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Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: If you've made it this far and enjoyed the thread, please consider:
✅ Following this account if you haven't already
🧡 Liking and/or reposting this thread to help others find it
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Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 7/7 - It lasted six months. Coincheck, AirRegi's Bitcoin partner, was hacked in January 2018. AirRegi suspended Bitcoin payments immediately. By then, most of the 260,000 capable locations had never activated the feature. Both questions had their answer.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 6/7 - What AirRegi demonstrated was a different model for Bitcoin merchant acceptance: not individual stores opting in one at a time, but a platform operator making a single decision. The infrastructure question and the adoption question turned out to be separate problems.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 5/7 - The timing wasn't accidental. Three days earlier, Japan had eliminated the consumption tax on Bitcoin purchases — a friction point that had complicated retail adoption since legalization. AirRegi launched into the newly cleared environment.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 4/7 - On July 4, AirRegi activated Bitcoin across the platform. Not store by store — all at once. 260,000+ locations in a single day had the **option** to enable bitcoin as a payment method.
http://news.bitcoin.com/rollout-of-260000-bitcoin-accepting-stores-in-japan-begins/
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 3/7 - AirRegi was different from those early adopters. It wasn't one retailer making a statement. AirRegi was Recruit Lifestyle's POS platform — the most widely deployed in Japan, running across hundreds of thousands of shops, restaurants, and service businesses.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 2/7 - Japan moved fast. In April 2017, the Payment Services Act recognized Bitcoin as a legal payment method. Within a week, Bic Camera became the first major Japanese retailer to accept it. By May, Peach Airlines was selling plane tickets for Bitcoin.
Today in Bitcoin History / @daily_btc_lore:
July 4, 2017 (9 years ago)
Japan's AirRegi Rolls Out the Option to Accept Bitcoin to 260,000 Retail Stores in a Single Day
In three months, Japan went from legalizing Bitcoin to offering the option to 260,000 stores simultaneously. Here's how that happened. Brief thread... 🧵👇
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: If you've made it this far and enjoyed the thread, please consider:
✅ Following this account if you haven't already
🧡 Liking and/or reposting this thread to help others find it
🙏 Dropping me a tip at daily_btc_lore@walletofsatoshi.com
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 7/7 - BIP66 changed how Bitcoin developers thought about soft fork coordination. The incident fed directly into debates about SegWit signaling two years later, and helped make the case for user-activated soft forks as a check on miner behavior.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 5/7 - The invalid chain grew 6 blocks deep. For hours, Bitcoin ran two incompatible chains simultaneously. Transactions that appeared confirmed on one chain didn't exist on the other. A forced reorg resolved it, rolling back every block built on the bad one.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 3/7 - The fork activated on July 4. Within hours, a miner produced a block violating the new DER rules. Standard outcome: the network rejects it and moves on. But that's not what happened.
http://coindesk.com/markets/2015/07/06/double-spending-risk-remains-after-july-4th-bitcoin-fork/
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 2/7 - BIP66 was mundane by Bitcoin standards: enforce strict DER encoding on signatures. A cleanup, not a protocol change. Pieter Wuille proposed it in 2015 to fix a compatibility issue with OpenSSL. 95% of miners signaled support. Locked in. Set to activate at block 363,724.
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