Bitcoin boom in Japan: Number of merchants accepting Bitcoin increased 4.6 times in one year

The number of merchants in Japan that accept Bitcoin has more than quadrupled from less than 1,000 in the past 12 months, according to new research from ResuPress, the company that operates Japanese Bitcoin exchange Coincheck.

In addition to its bitcoin exchange, ResuPress also provides bitcoin payment processing services for merchants, very similar to the services provided by BitPay.

4,200 Stores in Japan Accept Bitcoin

The results of the survey show that the number of stores in the Japanese market that accept the digital currency via the Internet has grown to approximately 4,200 as of December 26, 2016, according to NHK.

It is estimated that this number is about 4.6 times higher than the survey results a year ago, when the number of stores accepting Bitcoin was about 900.

The survey also suggests that Bitcoin usage has expanded to various industries, including the fashion industry, such as beauty and nail salons, plastic surgery companies, and eating places.

Bitcoin - More Than Just a Magic Internet Currency

Ken Shishido of Bitsquare said the development is undoubtedly good news for the Bitcoin ecosystem. He said:

“I think the increasing number of physical stores and e-commerce sites in Japan accepting Bitcoin is great news for the Bitcoin industry and the Japanese people. It shows that Bitcoin is not just some magical Internet currency that’s in the news, but that it can actually allow you to buy goods and services in stores around you. Bitcoin offers an alternative to the government currencies that you’re familiar with.”

Japan is one of the few countries that embraced Bitcoin and had a good start for Bitcoin. Unfortunately, however, the Japanese Bitcoin industry was hit hard by the loss of nearly $30 million worth of Bitcoin from the now defunct Mt.Gox exchange. Since then, Japan has been trying to get the industry back on track in the country.

The cryptocurrency that changed the world

The introduction of regulatory measures seems to be a tool for Japan to get rid of the shadow of "Mentougou". Last year, Japan passed a Bitcoin bill, authorizing the Financial Services Agency (FSA) of Japan to regulate Bitcoin and other virtual currency exchanges.

One of the major players in Japan’s bitcoin industry is BitFlyer, which recently ran four ads, each of which received millions of hits. One of the ads described bitcoin as “a coin that changes the world.”

However, attracting more merchants to adopt Bitcoin still requires solving a key problem: how to scale Bitcoin .