Mega Moolah obsession in Japan: The Land of the Rising Bitcoin
The recent news that the Mega Moolah slot, along with a whole raft of progressive jackpot games from are available to play at the new bitcoin-only casino will not have come as a great surprise in one particular part of the world.
Already known as being a place where tomorrow's technology is available today, Japan has embraced the emerging culture of bitcoin and cryptocurrency with open arms.
The country made bitcoin a legal currency back in the autumn of 2017 and since then, it has become a global hotspot for bitcoin trading and spending.
Furthermore, so important is this investment in bitcoin, that a recent article by Forbes Magazine, revealed that the next big boom in the Japanese economy, on a similar scale to what happened with the technology boom in the 1980s, will be fuelled by the countries growing utilisation of bitcoin and blockchain technologies.
Why is Japan leading the way in bitcoin technology?
As most people are aware, bitcoin is a form of currency that can be used online in place of other forms of more standard payment, such as credit cards, debit cards, eWallet services and similar. There are two particularly attracting things about bitcoin for individuals that want to operate using bitcoins.
- Bitcoins are among the safest and most secure methods of making payments online as they user can make purchase without having to reveal financial details such as credit card numbers.
- Bitcoin values have sky-rocketed over the last few years, and even though they have tumbled in price in 2018, they are still hovering at around US$6500.
Just how much bitcoin prices have increased since early 2010 is remarkable. In March 2010, one user known only as "SmokeTooMuch" presumably after a well-known character from a Monty Python sketch, tried to auction 10,000 BTC for $50, but no buyer was found.
Had somebody spent $50 to acquire those 10,000 bitcoins back then and hung onto them for just over seven years. Then in December of 2017, the value of those 10,000 bitcoins would have been a staggering $179,000,000.
Even today, where the value of an individual bitcoin is nowhere near as high as the December 2017 spike, that $50 investment in 10,000 BTC back in 2010 would now be worth $66,672,600 at today's prices.
Perhaps it was because of the way Japan embraced the technology boom of the 1970s and 1980s, a time which saw it become the second biggest economy in the world behind the United States, that is the key reason why Japan has become one of the quickest adapters of this new form of currency.
Yet, it is beyond the technological realm that could well be the secret to bitcoin's popularity in Japan.
Bitcoin in Japanese society
That's because an increasing number of Japanese retail stores, shops, restaurants and the like are now happy to accept payment via bitcoin for goods you can pick up in the store.
Payment is made using your bitcoin wallet and in a similar way to using a service like Google Pay or Apple Pay. For example, in one large store in Shibuya, the goods you buy are scanned at a till and at the end of a transaction, the amount of money your purchases cost in Japanese Yen, is translated into a bitcoin price.
To enable the transaction, the till will generate a QR code, which you scan using your Bitcoin Wallet (on your phone) and the bitcoins will then be transferred to pay for your goods. The transaction happens almost instantaneously and when successful, a tick appears on the screen to confirm payment has been made. It is a simple, effective and easy way to pay for any number of goods, including food, alcohol and household and electrical items, and much more.
Indeed, the technology is less complex than using a credit card terminal to pay for items and it is this ease of use and adaptability that makes it so appealing to the Japanese, who are renown for being positive early adopters of new technology.
This is a fundamental step in how bitcoin's popularity will grow in Japan. Having an online currency is one thing and is certainly useful for spending money online or keeping money secure in a Digital Wallet, but having a practical, day to day use for that cash by being able to use it to buy items or pay for meals in shops and restaurants means that bitcoin becomes more than a digital currency alone and instead turns into a practical real-world every-day-use currency.
Support for bitcoin from Japanese government and financial institutions
For all the positives, it is important to note that bitcoin remains highly volatile, its price now for example is around one-third of how much a bitcoin cost back in December 2017. However, consumers in Japan are being given confidence in using the technology thanks to moves made both from their government and from big business.
We have already mentioned that Japan made bitcoin legal back in 2017, becoming one of the world's first countries to do so. Indeed, in many parts of the world, bitcoin is still illegal, or is in a legal 'grey area' where its use has not been fully defined by the government. By wholly backing the currency, the Japanese government legitimised bitcoin within society and in turn, that leads to increase consumer confidence.
Furthermore, one of the largest financial services companies in Japana, SBI Holdings, has set aside $460 million to invest in companies within Japan who are seeking to access and utilise bitcoin and blockchain technologies to develop their business. Indeed, part of the remit for this investment was, according to SBI Chief Executive Yoshitaka Kitao "...people need to think about how these technologies are being used in real life and how they can improve people's businesses."
So how prevalent is bitcoin in Japan, it is estimated that around one third of adults in Japan have used bitcoin in a cryptocurrency wallet, that is a staggering proportion and one that dwarfs the rest of the world.
Indeed, when New Zealand's Centrality ICO company was for sale, the company, which has its root in bitcoin, was bought predominantly by investors from Japan. "We're focus on the [Japanese] region because people in Japan a far further ahead than the rest of the world when it comes to blockchain and cryptocurrencies" explained the CEO of Centrality.
Playing Mega Moolah using bitcoin from Japan
So while a new bitcoin-only casino may well be the perfect opportunity for Japanese customers looking to spend some of the available funds in their bitcoin wallet, it is by no means the only way in which bitcoin technology is being utilised throughout society. It is this inclusive approach, allied with support from key figures in business and government, that has allowed bitcoin to thrive in Japan and why the country is going to be the leading bitcoin and blockchain economic powerhouse for many years to come.
Japanese casino players are big fans of the huge Mega Moolah jackpot, which at time of writing is US$18.6 million or 2885 BTC or 2,103,487,533,00 Yen! Yes, you read correct, the Mega Moolah jackpot it is over 2 billion Yen!
For our Japanese visitors wishing to play in bitcoin, check out the new bitcoin-casino accepting bitcoin deposit and withdrawal and which hosts the Mega Moolah progressive jackpot game.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.