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Satori Coin - Japan Gets Its Physical Bitcoin

Satori Coin Homepage Screenshot (EconoTimes)

In a bid to expand the reach of cryptocurrencies to the masses, Raimu Inc., a trading company based in Japan, has come up with the concept of physical bitcoin. Dubbed as Satori Coin, it comes loaded with a very meagre amount of bitcoin, 0.001 BTC equivalent to approximately 50 cents currently.

Speaking to James of The Corbett Report, Yoshi Kan, Sales and PR Executive of Raimu Inc., said, “Bitcoin exists only in the Internet. We wanted to spread the understanding of bitcoin among Japanese people, so we imported Japan’s first bitcoin ATM back in Spring of 2014. But we quickly realised that ATM concept is way too advanced for most Japanese people.”

Kan says that unlike Casascius or Denarium which were rather expensive, the company wanted to introduce an affordable physical bitcoin.

When asked why did the company chose such small amount of bitcoin, Yan said, “We made the amount low to have common sense on our side because 50 cents is such a small amount – it’s impossible to money launder 50 cents, or tax evade 50 cents, or buy 50 cents worth of illegal drugs, or fund illegal or terrorist organizations with 50 cents”.

About distribution of the coins, Kan said that it will be “very analog” and “uniquely Japanese”. The company has plans to launch Satori Coins worldwide.

However, Satori Coins will be illegal in the United States as a loaded physical Bitcoin will label Raimu Inc as a money transmitter, which will require it to obtain a money transmitter license from every state in the US. This would be impossible for the company, says Kan.

The video goes on to demonstrate how to use Satori Coin. All a user needs to do is peel the hologram on the coin to view the QR code. The code is to be scanned using blockchain app to import the physical bitcoin to a bitcoin address.

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