More incredible news from South-East Asia today as Japanese retail giant Recruit Lifestyle announces it's point-of-sale app is ready to accept Bitcoin. It has been 3 months since it partnered with Japanese Bitcoin exchange Coincheck to enable over 260,000 retail stores in Japan to accept Bitcoin cryptocurrency.
This new POS app is called “Mobile Payment for Air Regi,” and will accept Bitcoin as a method of payment. I've reported in my recent post that Japan has ended the 8% consumption tax on Bitcoin from 1st July, 2017. These new developments are likely to push Bitcoin prices upwards in the coming weeks, as legalisation, tax cuts and greater public adoption of Bitcoin in Japan is likely to increase demand for the popular internet currency.
The initial roll out will begin with 334 Eyeglasses stores part of the retail brand, 'Megane Super' accepting Bitcoin as a payment method using the "Air Regi" app. European and American tourists travelling to Japan will find it easier to pay via Bitcoin at these retail outlets.
Recruit Lifestyle has begun accepting payments in Bitcoin cryptocurrency from 3rd July while the Eyeglasses chain Megane Super will start accepting Bitcoins from 10th July.
The pace of development and adoption for Bitcoins seen in Japan seems unprecedented. In comparison many countries seem to be lagging behind when it comes to drafting framework to legalize cryptocurrency investment, trade and use as legal method of payment in addition to the local FIAT currency.
Korean Exchange Bithumb Hacked
Bithumb which accounts for approximately 10% of the global bitcoin trade hosting over 13,000 bitcoins worth of trading volume. It has been hacked and billions of Won has been stolen.
Hackers have stolen personal information of around 31,800 Bithumb user accounts, even as the exchange claims it's only 3 percent of it's total user base. The breach was discovered on the 29th of June and reported to Korean authorities on the 30th of June, and investigations are currently underway.
Even as Korea drafts its bills to Legalise Bitcoin and Ethereum it's currently unclear if the exchange will be legally responsible for the stolen funds and theft of personal information stored on it's servers. Lack of regulations currently around cryptocurrencies in Korea seems to be complicating this situation.
Bithumb said they would pay up to 100,000 won per person, currently worth US$87, to members in a notice that reads in Korean. Once the amount is confirmed, additional compensation will be provided towards any further damages.
Do you use Bithumb or have you been affected by this hack?
Many Bitcoin exchanges globally and few major economies are pushng toward larger adoption of cryptocurrencies. While there are many benefits to this move, do you think we will need stricter security protocols as well as government frameworks to mitigate these scenarios?
You may also continue reading my recent posts which might interest you:
- Crypto Current Affairs—South Korea Drafting Bills to Legalise Bitcoin & Ethereum!
- Dummies Guide to Basic Steemit Account Security + Account Recovery Guide! Must Read For Steemit Users!
Great post! , I wouldnt trust Bitthumb that's for sure.
Need Bitcoins?
Thanks!
How would point of sale work using bitcoin...wouldn't it be too slow? Can you imagine going to the check out counter and having to wait 30 minutes for your payment to clear. Unless, they are going to have it work like a debit card?
TenX already has a proof on concept for a crypto debit card. They work with Visa and Master Card to make the currency conversion in real time. There are a few videos showing it being used but I have yet to try the card myself so I cant say. Still an interesting idea and one that will be very exciting.
Interesting. That would be awesome when it launches.
It's very cool. I tried to get in on the ICO a few weeks ago but it sold out in seconds. I have the app and have ordered the card. Excited to buy coffee with crypto, even if just for the novelty.
wow! So interesting, thanks very much for this, so difficult to hear news from Japan and their progress with Bitcoin having an obvious effect in pushing up prices! Thanks
Yep! it is getting better and better! Hopefully more good things to come.
Awesomeness. Change will come no matter the obstacles.
True that!
Thanks for the update on some of the cryptos. And this is one of the nicest posts / blogs on cryptos I've come across. Very professional presentation.
Thank you so much. Glad you liked it!
How do i teleport to Japan ASAP?i want this
I have a teleportation device. Where are you at, I'll come pick you up. We can go party in Japan :)
Pick me up and let's go party!
hahahahaha, sorry mate that am just responding....
I am in Lagos, Nigeria West Africa waiting for ya!
Haha! Find one and go for it! :D
Thank for good information...
Glad to share!
