Blockchain rolls out in retail stores in Japan
It’s one of those feelings you get when you need new patio furniture and you realize you missed out on the clearance sale at your store of preference. You say to yourself, “This time it’s not happening to me again!“
Now we receive the news about 260,000+ stores, bars and restaurants in Japan that began accepting bitcoin for payments on July 3rd. And we will not ignore that this wave will roll over the US and Europe soon.
Recruit Lifestyle Co, Ltd, and Coincheck announced in April that they intended roll out an app that will accept bitcoin payments. Three months later it has become reality with their point-of-sale (POS) app, Air Regi. The Japanese government just repealed its 8% consumption tax on bitcoin on July 1st. Now the stage is set for rapid growth.
Sceptics say that the transaction time still takes too long, sometimes up to 10 minutes, in order for this technology to verify a bitcoin. And that service fees are still high on bitcoin payments. Be that as it may, the opening up to this possibility for payment is a breakthrough in this strongly digitalized country, and a ripple effect will be felt across the US and Europe.
Bitcoin payments are designed to be peer-to-peer, making middlemen institutions like banks and credit services obsolete. The owner of a bitcoin is identified on the coin’s blockchain and therefore fraudulant activity made nearly impossible. Its incentives of privacy, security and cost-effectiveness are making waves as bitcoin’s value has more than tripled in the last year.
Is it time to invest in bitcoin? I would say so, lest we wake up tomorrow and realize we missed the train. No need to have to say, “This won’t happen to me again!“ Inform yourself and begin investing in bitcoin and other blockchain technologies and startups today.