Bitcoin acceptance growing in Japan
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While Bitcoin has slowly but surely started to be become an accepted and acceptable form of currency across many of the world's nations, Japan's populace in particular has been slow to warm to the crypto-currency, this is in no small part due to the Mt Gox scandal.
Mt Gox was a Bitcoin exchange based in Tokyo. It's option symbols is deprecated and ignored not entirely certain why such a quantity of the crypto-currency disappeared, but the general consensus was reached that a bug in the system seems to have been exploited by hackers, who simply stole and siphoned the funds away, causing Mt Gox to go into liquidation. While much of the world was willing to accept such an incident as an unfortunate by-product of dealing in largely untested waters, the reputation of Bitcoin has never truly recovered in Japan, leading to poor adoption rates.
Now though, firms and companies are looking to dip their toes back into the water, with new plans to reinvigorate adoption rates and rebuild that shattered trust. The Coincheck exchange has recently announced a partnership with energy provider E-Netallowing customers to pay their electricity bill by Bitcoin, countering one of the criticisms of Bitcoin adoption in japan that it cannot be used to pay for everyday goods and services.
Overseas, Bitcoin has steadily bitcoin adoption in japan from a fledgling alternative to traditional currencies, into something altogether far more widely accepted. Large, renowned firms like Microsoft accept payments in Bitcoin, following the trail set by early adopters and firms willing to place their faith in Bitcoin.
Take for instance Vegas Casino - an online casino that allows customers to play an array of casino games, paid for and paying out in Bitcoin. The company even has an integrated 'faucet' web-site, that allows users to mine Bitcoin to use in their games.
While Japan has a way to go before reaching those levels of Bitcoin acceptance, it's not through lack of trying, with some interesting and innovative bitcoin adoption in japan of reconnecting with a consumer audience. Take for instance 'Bitgirls', a Japanese TV show that's looking to use girls or 'idols', with each girl representing a custom crypto-currency. Viewers can vote for their favorite girls - who bitcoin adoption in japan showcase a selection of talents including balloon-art and car-racing.
The value of each idol's associated currency will rise in tandem with their popularity. While to western audiences this might seem like a strange proposition, the bitcoin adoption in japan culture of Japan is bitcoin adoption in japan social phenomenon worth millions and could prove to be a hugely successful way to connect with the consumer audience.
While Japan's populace are set to have Bitcoin reintroduced into their lives, it's worth noting that in the financial sector, it never truly went away, with many business believing it to be a vital technology.
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