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The Bitcoin is becoming increasingly mainstream, which is very positive for the overall perception and value of the cryptocurrency. Now a big deal has been made in Japan, that could potentially bring Bitcoin payments to 20,000 merchants around the country.
The agreement that was signed between Quoine and Econtext will make it possible for the merchants under Econtext to integrate Bitcoins as payment method and thus reach a new audience and use a new cheaper payment method.
Thus far, only a few merchants have actually registered to use the service, but Econtext is working hard to get more companies to integrate the services and expects many more to come in the not so distant future.
The Bitcoin has taken a reputation hit in Japan, when Mt Gox went broke and lost customer funds and Bitcoins, estimated value at the time of well over $500 million. With this new deal they hope they can change the tides in Japan and once again make them believe in the Bitcoin as the currency of the future.
The system will work similar to what other companies offers, where Econtext will check the price of the good being purchased and convert it into a Bitcoin price equal to the value of the Bitcoin at that moment.
The quoted rate will then be available for 30 minutes for the customer and the merchant, no matter what happens to the Bitcoin price in the meantime, and once the customer has paid, Econtext will convert the Bitcoins into fiat-money at the quoted rate.
Great news for the Bitcoin industry across the world.