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Bitcoins at Bic 2017/5/23 02:19
For about one month now you can use Bitcoins at the Bic electronic shop. See https://news.bitcoin.com/japan-bic-camera-starts-accepting-bitcoin/
Does anybody have some experience with this and how does the exchange rate compare?
by Butchijo (guest)  

Re: Bitcoins at Bic 2017/5/31 11:26
This site reported 102 yen = 0.00049 BTC in May (earlier than 23 May), 1BTC = 208,163 yen.

Another one, 100 yen = 0.00076 BTC vs 1 BTC = 133,500 yen (10:45, 7 Apr).
by Luisjp rate this post as useful

Re: Bitcoins at Bic or in Japan 2017/6/10 18:04
Thanks Luisjp for the response.

So I understand that BIC uses the Bitcoin actual esellingf price for the calculation Bitcoins to Yen. I assume BIC is using one of the main traders for this exchange price.

Given the fact that you must first buy Bitcoins before you can spent them this means that you have to add about 2% to the price because the Bitcoin ebuyingf exchange rate is 2% higher. And so the product you buy is 2% more expensive then when you pay in Yen. It would be nice if BIC and others give you a discount if you buy with Bitcoins (they do not have the creditcard cost!).

This 2% sounds bad but because as a traveler you also have to buy first those Yen. And assuming the exchange rates the banks are using and on top the commissions these banks are charging this might be more costly.

One drawback using Bitcoins might be the instability or rapid changes of the Bitcoin. However if you can buy Bitcoins electronically from your bank at home you might minimalize this effect when you buy the bitcoin just prior you buy something with Bitcoin.

I hope some traveler can give some actual examples of the cost comparison (using Bitcoin vs using bought Yen).

Just for information: http://www.coindesk.com/japan-bitcoin-law-effect-tomorrow/


B. Slager
by Butchijo rate this post as useful

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