[2017-11-27] South Korea’s Largest Underground Mall Adds Bitcoin Payments

[jamids]

The largest underground shopping mall in South Korea, Goto Mall, has partnered with a local cryptocurrency exchange to enable its 620 stores to accept bitcoin. Spanning 880 meters long, about half a million people walk through the mall each day.

Goto Mall is also known as Gangnam Terminal Underground Shopping Center. It is connected to one of the major subway transfer stations at which Seoul subway lines 3, 7, and 9 operate. It “currently has an estimated 500,000 visitors per day and is rated as the largest underground shopping mall,” Kyeonggi news outlet reported.

The mall’s foot traffic is expected to increase significantly due to its surrounding area being renovated to increase customer base. For example, “when the reconstruction of the nearby apartment complex is completed, the [number of] visitors is expected to increase further,” the publication added.

Furthermore, “about 30 bus routes including ordinary buses and airport buses,” pass through the area, reported the Bridge Economy newspaper. “When the new influential World Duty-Free opens in Gangnam Central City next year, it is expected to further increase foreign customers,” the publication elaborated, adding that:

"Goto Mall is expected to turn into a bitcoin mecca."

Read more here: https://news.bitcoin.com/south-korea-underground-mall-bitcoin-payments-stores/

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[Lancusters]

If this really happens it will be a very good example for other online shopping sites. But I think increasing the turnover from sellers will not. Users are in no hurry to part with their bitcoins. Rising prices makes it attractive to hold coins. I hope that the situation will ever change and bitcoin will become a stable currency is desirable for all.

[Taki]

That can be one of the reason of why bitcoin is growing so fast and already came closely to 10000$, which many of people expected to see only by the New Year. Bitcoin is really unpredictable. I think South Korea is that factor that affect on bitcoin's price so positively. Now I am sure that they will sell tickets for the Olympic games for crypto currencies.

[Guardian.P]

I do not think that this influenced the price of bitcoin. Now if Allie Express starts taking bitcoin, it will be a boom, and may affect the price of bitcoin. Since Allie Express is used in almost the whole world

[1Referee]

Now if Allie Express starts taking bitcoin, it will be a boom, and may affect the price of bitcoin. Since Allie Express is used in almost the whole world

It shouldn't really affect the price much. Back in the days merchant adoption was reason for the market to rocket up significantly, but we're way past that stage. We shouldn't forget that the coins people spend to purchase goods through Bitcoin accepting stores, will end up getting sold on the market. It is however extremely bullish in the way that Bitcoin enjoys more and more world wide adoption, which is something people back in the days were only dreaming of. On the other hand, we shouldn't forget that Bitcoin by the far majority of the people is being used far more as an investment tool rather than a currency tool to purchase stuff. In that regard, I would be very interesting to see some actual usage reports every quarter or so, to see how much people actually use Bitcoin.

For those interested, here is a video (vlog) from a Youtuber named HowMuchBitcoin spending Bitcoin in Japan -> https://www.youtube.com/watch?v=W4J_myvNYG8

[Qartersa]

The largest underground shopping mall in South Korea, Goto Mall, has partnered with a local cryptocurrency exchange to enable its 620 stores to accept bitcoin. Spanning 880 meters long, about half a million people walk through the mall each day.

Goto Mall is also known as Gangnam Terminal Underground Shopping Center. It is connected to one of the major subway transfer stations at which Seoul subway lines 3, 7, and 9 operate. It “currently has an estimated 500,000 visitors per day and is rated as the largest underground shopping mall,” Kyeonggi news outlet reported.

The mall’s foot traffic is expected to increase significantly due to its surrounding area being renovated to increase customer base. For example, “when the reconstruction of the nearby apartment complex is completed, the [number of] visitors is expected to increase further,” the publication added.

Furthermore, “about 30 bus routes including ordinary buses and airport buses,” pass through the area, reported the Bridge Economy newspaper. “When the new influential World Duty-Free opens in Gangnam Central City next year, it is expected to further increase foreign customers,” the publication elaborated, adding that:

"Goto Mall is expected to turn into a bitcoin mecca."

