Goto Mall accepts Bitcoin

Goto Mall, the largest underground shopping mall in South Korea, has partnered with a local cryptocurrency exchange to let its 620 stores to accept bitcoin
27 November 2017   1469

Goto Mall which is also known as Gangnam Terminal Underground Shopping Center recently announced that it will start accepting bitcoin. The company has entered into a partnership with a local cryptocurrency exchange HTS Coin. The exchange, which opened last month, has created a smart payment system using cryptocurrencies and has recently launched a mobile app.

Customers will be able to pay with bitcoin at the mall’s 620 stores by mid-December.

I think it is very meaningful to be able to settle the bitcoin used by foreigners and young people at Goto Mall.

 

Chung Gwi Yeon

CEO, Goto Mall

The mall currently has an estimated 500,000 visitors per day, however, the mall’s foot traffic is expected to increase significantly due to its surrounding area being renovated to increase customer base.

The mall had previously tried to apply bitcoin as a payment option. However, store owners often lost their passwords and could not use the coins, the HTS Coin system rule out this possibility. Bitcoin will be offered alongside other payment methods accepted by the mall such as cash, credit card, and Alipay.

BIS to Issue Research on Bitcoin Problems

Researcher from the Bank of International Settlements believes BTC should abadon PoW
22 January 2019   82

Researchers from the Bank for International Settlements published a report in which they stated that only by abandoning the Proof-of-Work mechanism of consensus, Bitcoin could get rid of its current and future problems.

According to them, in the future, when the size of the rewards for mining drops to zero, transaction processing fees alone will not be enough to justify the miners' activities. Consequently, the Bitcoin network will become so slow that it will be impossible to use it, the authors argue.

Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality. 
 

Raphael Auer

Principal Economist, BIS

The BIS admits that second-level solutions such as the Lightning Network can ease the task, but “only fundamental remedy would be to depart from proof-of-work.” According to the report, the transition to alternative consensus mechanisms “require some form of social coordination or institutionalisation”.

The Bank for International Settlements contributes to the cooperation of 60 central banks from various countries of the world, which account for 95% of global GDP.

Earlier this month, the agency disclosed statistics on central bank initiatives in the field of state digital currencies. According to him, about 70% of central banks conduct research related to the issuance of national digital currencies, but plans for their implementation and the perception of the issue vary considerably in different countries