Bitcoin Getting Acceptance in South Korea, a Bakery Becomes the First to Accept

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Bitcoin Getting Acceptance in South Korea, a Bakery Becomes the First to Accept
Bitcoin Getting Acceptance in South Korea, a Bakery Becomes the First to Accept

Bitcoin Getting Acceptance in South Korea, a Bakery Becomes the First to Accept

After China, it is South Korea that is paying a lot of attention to Bitcoin. The latest development is that a South Korean bakery shop started accepting the digital currency. According to reports from Xinhua, the Paris Baguette bakery shop in Incheon, a city west of Seoul, on Sunday started to allow customers to buy goods with Bitcoins.

The bakery in its announcement said that customers can pay Bitcoins to the shop and buy the available products. The currency conversion application will be offered by Mt. Gox, the world’s largest Bitcoin exchange platform. Bitcoin which has recently gone above the benchmark of $1200 is notching new heights.

New Payment Method is for a Better User-Experience and Pro-progress

According to shop operator Lee Jong-soo, the company has introduced the new payment system, and is expecting the Bitcoin payment system to be more popular. Mr. Jong-soo is also of the opinion that more shops will accept Bitcoin payments in the future as more business owners here realize the importance of this digital currency.

Mr. Jong-soo informs that the first transaction involving the virtual money happened early Tuesday morning and so far there have been a couple of customers who have paid in Bitcoin. He is hopeful about the numbers as according to him the idea of embracing the virtual currency came during a family dinner with his two grown-up sons a month ago.

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Idea Came from the Son of the Bakery Owner 

He says that his younger son, who studied finance in the U.S., suggested that he should accept Bitcoin as a payment method at the bakery. It clicked him and in his pursuit came support from the elder son, a software developer. As soon as the decision was made, the trio quickly developed an app that automatically calculates the exchange rate of Korean won to Bitcoin.

Though Mr. Jong-soo is enthusiastic about the future of the digital currency, he doesn’t expect the actual number of customers who pay with the virtual currency to soar any time soon. However, some users defer from his idea and admit that Koreans are very sensitive to IT trends and Bitcoin being a revolutionary IT idea is definitely going to be a mega hit soon.

A customer who paid in Bitcoin at the bakery said that he believes Bitcoin has a potential to eventually replace the U.S. dollar or any other currency for that matter as according to him there is no worry about inflation and transaction or exchange charges are nothing compared to other traditional methods of payments.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com