[2017-05-09]The Japanese are Using Bitcoin More than Expected

[foladgoad]

Since Japan started recognizing bitcoin as a method of payment, more Japanese are using the digital currency than expected. Bitcoin.com discussed this trend with Yuzo Kano, CEO of Bitflyer, the largest bitcoin exchange in Japan by volume.
Bitcoin Gaining Acceptance in Japan

The Japanese are Using Bitcoin More than ExpectedOn April 1, Japan started recognizing bitcoin as a method of payment, similar to prepaid cards and gift certificates. Since then, Bitcoin usage and awareness in Japan have been growing.

Among retailers that started accepting bitcoin in April were two Bic Camera stores. The Japanese consumer electronics giant partnered with Bitflyer to accept the digital currency. The news was heavily reported by mainstream media in Japan. Kano told Bitcoin.com:

The news that big retail shop Bic Camera started accepting bitcoin from this April was reported on many TV programs, newspapers and websites and this news made many people interested in Bitcoin.
Interest in Bitcoin has spiked among merchants in Japan and many other retail stores are considering accepting the digital currency. “We are expecting that some large retail shops and e-commerce sites will introduce bitcoin payment within this year,” Kano conveyed, adding that “more and more to come in the next year.” So far, he said:

Thousands of shops have already applied [to accept bitcoin payments].
Japanese Increasingly Using Bitcoin

The Japanese are Using Bitcoin More than Expected
Sushi-Bar Numazuko Ginza 1st
Last week, Japanese national newspaper Yomiuri Shimbun, which claims to have the largest circulation in the world, wrote that Bitcoin is “increasingly being used in Japan.”

For example, the publication reported that a popular conveyor belt sushi restaurant in Tokyo called Sushi-Bar Numazuko Ginza 1st is seeing a spike in bitcoin usage. While bitcoin was used only a few times a month two years ago at the restaurant, about 70 payments were made with bitcoin in March.

The restaurant also has a Bitcoin ATM inside. The fee for buying bitcoin there is 11.9 percent with the daily limit of ¥100000, according to Bitcoin ATM tracking website, Coinatmradar.

The restaurant manager told Yomiuri Shimbun:

Japanese customers are using bitcoin more than we expected.
Kano echoed the sentiment, telling Bitcoin.com that: “At the moment, we’ve heard that mainly Japanese users use Bitcoin payment. There are not many foreigners or tourists using Bitcoin payment.” Males between 20s and 40s show the strongest growth in Bitcoin usage, the CEO revealed. Bitflyer is also seeing a significant growth in its user base. “The number of customers has been growing rapidly since April 1,” he said, adding that currently “the number of our users is almost 600k.”

No FX Fees

There is also the added advantage of not having to pay foreign exchange (FX) fees when using bitcoin compared to when exchanging foreign currencies into yen. According to Yomiuri Shimbun:

When foreign tourists exchange dollars and other currencies to yen, they are charged a commission of about 3 percent. However, if they use bitcoins, they do not need to exchange money or pay exchange commissions.
In addition, the government has announced that, starting in July, purchasing bitcoins in Japan will no longer be levied consumption tax of 8 percent.
https://news.bitcoin.com/the-japanese-using-bitcoin-expected/

[1714911344]

1714911344

[1714911344]

1714911344

[1714911344]

1714911344

[1714911344]

1714911344

[TravelMug]

Yes, I'm also amazed how Japanese really embrace bitcoin in their daily lives there. I think they are doing a great job as leaders in bitcoin market, and it just a matter of time before another nation would adopt bitcoin because Japan is setting a good example. And Japan has greatly impacted the price lately, pushing it to $1600-$1700.

[Junko]

"In addition, the government has announced that, starting in July, purchasing bitcoins in Japan will no longer be levied consumption tax of 8 percent."

Say what? Their government is currently taxing the purchase of bitcoins? I understand this will end starting July, but if that's the case, then you know they will be getting their cut in some other form of taxing bitcoin users. Hmm... I guess that's the price you have to pay for the government officially allowing bitcoin as a legal payment method.

[1Referee]

"In addition, the government has announced that, starting in July, purchasing bitcoins in Japan will no longer be levied consumption tax of 8 percent."

Say what? Their government is currently taxing the purchase of bitcoins? I understand this will end starting July, but if that's the case, then you know they will be getting their cut in some other form of taxing bitcoin users. Hmm... I guess that's the price you have to pay for the government officially allowing bitcoin as a legal payment method.

Governments will not do anything without getting something back as reward. If they do something, you must know that there is some sort of a catch. I rather prefer governments to follow this path, than going full nuts on Bitcoin like some other governments are doing. It's basically the same as the legalization of marijuana. People thinking that the government is doing that do make people happy, then they don't know anything. Governments only do things if they see them gain a financial advantage.

[iamTom123]

Yes, I'm also amazed how Japanese really embrace bitcoin in their daily lives there. I think they are doing a great job as leaders in bitcoin market, and it just a matter of time before another nation would adopt bitcoin because Japan is setting a good example. And Japan has greatly impacted the price lately, pushing it to $1600-$1700.

Japan right now is the main reason for the noticeable surge of the Bitcoin price and we have just started here. Japan is poised to open up at least 10 Bitcoin exchanges maybe within this year.

And with this development, am sure that other countries would took notice and soon can also be adopting Bitcoin as a currency along with their nationally recognized fiat money.

[Alfa123]

Yes, I'm also amazed how Japanese really embrace bitcoin in their daily lives there. I think they are doing a great job as leaders in bitcoin market, and it just a matter of time before another nation would adopt bitcoin because Japan is setting a good example. And Japan has greatly impacted the price lately, pushing it to $1600-$1700.

Japan right now is the main reason for the noticeable surge of the Bitcoin price and we have just started here. Japan is poised to open up at least 10 Bitcoin exchanges maybe within this year.

And with this development, am sure that other countries would took notice and soon can also be adopting Bitcoin as a currency along with their nationally recognized fiat money.

Yes, if Japan shows favorable development and the impact of bitcoin on the country, the rest of the countries will also begin to accept crypto currency.

[bitart]

Yes, I'm also amazed how Japanese really embrace bitcoin in their daily lives there. I think they are doing a great job as leaders in bitcoin market, and it just a matter of time before another nation would adopt bitcoin because Japan is setting a good example. And Japan has greatly impacted the price lately, pushing it to $1600-$1700.

Japan right now is the main reason for the noticeable surge of the Bitcoin price and we have just started here. Japan is poised to open up at least 10 Bitcoin exchanges maybe within this year.

And with this development, am sure that other countries would took notice and soon can also be adopting Bitcoin as a currency along with their nationally recognized fiat money.

Yes, if Japan shows favorable development and the impact of bitcoin on the country, the rest of the countries will also begin to accept crypto currency.

It's possible, but it won't happen so quickly as we would like to. Japan has made this step, but they have a really different culture, so it's possible that bitcoin fits them much better than the other people in the world. They are really good at following the rules, they can work hard for just a little honour, etc. And they're really good at digital things, so bitcoin will be just the part of the everyday life there, I'm sure they will adopt it easily.
Other countries are really different, so despite of the good news and the good example, so adoption of bitcoin won't be as easy for the others.

[Qartersa]

I think it is really a good move to accept Bitcoins as a method of payment because it is through then that they attract more tourists day by day. Bitcoin's popularity cannot be denied in this day and age, and more so it has benefits to tourists alike since they would no longer be required to convert whatever cash they have on hand. Also, they would not be charged any fees extracted from the usual conversion.