Coincheck of Japan Rolls Out Bitcoin (BTC) Payment for Gas

ReiMomo

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Quote from: Google+ on October 09, 2019, 09:20:51 AM

if gas companies in Japan have started to make payments using cryptocurrency it will be able to give a very good effect because this can be one of the strategies to raise the price of bitcoin because demand will definitely increase when many use cryptocurrency for payments like this.

No doubt that bitcoin will become popular because of that service in Japan, they are mostly adopted in technology all over the world.
And that's a really good idea because it is big for a lot of car owners especially when they gas up it is less hassle for them to be able to pay using bitcoin and also a 3% discount on a monthly basis is really great help as well. However, I do not think if someone spending their bitcoin when the market is bear rather than they are accumulating on it and used cash instead. They will use Bitcoin once the price is quite high.

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if gas companies in Japan have started to make payments using cryptocurrency it will be able to give a very good effect because this can be one of the strategies to raise the price of bitcoin because demand will definitely increase when many use cryptocurrency for payments like this.

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Quote from: Lucius on October 09, 2019, 08:32:28 AM

So it's no wonder that in a country where you can buy a car for Bitcoin, you can also buy fuel for that same car, and pay in Bitcoin. All this is possible because Bitcoin is a regular means of payment in Japan, which means that everyone is able to provide services and sell goods in a very simple way by using Bitcoin.

Yet as has been pointed out, Bitcoin is generally still considered a store of value then as currency. From a normal human perspective, there is nothing strange about it, if you bought Bitcoin at a price of $10k, there is no logic to spend it when the price is $8k. Moreover, if some experts speak about $100k in the next few years, it further affects the consumption of real coins.

I think this is domestic gas bills (as in gas for home heating) not gas as in petrol for your car.

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So it's no wonder that in a country where you can buy a car for Bitcoin, you can also buy fuel for that same car, and pay in Bitcoin. All this is possible because Bitcoin is a regular means of payment in Japan, which means that everyone is able to provide services and sell goods in a very simple way by using Bitcoin.

Yet as has been pointed out, Bitcoin is generally still considered a store of value then as currency. From a normal human perspective, there is nothing strange about it, if you bought Bitcoin at a price of $10k, there is no logic to spend it when the price is $8k. Moreover, if some experts speak about $100k in the next few years, it further affects the consumption of real coins.

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Quote from: BitHodler on October 07, 2019, 09:34:22 AM

The article is a bit confusing.... is it only 3% that you save on a monthly basis, or is that on top of the 3% in discount when you pay with Bitcoin? I personally think it's just 3% on a monthly basis.

I'm not sure what other cash back programs are running in Japan as we speak, but if it's unique to Bitcoin, then it might incentivize people to actually pay their gas bills in Bitcoin. If it isn't unique to Bitcoin, then probably not.

Either way, this is great news for Bitcoin nonetheless. I have seen people complain about not being able to pay for their every day spendings in Bitcoin, well, we're getting there slowly but surely.

A 3 per cent discount for making your gas purchase using bitcoin, another 3 per cent as an incentive to use their wallet. It may be small but it does resonate with one of the core idea of bitcoin, which is using it as an means to pay for goods and services, not just as an investment vehicle or asset.

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Quote from: clickerz on October 09, 2019, 01:30:24 AM

It will not take long terms for bitcoin to become mainstream, if every other day we read this kind of implementation.Adaption is real indeed, hope more integration is to be done for convenience and ease of transaction.

It's a big dream, and I am fully supporting more merchant adoption, but people here seem to be overly bullish on everything they read. I'm strongly of believe that despite all the cheering for adoption, Bitcoin isn't being utilized much to pay for the goods offered by merchants. It will require additional discounts to tempt people to use their coins, which is something Coincheck seems to understand.

Bitcoin is too precious to be spent similar to how people usually spend their dollars and whatnot. On top of that, the fees merchants save by not processing the payments through Visa/Mastercard (which are usually 2-3% per transaction) should largely be given as discount to those paying with Bitcoin. As long as people are being given discounts, they're open to spend Bitcoin. The incentive has to be there.