Read more here: https://news.bitcoin.com/south-korea-underground-mall-bitcoin-payments-stores/

I think this is a very good business strategy for that mall. They now accept Bitcoin as a form of payment because they know its value has a potential to increase in the near future. For illustration purposes, here is my example. You buy a pen and you pay 1 Bitcoin for it. In the days to come, Bitcoin's price doubled. So the 1 Bitcoin you paid for the pen is now valued at 2 Bitcoins. You see the point? Well that is the gist here. It is all about business strategy. Nonetheless, this business strategy is likewise good for the reputation of Bitcoin. It is a win-win situation for the merchants and Bitcoins per se. 

[Domenc]

Clearly, South Korea is bringing the revolution for crypto users. First, the news comes from South Korea which states that Bitcoin will be kept away from any regulations and now Bitcoin is introduced as payment system in one of the biggest mall. Surely, all these instances indicate that Bitcoin clearly has bright future in South Korea and one can expect further good news about development from the country. If South Korea all the rules related to Bitcoin, it will surely attract miner and users globally to join the revolution.

[Theb]

It is really expected from a business in South Korea to make that kind of move with the government not being strict when it comes to cryptocurrency payments mall owners like this one can take advantage of Bitcoin as a mode of payment. Especially South Korea being known as one of the "Credit Card Countries" it is a perfect opportunity to accept new terms of payment as the tourist (even locals) might probably end up using their Bitcoins at the end of the day.

Side Note:
I think the highlight of the news must be about the public transportation accepting Bitcoin soon in South Korea.

[BitcoinArsenal]

Korea and Japan are one step ahead regarding acceptance of crypto currencies. It is really a pleasure to see adaption of Bitcoin in those countries. I hope that will swap over to other countries in the region. I had hoped for a long time that European states or the United States would be the first countries to regulate and to adopt crypto currencies. But in vain.

[darkangel11]

Korea and Japan are one step ahead regarding acceptance of crypto currencies. It is really a pleasure to see adaption of Bitcoin in those countries. I hope that will swap over to other countries in the region. I had hoped for a long time that European states or the United States would be the first countries to regulate and to adopt crypto currencies. But in vain.

They are and if we take a look at what has happened after they've accepted it we can expect the price to double if this wave reaches the West. China still remains closed to cryptocurrencies and Europe, although positive, is still behind with laws and regulations. You basically can't even shop online with BTC in Europe, USA is a step closer as you can buy at Amazon through Purse and retails like Overstock are accepting BTC, but people in the EU are still waiting, not to mention Africa and India...

[J. Cooper]

Now if Allie Express starts taking bitcoin, it will be a boom, and may affect the price of bitcoin. Since Allie Express is used in almost the whole world

It shouldn't really affect the price much. Back in the days merchant adoption was reason for the market to rocket up significantly, but we're way past that stage. We shouldn't forget that the coins people spend to purchase goods through Bitcoin accepting stores, will end up getting sold on the market. It is however extremely bullish in the way that Bitcoin enjoys more and more world wide adoption, which is something people back in the days were only dreaming of.

For the most part I agree but I think if AliExpress were to somehow implement bitcoin transactions into their business model it would (directly or indirectly, depends on the way you look at it) actually influence to price. Not neccesarily thanks to all the new tranasaction but because of a lot of hype and speculation by others. So in that sense it would make the price of bitcoin "boom".

[Cloud27]

It is a good development for bitcoin users in South Korea, but more good news for HTS coin exchange, the opportunity to have more profit in business is huge. I hope any other business establishment in underground area will follow like Bupyeong underground shopping mall.

[vit05]

South Korea and Japan are disputing who will lead this new world where everybody can use Bitcoin to pay and shop. The other countries will just wait until they can not do anything about.

[SHAWN-MIDWAYS]

Some good news from South Korea, hope this can start a chain reaction that will see more countries jumping on board.

