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Will virtual currency become popular?

by Sponsored Content
14th Jul 20 10:18 am

At present, virtual currency is still used only by some people called early adopters. Will virtual currency spread in Japan?

The need for virtual currency may not be felt so much. Japan has a well-developed financial infrastructure, and there is a culture that uses only money issued by a trusted entity, whether it be money, gift certificates, or electronic money. In addition, when risks occur, they have often been relieved. Moreover, with the spread of electronic money so much, you can easily use electronic money anywhere in Japan, at convenience stores, or by train, and there is no need to dare to use virtual currency.

However, dealing with virtual currencies may be inevitable in achieving the governmental goal of increasing the number of foreign tourists to 20 million towards 2020. The first problem for foreign tourists arriving at Narita Airport is when they drink their first cup of coffee (laughs). In Japan, people tend to dislike credit card payments in small amounts, so you can’t even drink a cup of coffee unless you convert to Japanese yen. If you can buy it in virtual currency, you just need to have a smartphone. Although you can check more details about bitcoin trading here  anon system. Toward the year 2020, retailers and service companies may be considering ways to improve the usage environment for virtual currencies.

The other is the movement of companies to use virtual currency in international transactions. It is expected that the use of virtual currencies in international transactions will increase in that they can be traded at a common currency value without being affected by exchange rates, and that there are almost no fees. In Japan, international trade is expected to increase due to the Trans-Pacific Economic Partnership Agreement (TPP). I think that there will be movements to utilize virtual currencies.

In Japan, virtual currency is not so popular

That may be true. However, the use of virtual currencies is quietly spreading in Europe and the United States. Expedia, a major travel reservation site, and Dell, a major computer company, are starting to use virtual currency for payment. Also, in emerging countries where many people do not have bank accounts, it is expected that the use of virtual currencies will spread as the Internet and smartphones spread. There is a possibility that the usage of holding a virtual currency account and conducting financial transactions from a smartphone will spread all at once. It is often said that the top runner is behind the lap, but in emerging countries, the combination of the Internet, smartphones, and virtual currencies is one of the most efficient proposals for developing financial infrastructure. If the convenience is recognized, it is clear that the spread will be faster than ever.

In fact, the nature of Bitcoin is a bit similar in terms of “cashiness” to the electronic money “Mondex”, which was tested in Swindon, England in 1995. With the conditions in place, it can be said that the efforts that once involved banks in each country are finally being realized. It is also interesting that people who knew at the time had high expectations for this bitcoin and were trying to make improvements to promote its use. By the way, the biggest difference between the current electronic money and virtual currency is that unspecified persons can use it as settlement, and that the transferee can transfer it to a third party. There is something. In that sense, it can have properties closer to real money.

America Massachusetts Institute of Technology (MIT) announced that it will establish a cutting-edge research institute aimed at popularizing Bitcoin, led by Media Lab director Jouichi Ito. What effect does this have?

The mechanism of Okada Bitcoin

The mechanism of Okada Bitcoin has been evaluated to a certain degree, and therefore many researchers and companies have been paying attention to it, but on the other hand, there was a problem that the actual movement could not follow the new technology. The Bitcoin Foundation has played that role, but more technology-neutral research institutes are needed. If MIT takes a neutral position to support the evolution of core technologies, it will further advance the technological research of virtual currencies.

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