Posted in: Market News
December 4, 2013 6:51 PM

Korean Bakery Paris Baguette in Incheon, South Korea Is Accepting Bitcoins

Bitcoin is changing hands in South Korea, according to a featured article by Wall Street Journal’s blog.

Paris Baguette in Incheon, South Korea is the first bakery, and one of the first brick and mortar businesses,  in that geographical area to publicize accepting Bitcoin.

In the few weeks since the bakery in Incheon has accepted Bitcoin, their first Bitcoin paying customer had this to say:

“I think it will spread very quickly like smartphones did a few years ago if more and more Korea merchants introduce it,” said Mr. Kim. “Koreans are very sensitive to IT trends.” The office worker in his mid-30s arrived around 5:30 am at the bakery Tuesday morning to experiment with the virtual currency before he traveled back to Seoul to go to work.

Paris Baguette is a franchise operated bakery that has locations around the world and is a very popular spot if instagram and pintrest pictures are any indicator.  What this means is that the big name company Paris Baguette has not chosen to accept Bitcoin at all their franchise locations yet; rather, a single brave individual has chosen to accept Bitcoin, in Korea no less.  This situation is similar to the slew of Subways around the world that are accepting Bitcoin.  Currently you can buy a sub with Bitcoin in Moscow, Russia; Allentown, Pennsylvania; and soon Los Angeles, California!  Arguably, Bitcoin fever has hit Korea a little bit late but their nascent Bitcoin economy now features exchanges, and this bakery to buy bread.

How exciting is it to see our Asian crypto-brethren flock to the benefits of Bitcoin?  While there have been hiccups in the growth of the Bitcoin economy in Asia, China is undoubtedly leading the pack in almost all aspects.

Join me in welcoming brick and mortar Bitcoin accepting businesses from around the world.

Have a cryptic day, mis amigos.