Although Bitcoin seems to be a big trend in Japan right now, the number of places to spend cryptocurrency is still fairly low. Merchants are not too keen on accepting Bitcoin just yet, despite growing interest from consumers and investors.
Lots of Bitcoin Legwork To Be Done in Japan
Now that bitFlyer is accepting Bitcoin payments at their online store, and the local government is looking on whether or not the will label cryptocurrency as “money”, exciting times seem ahead for Japan. However, this mind shift will not occur overnight, as very few businesses seem aware of the opportunities Bitcoin presents.
It has become significantly easier to buy Bitcoin in Japan too, thanks to exchanges such as Coincheck. But if there is no real use for cryptocurrency in the real world – other than as an investment vehicle – it remains to be seen whether or not there will be such a big Bitcoin boom as people seem to be expecting.
That being said, Japan holds a lot of aces up their sleeves for Bitcoin adoption as well. The country is well-known for favoriting new technologies, innovative payments, and tokenized currency which does not come in physical form per se. Bitcoin seems to check all of these boxes, which could hint at future adoption boosts.
A similar trend can be noted all over the world, though, as Bitcoin is being seen as a novelty, rather than obscure Internet money. Despite some exciting initiatives such as Arnhem Bitcoincity, the number of brick-and-mortar stores dealing with Bitcoin remains very low all over the world. But that is not hindering cryptocurrency growth by any means.
All in all, every country in the world has a fair chance of seeing significant Bitcoin adoption rates over the coming years. Not because Bitcoin is a political statement, but because people start to see the true value of this technology, which is completely financial freedom for anyone in the world with no strings attached.
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