Largest Movie Theater Chain in Thailand Going Crypto

 

 

Thailand’s largest movie theater chain, Major Cineplex, is reportedly integrating crypto payments to allow customers to pay for its services and products with cryptocurrency, including movie tickets and popcorn. Thailand recently began regulating crypto businesses. This week, the Thai Securities and Exchange Commission started accepting license applications from crypto operators.

 

The largest operator of movie theaters in Thailand is building a digital payment ecosystem in the country through a partnership with Swiss payment company Rapidzpay, the Nation Multimedia recently reported.

 

Founded in December 1995, Major Cineplex currently lists 143 theaters throughout Thailand on its website, 43 of which are in the greater Bangkok area. The group owns “678 screens, including 7 in Cambodia and 9 in Laos, and plans to expand to 1,000 screens by 2020,” Forbes reported in May last year.

 

Full story: https://news.bitcoin.com/movie-theater-chain-thailand-crypto/

 

-- BITCOIN 2018-2018-07-30

Just an FYI:
Bitcoin.com is owned and run by BCH (Roger Ver).
I would avoid sharing anything from that site and even promoting it.
I'm not going to go into my personal reasons, but having a site that has Bitcoin in the name and then on the front page leads to BCH is not what crypto needs.
This will lead to confusion for new users. 
 
 

I thought that the cost of Bitcoin transactions were over 5$ per transaction. More than the

cost of a theater ticket. Obviously, I am mistaken. I think I understand the Bitcoin big picture

but not the details. I will continue to use baht.

There is no set price for a Bitcoin transaction. There is limited space on the blockchain, and you bid for that space when you want it. When demand is high, prices are high. Think of it as an auction. Right now, available space is far greater than demand. Today, even a 20 satoshi payment is likely to mean your transaction will eventually get included. Many blocks are going out only partially full or filled with 0 fee transactions.

 

That could change in a minute though if crypto speculation suddenly hits an upswing. Several people paid over $100 for a transaction last year when demand was very high and space was limited.

 

Another consideration though is that Major has teamed with Rapidzpay for their payment solution. It is not clear from Rapidzpay's whitepaper whether they actually do the payment on the Bitcoin blockchain. It sounds like they may have implemented their own chain for this purpose, meaning the standard Bitcoin fees will be irrelevant. You will need to have  a Rapidzpay wallet with your Bitcoins already stored in their system, and once you have given your Bitcoins to them, they can shuffle them around internally all they want to any other account holder at little to no cost.

 

 

 

23 hours ago, Ulic said:

I thought that the cost of Bitcoin transactions were over 5$ per transaction. More than the

cost of a theater ticket. Obviously, I am mistaken. I think I understand the Bitcoin big picture

but not the details. I will continue to use baht.

about 10c for a fast transaction at the moment, that will decrease as the technology improves