While this is surely good news for all of us followers of bitcoin and the cryptospace, how can that really be beneficial to the merchants if the majority of bitcoin users would prefer to hold them in cold storage than using them to spend? When do you think will it become the more attractive choice or the preferred way to buy items online and offline?
The merchants must offer good discounts if payments are made in bitcoin to make it more encouraging to use.
If you’ve been following crypto news during the last couple of days, then chances are that you have heard about Japan legally classifying bitcoin as an actual currency, which can be used to sell and purchase products and services.
While the decision comes along with both advantages and disadvantages, it is thought that in the long run, it will represent a great event for the realm of digital currency. Recently, economic analysts have predicted that Japan’s classification of bitcoin, making it a payment method, will likely trigger a large boom throughout the country in terms of adoption, as retailers from all around Japan will jump at the opportunity to accept bitcoin as a means of payment.
Back in 2016, Japanese officials decided to end the 8% tax that was placed on purchasing the cryptocurrency through exchanges, and this has surely helped retailers better foster their confidence in the bitcoin industry present in Japan. Reports indicate that by the end of 2016, there were roughly 4,000 merchants which accept the coin throughout the country, which is nearly 4 times the number of merchants doing the same in 2015.Read the full article https://www.crypto-news.net/japan-to-reach-265000-bitcoin-accepting-merchants-by-this-summer/
