seems to be just OK. At this point, its more a matter of whether a business accepts bitcoin or not. A lot of people continue with the idea that bitcoin (and similar coins) is the exclusive turf of drug and weapons dealers, and this perception has slowed adoption tremendously. The way I see it, using bitcoin is not any shadier than paying things with cash (no credit card or such, just cash).
I was just in Japan and couldn't find anywhere to spend my BTC. I was there for a little over 2 weeks and hit most of the major cities.
I was salty because I wanted to document the buying process and blog about it on Steemit. . .
On the plus side, my bitcoin wallet remained secure and in my possession while traveling in and out of both Japan and China.
Whoa... This is HUGE news! thanks a bunch for sharing this massive pice of the crypto puzzle with us all. Namaste :)
As you said, It is surprising that Japan is adopting bitcoin rapidly seeing as it is experiencing the slow processing times. Still, we welcome the pioneering as it builds the highway for other cryptos.
Salute the pioneers
Nice info @jrcornel, in Indonesia Bali is the first place that use bitcoin in public services. Right now day to day it become more acceptable in public.
I'm sorry, but Bitcoin is just way too slow and transactions are way to expensive. It's just not a currently and more of an asset these days.
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Happy to see this although as you say there is still those issues with scaling and speed that would make me still a little cautious.