[2017-07-22] Japanese Stores To Suspend Bitcoin Payments August 1

richardsNY

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Quote from: 1Referee on July 22, 2017, 05:47:50 AM

Essentially, people will only learn when things go wrong (i.e. them getting financially hit in the pocket).

Basically that. It was a few days ago where I encountered someone here stating due to there is no need to worry about a chain split anymore (according to him), he was glad that he didn't have to withdraw his coins from the exchange he is using.... I seriously was stunned reading how someone is making a big deal out of something so easy. Regardless of a chain split being a potential risk, people at all times should store their coins offline -- only then their coins can be fully protected against any threat coming from the internet. Not making use of offline storage because people think they only have a small amount, is definitely not an excuse.

1Referee

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Quote from: cpfreeplz on July 21, 2017, 10:02:48 PM

The difference is there will be two chains and you may not like what they decide to support!

That's exactly the reason people should keep their coins fully under their own control offline. People not seeing the risk of this are either delusional, or they simply don't care - not sure what is worse. Seriously, how much effort does it take to install a proper client and to properly secure/backup your coins? Security should always be the main priority, but as it is very clear to me, a lot people greatly prefer convenience over security. One should never be at mercy of a central authority, which is exactly why people love the freedom Bitcoin is giving them. Unfortunately, not everyone appreciates that. Angry

Essentially, people will only learn when things go wrong (i.e. them getting financially hit in the pocket).

aso118

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★Nitrogensports.eu★

It makes sense for them to suspend payments. Bitcoin in any case wouldnt contribute a large portion of their sales. So avoid it until all uncertainty is removed.

cpfreeplz

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Quote from: CryptoBry on July 21, 2017, 09:53:09 PM

Quote

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.

Ever 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.

However, on Thursday the possibility of a network split was significantly reduced as the scaling compromise for Segregated Witness (Segwit) was locked in with a strong consensus. Nonetheless, the exchanges are still prepared to suspend bitcoin services, should a network split occur.

Read More Here.

Although the possibility of a network split is getting remote everyday, still there will be technical changes that need to be addressed by Bitcoin as so we should still be prepared for some necessary disruptions. I think wallet service providers will also be suspending their services to protect the members' funds and watch out for possible changes that need to take effect before they would be opening their doors for business again.

Of course they will. They'll hold your bitcoins hostage and decide what they should do with them. This is like of you owned stocks and you bought them through a bank. They would have to decide what they weren't doing when the stocks split 10:1. You have absolutely no say in it. The difference is there will be two chains and you may not like what they decide to support!

CryptoBry

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Quote

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.

Ever 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.

However, on Thursday the possibility of a network split was significantly reduced as the scaling compromise for Segregated Witness (Segwit) was locked in with a strong consensus. Nonetheless, the exchanges are still prepared to suspend bitcoin services, should a network split occur.

Read More Here.

Although the possibility of a network split is getting remote everyday, still there will be technical changes that need to be addressed by Bitcoin as so we should still be prepared for some necessary disruptions. I think wallet service providers will also be suspending their services to protect the members' funds and watch out for possible changes that need to take effect before they would be opening their doors for business again.

Topic: [2017-07-22] Japanese Stores To Suspend Bitcoin Payments August 1 (Read 5089 times)