Ticket Camp announced the use of bitcoin

Ticket Camp has received payment using bitcoin. Japan's largest ticketing marketplaces announced that they have received bitcoin digital currency as a form of payment. The latest step confirms Japan as the world's leading cryptocurrency user now has around five million users in the country.

Tinuku Ticket Camp announced the use of bitcoin

The largest online ticket trading market in Japan has received bitcoin currency and confirmed as the first member of the ticketing industry in Japan that uses the virtual currency and uses it in serving transactions. The Company has appointed Coincheck to handle all such digital transactions.

Japan is the most advanced country in applying cryptocurrency as a legal means of payment. The cryptocurrency law has been passed since last April under Japanese Prime Minister Shinzo Abe. BitFlyer Inc., a virtual currency exchange startup service in Japan, saw its subscriber increase threefold in the past year from 200,000 to 600,000 consumers.

On Thursday, Fisco Ltd., a research and investment firm, issued bitcoin-based bonds. Bic Camera Inc and airline Peach Aviation Ltd. has received bitcoin, while SBI Holdings Inc. has been using it since last month. Major banks in Japan, Sumitomo Mitsui Financial Group Inc. along with a consortium will implement using bitcoin in the near future.

Ticket Camp is a web-based platform that is oriented in long-term business. Bitcoin has great potential, but it has some possible problems in the bidding business where companies will have trouble picking up 13 percent of the cost for each sales transaction.

Opportunities and other challenges of bitcoin use are effectiveness in combating fake ticket sales that have long disrupted the ticketing industry and have proved extremely difficult. Ticket Camp uses an escrow system to hold payments until the ticket actually reaches the buyer, but is not effective in handling fake tickets.