I tried using Bitcoin for a payment at BicCamera

2018.05.17

Payments Using Bitcoin

Since July 26th, 2017, it is possible to make payments with Bitcoin in BicCamera.

On April 7th, 2017, BicCamera started accepting Bitcoin payments, however, because this was a trial implementation, only the two stores in Yurakucho and Shinjuku east exit, Tokyo accepted this.
Now all stores accept this, I personally used the store in Shibuya east exit.
This time I have written about my impressions after actually using it. Please make use of it!

Payment by Bitcoin

Actually, I did not know this was published on the web or news,
and stumbled upon this sign in BicCamera Shibuya East exit and found out Bitcoin was accepted.

At the time I possessed a small amount of Bitcoin, and I thought
“If I can use it, there’s no way not to”
So, I went ahead and made a payment using Bitcoin.

Checkpoints

3 points I was especially interested in are the following:
１、The clerk’s knowledge
２、Payment speed
３、Price
Let’s take a closer look at each point.

The Clerk’s Knowledge

I had researched the payment method before heading to the cash register but acted as if I didn’t.
(Forgive me!)
Me: I want to make a payment using Bitcoin.
Store clerk: Okay, please move to this cash register.
It seems I was moved to a register that had a terminal that could receive cryptocurrencies (probably an iPhone). I was advised to scan my QR code.
Although the store clerk was rather old, they seemed educated about the general framework.
Following up,
Me: Um, how do I send this?
I asked a rather nasty question while handing out my phone, there was a change of clerks and I was able to get a detailed description.
I was using coincheck as my wallet, but BicCamera uses BitFlyer.
I got the impression they are still in process of learning how to use other wallets.
If I were using BitFlyer as my wallet, the previous clerk may have been able to answer my question.
Either way, it is possible to get detailed directions from a specialist.

Payment Speed

Once you learn how to use it, payment speeds do not differ much from electronic payments.
If you are to focus just on speed, electronic payments are overwhelmingly faster, no matter how many times you review how to use your cryptocurrency wallet.

This is because cryptocurrencies use an address and private key to identify individuals.
Steps when making a payment:
Open your wallet (app)
→ Enter your address and private key (password)
→ Scan your QR code
These steps must always be taken.
Unless there is an improvement made in these steps, there is no way to beat electronic payments, as they can be scanned without being taken out of the wallet.

Transaction Fees

No matter what wallet you use, there is usually a transaction fee.
At the moment 0.0005BTC is the market price. In case of small payments, this seems very expensive.
For instance, lets suppose 1BTC=500 thousand yen, the transaction fee would be 250 yen.
In case you are to making a 100 thousand yen payment, 250 yen sounds like a deal. However, if you are to make a 100 yen payment, this is a very expensive transaction fee.
I bought candy worth 100 yen, but this means I paid 340 yen at the rate of the time.
If I were to use the electronic money, I would have been able to buy three… so this was kind of disappointing.

I learned that even if you buy candy that is 100 yen for 350 yen, sadly, it really only tastes like candy that’s a 100 yen.
I recommend you keep in mind the rate and transaction fee when making a payment with Bitcoin.

Conclusion

☑ Even if you do not know how to use your wallet, the store clerk will guide you.
☑ As long as you master how to send your money, payment speeds do not differ much from electronic payments.
☑ Transaction fees are about 0.0005BTC, therefore there is a need to think about the rate.