Great information...
Thankyou!
The Bithumb hack sounds very worrying, it's a rather large exchange, not Mt. Gox level but certainly large enough to be an issue!
If you ever wanna talk crypto hit me up @jhcooper7
Yes, it is worrying. This will be an eye opener for all out there!
Holy balls!! They account for 10% of global trading, that's a huge chunk of change.
Yeah! It is a big number!
Thank you for sharing such valuable information.
Thank you. Glad to share!
Very interesting, thank you.
Thank you!
Keep Swagging! :D
Terrible hackers.
Yeah! That's sad!
Yes its true... I also tied my ethers.
What was your experience?
I am KO... just cant do withdraw few days^^
Damn feels like you just can't get away from hackers in the cryptocurrency world D:
True! Hopefully things will get better and more secure!
Japan is going to be huge for crypto, although I feel like Russia has a chance to be even bigger. Cheers
Let's just wait and watch! Anything can happen in the cryptoworld!
Nice Information , Keep it up
Thanks!
That's a lot of Bitcoins! @firepower
Yes, Indeed!
Cryptocurrency is now attracting a lot of hacking
Almost everything in the cyber net is vulnerable . I am sure there are counter measures.
I don't think Bithumb was hacked.
It looked like to caused by internal criminal one.
How did they hack 3% of users in serve ?
According to the report at BraveNewCoin:
Few more details on how it was done here: http://biz.khan.co.kr/khan_art_view.html?artid=201707031758001&code=920100 where the attacker posed as an executive of Bithumb.
little by little, we are getting there!
Yes, we are. More to go!
kool post! Very informative! I see your a advit Steemer!! Thanks for this! aloha Al
Thanks!
Great news for crypto we are slowly but surely taking over the world it's only a matter of time. We already see big retailers in Japan are jumping right into crypto why? Because they see the potential. Not every country gets it but Japan, Korea, and China do. The western society is so behind it's not even funny. They could easily adapt this transition into our world, but they stay ridiculing and trying to find a way to control it. They don't get the point that this cannot be beat or controlled so they should just join in. Dope Post 🙏🙏
Couldn't agree more with you!
I think exchanges should up their security to prevent hackers from getting in. Am no expert but am sure something can be done to stop these hackers. Very worrying indeed. Thank you for the update
Yeah, things can and will be better, eventually!
Amazing news about Japan. Sounds like all of the right things are happening at the right times for a bitcoin popularity explosion! Hopefully other countries can start to catch up with their rapid pace.
Amazing news indeed! Can't wait for other countries to start!
Thanks for this information! I'm excited to see more and more signs of mass adoption of cryptocurrency, like the Japanese story. The more people keep seeing the "Bitcoin accepted here" sign, the more general curiosity will rise... and that will be good for everyone! We're in the process of adding bitcoin as a payment method to our very small art gallery here... again, just happy to be part of this "movement!"
Good to see you doing your part! Cheers to that!
Great news for bitcoin ....counting down to Aug 1 :)
Cannot wait for that!
@firepower
Wooohoo!! thanks!
i lik this articl...pleas i need your upvot
Cool!
yeah @firepower
I think we need more time.
Maybe!
Haha
I am just reading this about Bithumb now. It really makes you cautious about using these services when you hear about these stories. I hope losses are minimal for those affected.
I am hoping the same! It's sad though.
dude.. 100,000 Won is actually approximately $87 rather than $870 mentioned on your post. Big difference. Shame on Bithumb... one of the most shady exchanges ever.
Thanks. I knew I made a typo or two! :D
Thank you so much @firepower....
Your posts are very much informative.....
Thank you. Glad you liked it!
You're crazy if you're not buying ETC right now
https://steemit.com/ethereum/@dan0ss/why-this-investor-is-doubling-down-on-etc
Will take a look!
Aytona, thanks for the useful info.
Happy to help!
Not used, to happiness! Is it 260,000 stores in Japan accept bitcoin for payment? Stunned. Just a cosmic scale development of cryptocurrency for retail sales in Australia and South-East Asia. Us for its to creep and crawl!!
Great info!
Thanks!
Bithumb's global bitcoin trade is over 20%. According to South Korea's insider's intel, NK hacker unit did it. Maybe Kim Jungeun, the Supreme "the Fatboy" leader tries to pay made in China ICBM parts ^^
Thanks for the info!