Japanese Stores to Suspend Bitcoin Payments Over Fear of Split

Thusands of Japanese Retail stores will be suspending bitcoin payments after August 1st.  The reasons given have to do with a fear of Bitcoin instability.  Some stores are choosing to switch to a different cryptocoin popular in Japan, monacoin.  One of the main reasons given was fear of a potential split in bitcoin.

The success of bitcoin is also exposing some of the potential vulnerabilities of bitcoin, and cryptocurrency in general, fear *be it real or imagined) of instability.  Until such time as cryptocurrencies can produce a history of stability, this is a problem that will continue to affect the market.  This is not to say that cryptocurrency faces an existential threat from this fear of instability (real or imagined), but rather than other factors must (and, I believe, will) come to play that make the reward worth the risk.

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The gamble from businesses accepting cryptocurrency is that the value of the exchange may so fluctate that it will leave them unable to replacce inventory and meet payroll.  The gamble from customers is that the purchase of a product or service today could mean loss of potential gains in values had they held on to the currency.  I believe the market for cryptocurrency is not going away anytime soon and that methods of producing more predictabilty in the market will arise in unexpected ways, because the market wants cryptocurrnecy, so the market will figure out a way to alleviate the risks on both the buyer and seller’s part.

from news.bitcoin.com
Over 5,000 retail stores and restaurants across Japan that currently accept bitcoin payments may suspend bitcoin use in their stores on August 1 if their bitcoin payment processors halt services.

Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1Ever since the Japanese government started recognizing bitcoin as a legal method of payment, a large and growing number of retail stores and restaurants have started accepting the cryptocurrency. However, “some Japanese retailers and restaurants that accept bitcoin are considering halting transactions using the digital currency, which faces a potential split amid competing plans for its future,” according to Nikkei on Thursday.

Restaurant chain Heichinrou and leading electronics retail chain Bic Camera accept bitcoin payments through Bitflyer, Japan’s largest bitcoin exchange by volume. They are both planning to stop accepting bitcoin should Bitflyer shut down its services, the publication detailed.

In addition, Nikkei reported that e-commerce site Bitcoinmall, which accepts digital currencies, is also considering suspending bitcoin transactions for several days beginning on August 1. “We will rely instead on monacoin and other virtual currencies for a while,” said Bitchange, the company which operates the site. Monacoin is an altcoin that has gained popularity in Japan.
read more https://news.bitcoin.com/japanese-stores-suspend-bitcoin-payments-august-1/

Thousands of Japanese Stores May Suspend Bitcoin Payments on August 1 – Bitcoin News

Over 5,000 retail stores and restaurants across Japan that currently accept bitcoin payments may suspend bitcoin use in their stores on August 1 if their bitcoin payment processors halt services.

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About Paul Gordon 1368 Articles

Paul Gordon is the publisher and editor of iState.TV. He has published and edited newspapers, poetry magazines and online weekly magazines.
He is the director of Social Cognito, an SEO/Web Marketing Company. You can reach Paul at pg@istate.tv

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