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As the Largest Bit-coin Exchange, Japan Has Tried to Pay for Bit-coin in a Lot of Areas

By Philip Perez,2014-07-28 10:04
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As the Largest Bit-coin Exchange, Japan Has Tried to Pay for Bit-coin in a Lot of Areas

As the largest bit-coin exchange, Japan has tried to pay for bit-coin in a lot of areas

Following the Peach Aviation announced accept payment use bit-coin to complete the booking from the end of year, the BIT-Point plan to develop the bit-coin for retail payment way.

1. Japan is becoming the world's largest bit-coin exchange.

The payment service amendment act, signed by the Japanese cabinet, will take effect on April 1, which means:

Virtual currency payments such as bit-coins are recognized in Japan.

The bill helped Japan overtake China as the world's largest bit-coin exchange.

BIC Camera, a Japanese electronics retailer.

BIC Camera, one of Japan's largest electronics retailers, began accepting bit-coin payments last month in two Tokyo stores.

Following the Peach Aviation announced accept payment use bit-coin to complete the booking from the end of year, the BIT-Point plan to develop the bit-coin for retail payment way.

Will bit-coin be paid into terminal retailing?

Genki Oda, the President of BIT-Point, said in a recent interview:

"We're talking to a retail company. We have a chance to scale up the use of bit-coins, through a company that offers services to stores. This is much easier than negotiating directly with many individual retailers. "

2. Remove the tag "speculative arbitrage" in bit-coin.

Bit-coin, first unveiled is eight years ago, as a means of paying for goods and services.

Bit-coin allows people to trade without government, regulatory or central bank regulation.

So far this year, the price of bit-coin has gone up surprisingly, and in May it has seen accelerating gains.

Bit-coin prices have become one of the biggest wonders of this year's financial markets.

It hit a record high of $2,760 on Thursday, up 120% from the previous month, but then sharply back down.

In the past two trading days, the price of bit-coin has dropped more than $900, down more than 30 percent, and is now stabilizing at around $2, 200.

Although BIT-Point is a bit-coin exchange, it is promoting the use of bit-coins in malls and retail stores, not just as a speculative tool.

“The company is currently in contact with dozens of retailers and plans to expand.” Oda said.

3. Bit-coin payments are inherently inconvenient and have to be resolved.

Bit-coin analyst Mike Krieger wrote that the drop in bit-coin was a sign of market sentiment.

Because investors feel the global financial system is fear and worries on bit-coin.

In addition, the bit-coin market is waiting for the SEC to decide: whether to approve the Winkle Voss twins' bit-coin ETF listing applications after reviewing it again.

If the bit-coin ETF goes public, the bit-coin ETF will become as standardized a financial asset as a gold ETF, formally establishing legal investment status.

On the technical side, if there is no clear message from the SEC, the recent surge in bit-coins may have peaked.

Experts say it is unclear whether the bit-coin payment in this case is more of a marketing gimmick.

In fact, there are natural barriers to paying with bit-coin:

The biggest inconvenience is the longer network confirmation time and high transaction costs.

Although many members of the currency in the last week, a new proposal is put forward to come together to solve this problem, but the organization of some deep-seated differences, led to some similar solutions have failed.