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Quote from: dothebeats on October 08, 2019, 12:06:01 PM

Knowing how most of the Japanese are frugal when it comes to money, I'm sure tons of people would be taking advantage of this offer. Even though it adds another layer of service the Japs have to use, they'd still do it in a heartbeat. It would be better if more and more services would be covered by Coincheck in Japan in order to get the Japanese widen their perspective on bitcoin. They deem it mostly as a trading tool but not really something that can be used in real life, and perhaps this is a start of that change in POV.

This is the big hope. Adoption happens when people are incentivised to use bitcoin/crypto.

If you look back to the adoption of the internet - it really started to take off in terms of online retailing when the public became aware that things were cheaper if you bought online.

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This is great news!

I have always said that people should find ways to incentivize the public to rather opt for paying for services and goods with Bitcoin. The only incentive I could think of that would give people a reason to switch to Crypto currencies, would be if they could get something back from doing that.

A discount or refund for paying with Bitcoin is a huge incentive for people to rather pay with Bitcoin and this should be standard practice on most online platforms. Wink

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Quote from: dothebeats on October 08, 2019, 12:06:01 PM

Knowing how most of the Japanese are frugal when it comes to money, I'm sure tons of people would be taking advantage of this offer. Even though it adds another layer of service the Japs have to use, they'd still do it in a heartbeat. It would be better if more and more services would be covered by Coincheck in Japan in order to get the Japanese widen their perspective on bitcoin. They deem it mostly as a trading tool but not really something that can be used in real life, and perhaps this is a start of that change in POV.

I am happy that more and more company are opening up in accepting cryptocurrencies especially bitcoin. It will not take long terms for bitcoin to become mainstream, if every other day we read this kind of implementation.Adaption is real indeed, hope more integration is to be done for convenience and ease of transaction.

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It may only be the start of coincheck to accept more products to be paid in by bitcoin.It will sure to widen the adoption of bitcoin especially that it can easily be a way for them to purchase something useful and at the same time they have investment on them if they wanted to hold it. Japan is too good in advance technology and in adopting it, once they do adoption some countries might also follow them so buying goods will be easy with crypto now.

dothebeats

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Knowing how most of the Japanese are frugal when it comes to money, I'm sure tons of people would be taking advantage of this offer. Even though it adds another layer of service the Japs have to use, they'd still do it in a heartbeat. It would be better if more and more services would be covered by Coincheck in Japan in order to get the Japanese widen their perspective on bitcoin. They deem it mostly as a trading tool but not really something that can be used in real life, and perhaps this is a start of that change in POV.

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I think what is even most important right now is the awareness that the project is creating, imagine everyone walking to the gas station and the gas attendant asking what means of payment they would like to use for their payment which I am sure would be the option of cash, credit card and Bitcoin payment would be among, though majority of them would opt in for credit card but they will never leave there without actually thinking of the option of Bitcoin which I am sure that majority of them will be curious to know about.

It is now left to the attendant to be able to convince them depending on the level of knowledge that they have about Bitcoin, which is why we really need people to be very much educated on block chain technology and cryptocurrency, so this is really a good step to adoption based on my opinion.

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Good adoption by coincheck Japan want to accept bitcoin as legal payment for gas, few days later will give good effect of bitcoin price growing up and have higher price, with many big company want to adopt bitcoin I think bitcoin will be most profitable digital currency at the future not only could make for transaction but also could be investment.

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Quote from: BitHodler on October 07, 2019, 09:34:22 AM

The article is a bit confusing.... is it only 3% that you save on a monthly basis, or is that on top of the 3% in discount when you pay with Bitcoin? I personally think it's just 3% on a monthly basis.

It's actually 6%, they get a 3% discount and 3% rebate in bitcoin sent to their Coincheck wallets, that's a big temptation which difficult to resist, the more bill is paid, the more bitcoin they get. a great strategy that targets customers to encourage bitcoin adoption and used for retail shopping which in time will spread among merchants and retail owners.

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There I see it! An innovative and viable payment and rebate program involving crypto which serves as a conditioning process to adopt BTC and cryptocurrencies thereby stimulating crypto adoption!