I do not think that this influenced the price of bitcoin. Now if Allie Express starts taking bitcoin, it will be a boom, and may affect the price of bitcoin. Since Allie Express is used in almost the whole world

There is certainly some influence on the price of bitcoin because by making it possible for people to pay with bitcoin more will move to smart payments which are safer and better for users . Other countries will certainly follow suit and allow their merchants to accept bitcoin payments.

[BitHodler]

In that regard, I would be very interesting to see some actual usage reports every quarter or so, to see how much people actually use Bitcoin.

For those interested, here is a video (vlog) from a Youtuber named HowMuchBitcoin spending Bitcoin in Japan -> https://www.youtube.com/watch?v=W4J_myvNYG8

People get excited about all this, but I as well want to know how many people put their coins to the test in brick and mortar stores. I can't think of many people looking to use their coins to buy a camera or something else.

Bitcoin has constantly been increasing in value, and the higher it goes up, the more motivation people lose when it comes to spending anything. Why spend something today when you can hold it and see it gain even more value?

That's what people have constantly been struggling with throughout the years. If you bought a tv with 1 Bitcoin last year, it will make you feel bad considering that you could have bought that tv right now, and still have $8000 in cash.

The dude in the video is just testing things out, which is something I would do as well, but for just one time to enjoy the experience.

[rjbtc2017]

It may affect the price of Bitcoin but not significantly, but we can see the stable upward movement on Bitcoin's price if this market will continue. If we will try to observe this kind of market, will the Bitcoin holders will have the guts to spend their Bitcoin when the price is currently increasing? of course not, probably they will think twice on spending it, another question is will the Stores will accept Bitcoin if the price continuously decreasing? of course not, probably they won't accept it, profit-loss is not a good thing either on small stores or on Big businesses.We as Bitcoin users should get something unique or something worthy for us to spend our Bitcoin because these stores have a chance to increase their profit because of Bitcoin's volatile price, I mean there should be an acceptable and worthy reason why should we spend it and use Bitcoin as a Payment.
If South Korean Government, will have the answers on this question , surely the market of acceptance of Bitcoin as a payment will grow and will be a good support on the system of Bitcoin and it's price movement.

[bbc.reporter]

Are bitcoin holders really willing to buy things using their coins? I reckon no, because it is much better for us to keep holding as long as the value is rising.

But if I were to spend my coins, I would buy other investments like gold or other promising cryptocoins, not spend them for useless items in a shopping mall.

[Games.Bitcoin]

The largest underground shopping mall in South Korea, Goto Mall, has partnered with a local cryptocurrency exchange to enable its 620 stores to accept bitcoin. Spanning 880 meters long, about half a million people walk through the mall each day.

Goto Mall is also known as Gangnam Terminal Underground Shopping Center. It is connected to one of the major subway transfer stations at which Seoul subway lines 3, 7, and 9 operate. It “currently has an estimated 500,000 visitors per day and is rated as the largest underground shopping mall,” Kyeonggi news outlet reported.

The mall’s foot traffic is expected to increase significantly due to its surrounding area being renovated to increase customer base. For example, “when the reconstruction of the nearby apartment complex is completed, the [number of] visitors is expected to increase further,” the publication added.

Furthermore, “about 30 bus routes including ordinary buses and airport buses,” pass through the area, reported the Bridge Economy newspaper. “When the new influential World Duty-Free opens in Gangnam Central City next year, it is expected to further increase foreign customers,” the publication elaborated, adding that:

"Goto Mall is expected to turn into a bitcoin mecca."

Read more here: https://news.bitcoin.com/south-korea-underground-mall-bitcoin-payments-stores/

I think people are underestimating how much BTC is going to spike due to influences like this...

[ApocalypseNow]

This story made me imagine the future where huge shopping malls are all using bitcoins to spend it on anything they like. South Korea is a model to other countries so I'm sure that they will follow this new trend.

[BigTeeths]

This is a good example of bitcoin adoption that needs to happen right now. South Korea is a very influential country so if they are going to continue this then they are going to help us quickly to get through mass adoption everywhere.