How Bitcoin is Becoming a Mainstream Digital Currency in Japan

How Bitcoin is Becoming a Mainstream Digital Currency in Japan

​Within a few days after the official legalization of bitcoin in Japan, the country’s largest consumer electronics retailer chain Bic Camera and PoS development company Recruit Lifestyle have announced their integration of Bitcoin payments. As a result, mainstream adoption of Bitcoin spurred, enhancing the usage of the digital currency within the region

In most Asian countries, specifically Japan and South Korea, the vast majority of the population purchase electronics at large retail centers nationwide, instead of relying on online systems and e‐commerce platforms. Therefore, electronics retailer chain operators such as Bic Camera, as seen in the photograph above, have massive influence over their respective countries’ technology and distribution markets.

Retail chains of Bic Camera and other retail giants in Japan are often located at the center of the city that demonstrates high concentration of population. They are usually located in the most expensive regions on the city, such as very valued buildings, train stations and shopping centers. In some cases, retail chain operators like Bic Camera chains also operate their own shopping centers for maximum consumer adoption.

The announcement of Bic Camera’s decision to integrate and accept Bitcoin payments was a nationwide sensation and it took Japan by storm. The effect of it was equivalent to a Walmart or Best Buy in the US accepting Bitcoin payments at their physical stores. Movies of consumers purchasing electronics at Bic Camera chains were trending in most social media platforms, bringing more exposure to bitcoin in Japan than ever before.

Also, the social media and national news coverage of Bic Camera’s bitcoin acceptance correlated with the Japanese government’s approval of bitcoin as money, spurring the request for and popularity of bitcoin significantly in a brief period of time.

Jon Southurst, a Bitcoin journalist, released a footage of customers using the Bitcoin payment system at Bic Camera:

Following the footsteps of Bic Camera, which secured partnership with the world’s largest Bitcoin exchange BitFlyer by daily trading volume, Recruit Lifestyle partnered with another Japanese Bitcoin exchange Coincheck to suggest a Bitcoin payment method to the users of its PoS system called AirRegi,

Local publications including Nikkei exposed that the AirRegi PoS system is being used by more than 260,000 restaurants, cafes and bars across Japan. Thus, upon the activation of AirRegi’s Bitcoin payment system, more than 260,000 merchants in Japan will be able to accept bitcoin payments.

The explosive growth of the Japanese Bitcoin exchange market and industry is fairly evident in the price of bitcoin. Presently, bitcoin price is stable at the $1,200 margin and analysts have attributed the terrific short‐term spectacle of bitcoin price to the growth of the Japanese Bitcoin industry.

As of now, Japan demonstrates the largest exchange market and potentially, the world’s thickest consumer base in terms of casual spending and usage of bitcoin. With practical regulatory frameworks in place, mainstream adoption of bitcoin in Japan is likely to increase in the upcoming months.

Author : Joseph Youthful

Joseph Youthfull is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, suggesting sensational content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

How Bitcoin is Becoming a Mainstream Digital Currency in Japan, Bitconnect

How Bitcoin is Becoming a Mainstream Digital Currency in Japan

How Bitcoin is Becoming a Mainstream Digital Currency in Japan

​Within a few days after the official legalization of bitcoin in Japan, the country’s largest consumer electronics retailer chain Bic Camera and PoS development company Recruit Lifestyle have announced their integration of Bitcoin payments. As a result, mainstream adoption of Bitcoin spurred, enhancing the usage of the digital currency within the region

In most Asian countries, specifically Japan and South Korea, the vast majority of the population purchase electronics at large retail centers nationwide, instead of relying on online systems and e‐commerce platforms. Therefore, electronics retailer chain operators such as Bic Camera, as seen in the photograph above, have massive influence over their respective countries’ technology and distribution markets.

Retail chains of Bic Camera and other retail giants in Japan are often located at the center of the city that demonstrates high concentration of population. They are usually located in the most expensive regions on the city, such as very valued buildings, train stations and shopping centers. In some cases, retail chain operators like Bic Camera chains also operate their own shopping centers for maximum consumer adoption.

The announcement of Bic Camera’s decision to integrate and accept Bitcoin payments was a nationwide sensation and it took Japan by storm. The effect of it was equivalent to a Walmart or Best Buy in the US accepting Bitcoin payments at their physical stores. Movies of consumers purchasing electronics at Bic Camera chains were trending in most social media platforms, bringing more exposure to bitcoin in Japan than ever before.

Also, the social media and national news coverage of Bic Camera’s bitcoin acceptance correlated with the Japanese government’s approval of bitcoin as money, spurring the request for and popularity of bitcoin significantly in a brief period of time.

Jon Southurst, a Bitcoin journalist, released a footage of customers using the Bitcoin payment system at Bic Camera:

Following the footsteps of Bic Camera, which secured partnership with the world’s largest Bitcoin exchange BitFlyer by daily trading volume, Recruit Lifestyle partnered with another Japanese Bitcoin exchange Coincheck to suggest a Bitcoin payment method to the users of its PoS system called AirRegi,

Local publications including Nikkei exposed that the AirRegi PoS system is being used by more than 260,000 restaurants, cafes and bars across Japan. Thus, upon the activation of AirRegi’s Bitcoin payment system, more than 260,000 merchants in Japan will be able to accept bitcoin payments.

The explosive growth of the Japanese Bitcoin exchange market and industry is fairly evident in the price of bitcoin. Presently, bitcoin price is stable at the $1,200 margin and analysts have attributed the staggering short‐term spectacle of bitcoin price to the growth of the Japanese Bitcoin industry.

As of now, Japan demonstrates the largest exchange market and potentially, the world’s fattest consumer base in terms of casual spending and usage of bitcoin. With practical regulatory frameworks in place, mainstream adoption of bitcoin in Japan is likely to increase in the upcoming months.

Author : Joseph Youthful

Joseph Youthful is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, suggesting sensational content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

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