The usage of bitcoins as a form of currency has witnessed tremendous growth in the commerce world in recent years.
The three countries with the largest market for bitcoins are China, Japan and, the United States.
Japan was trending in bitcoin news not so long ago when it overtook the United States to become the second-largest bitcoin market in the world.
Japan is in bitcoin news once again as it has now adopted a way for its citizens to pay their utility bills using bitcoins. Germany was the first country to have such a feature.
Coincheck has been making waves in the bitcoin news this month following their introduction of “Coincheck Denki”; the service that facilitates utility bill payments using bitcoins.
WHAT IS COINCHECK
Coincheck is a Japanese bitcoin wallet and exchange service that was started by Yusuke Otsuka and Koichiro in 2014.
It is based in Tokyo and is run by ResuPress Inc. which itself was founded in 2012.
The company serves a considerable number of merchants within and outside Japan and has been influential in building Japan’s bitcoin usage standards.
THE COINCHECK DENKI SERVICE
The newly introduced “Coincheck Denki” or Coincheck Electricity bitcoin service is the first of its kind in the country and is currently all the rage in bitcoin news. It will allow Japanese users to pay their utility bills through bitcoins.
According to the company, this service will be operational from the beginning of November this year. The service is set to roll out in phases and will only cater for electricity bills for now.
Going by documentation from the company’s website, the service is scalable and will cover for other utility bills in the near future including mobile phone, water and gas bills.
This is bitcoin news many people would like to hear. Coincheck works in collaboration with E-net Systems Co, Ltd., a subsidiary of Mitsuwa industry Co. Ltd.
Together they have partnered with Marubeni Power Retail Corporation which oversees power plants in various locations around central Japan including Kansai, Kanto, and Chubu.
The corporation currently has offices in more than 50 countries worldwide.
However, it is important to note that this service will currently only be available in the three aforementioned areas.
The major population centers in Japan including Tokyo and Osaka are located within Kansai and Kanto regions.
The electricity payment plans have been detailed on the company webpage and include options for both light and heavy users.
1. LIGHT USERS
The plan outlined for light users allows them to earn bitcoins from saved amounts. It is important to note that the electricity bill is still the same as the conventional electricity bill charges.
Light users are individuals who are not well versed with bitcoins.
Such users will continue paying their utility bills through traditional methods and earn bitcoins from each payment made.
2. HEAVY USERS
The Coincheck Denki plan for heavy users offers considerable discounts and rebates ranging from 4% to 6% of the total electricity bill amount if they pay using bitcoins.
According to the Business Development Manager at Coincheck, Kagayaki Kawabata, this plan is tailored towards parties that already employ the bitcoin as a payment method.
This should come as great bitcoin news to parties that deal in the mining of bitcoins as this venture leads to the consumption of huge amounts of electricity.
RAMIFICATIONS FOR BITCOIN NEWS
There are several reasons why the reception to this service in Japan is speculated to be largely positive.
Japan has consistently embraced digital assets boasting of the largest forex trade market in the world.
New laws have also been proposed in Japan that would ensure bitcoins earn a legal status in the country.
Japanese citizens are also incentivized to invest their money by the zero and sub-zero interest rates resulting from measures taken by the Japanese government and Bank of Japan.
The bitcoin market offers a great investment platform for many Japanese as opposed to keeping money in the bank.
In addition to the rise in bitcoin prices to the $600 levels, the launch of Coincheck Denki service adds to the positive bitcoin news in the last week of September.
There is an ongoing speculation as to whether this service will extend to other countries even though Coincheck has indicated that there are no current efforts to do so. Nonetheless, there is no reason to assume that it cannot happen in future.
This would definitely be great bitcoin news as it would signal a growing acceptance of the cryptocurrency as a mainstream means of payment.