If only these kinds of program with crypto integration could be replicated in other countries other than Japan, then a whole wide range of opportunities could be had right away for the crypto-community! I feel sorry for those crypto projects that seems promising with their similar payment/rebate business model but had gone less active after the crypto winter onslaught! If only they had implemented it in the right way. Sad

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Quote from: alyssa85 on October 07, 2019, 05:58:58 AM

In theory this is really good for adoption.
In practice - who knows, it depends on ordinary Japanese taking up the offer to actually use their bitcoin for something. Hopefully the 3% discount will encourage them, though some may decide they'll make more by just hoarding their bitcoin.

This is how you attract new customers into a new product, it is a classic method and you need to provide discounts and offers to the users so that they will start using it and that is how adoption is to be made and not by charging higher fees in ATM machines and other methods where you will not get the correct valuation and for the normal individual to shift to something new, getting incentives for use is the best method.

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Quote from: alyssa85 on October 07, 2019, 05:58:58 AM

In theory this is really good for adoption.

In practice - who knows, it depends on ordinary Japanese taking up the offer to actually use their bitcoin for something. Hopefully the 3% discount will encourage them, though some may decide they'll make more by just hoarding their bitcoin.

That is always the case. Personally, there is always a tag-of-war inside me, whether I will use my Bitcoin for payment or hoard them for the better days ahead. Although I use BTC in smaller transactions, I am hoarding the bigger portion for the bullish days. That's reasonable for me because that means profit, although that may actually be disadvantageous to Bitcoin adoption as a currency.

We can only hope that this form of payment is really more convenient to the Japanese so that they will use it more than fiat. If not, they will not grab this offer and prefer to HODL their BTC instead. That is bad for adoption. Other businesses will be discouraged to offer similar option.

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I think Japan is really leading the way for crypto adoption, after all they've legalised bitcoin so I' not surprised that every business in that country is somewhat offering BTC as mode of payment. Otherwise those online and offline stores are going to be left out by this revolution lead by their country. And its good that they are offering incentives for their customers, as we all know we love discounts and this is a very effective marketing ploy.

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Quote from: alyssa85 on October 07, 2019, 05:58:58 AM

In practice - who knows, it depends on ordinary Japanese taking up the offer to actually use their bitcoin for something. Hopefully the 3% discount will encourage them, though some may decide they'll make more by just hoarding their bitcoin.

I understand that Japanese are good at marketing and I am sure they studied the market well if there is a big probability that this offering can be a big success. The 3% + 3% incentive can be a good start and since many Japanese are thrifty so many customers of these two gas companies can go with cryptocurrency in paying their bills. This is a good model for other payment platform to adopt, by establishing partnerships with product/service providers there is an assurance of a good size of targeted market which can be enticed to join the cryptocurrency bandwagon, hence helping us in the global movement for adoption. One thing for sure, I do greatly admire the many developments on cryptocurrency taking place in Japan.

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Quote from: exstasie on October 07, 2019, 05:18:24 PM

Quote from: alyssa85 on October 07, 2019, 05:58:58 AM

In theory this is really good for adoption.

In practice - who knows, it depends on ordinary Japanese taking up the offer to actually use their bitcoin for something. Hopefully the 3% discount will encourage them, though some may decide they'll make more by just hoarding their bitcoin.

They actually get a 6% effective discount. 3% off for paying with BTC, plus a 3% rebate paid to their Coincheck wallet. Pretty huge! They also seem to have a similar program for electricity bills.

I wish we had deals like this in the US. AT&T (huge US telecom provider) added the option to pay via Bitpay but they offer a 0% discount. Undecided

A nice percentage of discount that will attract non crypto users to try using that service. A good adoption indeed! They can still get a bit of bitcoin from the rebate. Japan is really one of the frontrunners when it comes to this kind of technological advancement. They are very bold in adopting a new technology.

Unfortunately, your country is not giving any incentive of using crypto. Maybe in other services? Here in my country, they are offering a small cashback when you pay your bills via crypto. And even higher if you buy prepaid load and game credits from them.

Topic: Coincheck of Japan Rolls Out Bitcoin (BTC) Payment for Gas (Read 224 times)