Bitcoin has become popular in Japan and the number of merchants accepting Bitcoin payments is increasing.

Golden Finance News - In the eyes of the general public, Bitcoin is something that cannot be seen or touched, and once it rises, it will not lose its value.

There are many stores around the world that accept Bitcoin for direct purchases. Image source: Golden Finance

- It is reported that many years ago, in the eyes of some ordinary Japanese people, virtual currencies such as Bitcoin were generally used in online games, or people speculated on investments, but only as a form of investment.

——However, the number of people using Bitcoin in the world has now exceeded 20 million, and there are many stores that accept Bitcoin for direct purchases.

On April 7 this year, the Japanese electronics store Bicoo began trialing Bitcoin checkout services at its flagship Yurakucho store and Shinjuku East Exit store. As for the reason for the activity, Bicoo's Investor Relations and Publicity Department responded as follows:

"Nowadays, electronic wallets such as Suica Card have long been available for payment, and Bitcoin payment is actually one of the electronic payment services of our company. At the same time, foreign tourists have also made relevant suggestions. Of course, the most direct factor is that Japan's laws in this regard are gradually improving, which can provide corresponding guarantees for the safety of use."

According to relevant sources, in Japan, the amendment to the Funds Settlement Act (Virtual Currency Act) was officially implemented on April 1, and at the same time, Bitcoin transactions must be registered with real names. When opening an account at an exchange, you must also confirm your identity thoroughly.

The Mentougou incident that occurred three years ago also further promoted the pace of the introduction of virtual currency laws in Japan. Therefore, the number of stores in Japan that accept Bitcoin payments will continue to increase.

In terms of Bitcoin transactions, users can buy and sell Bitcoin on the Bitcoin exchange homepage and log in to the exchange account to buy Bitcoin. After the fee is deducted from the bank account, the Bitcoin can be credited to the Bitcoin wallet on the mobile phone.

Bitcoin is increasingly used and can be used for payments in stores

Customers only need to open the Bitcoin app on their phone and scan the payment QR code presented by the store to make the payment.

According to statistics, there are currently more than 4,000 merchants in Japan that accept Bitcoin payments, and it is believed that the number will increase to more than 20,000 within the year. In addition, special attention should be paid to the changes in Bitcoin prices.

There are currently more than 4,000 merchants in Japan that accept Bitcoin payments. Image source: Golden Finance

In the face of the fluctuations in the price of Bitcoin, for example, in early April last year, the price of 1BTC was around 47,000 yen, while on April 10 this year, the price soared to over 145,000 yen. Bicoo will inform customers of the real-time market price of Bitcoin every 15 minutes.

The most recognized advantage of Bitcoin is that it can transfer money across borders

In fact, the biggest advantage of Bitcoin lies in cross-border remittances. For example, if you want to remit 100,000 yen to your child studying in the United States.

Bitcoin remittance, just open a Bitcoin account to reduce the handling fee. Image source: Golden Finance

If you use an international bank, in addition to the regular handling fee of 6,000 or 7,000 yen, you will have to pay a commission of 1 yen per dollar, and depending on the situation, you may have to pay an additional handling fee. However, if you use Bitcoin to transfer money, you only need to open a Bitcoin account, and the handling fee is really pitiful in comparison.

With Bitcoin transactions, the trouble of exchanging foreign currencies is also reduced.