Bitcoin Forum

It seems that Japan is now #1 in volume. China will start having less and less relevancy as other countries catch up in the importance of bitcoin. When this happens, we will see how 3 figures a BTC was always as cheap as hell. The days of chinese government backed price manipulation are numbered. PBOC trick to short the market is increasingly less effective as price recovers quickly. Shorters beware.

I guess we are a few days from the "Fucking Japanese" posts then.  ::)

That's a good thing as long as their exchanges are regulated. Don't forget MtGox was located in Japan, and they dropped the ball in monitoring it.

It is good news as Chinese government is trying fully to downgrade the bitcoin price by taking lot of steps and regularizing the transactions and keeping track of all exchanges and limiting their transaction. Through which they are manipulating to downgrade the bitcoin price but japan and other country are ready to buy on downfall of bitcoin price and the price is getting stable.

If they start manipulating the price like China is doing, bet it will be. Now, I am too used swearing at china that it will take some learning curve to swear at japs  ;D

This means nothing honestly , Quoine is currently number #1 simply because the Chinese exchanges such as Huobi and OKCoin stopped the withdrawal and some operations and It's a matter of time till they start once again and they get their places back. Logically the volume comes from the countries that has the biggest mining farms and China still that country.

China will sooner or later stop being the number 1 place in the world, they will fuck it up. People will start hating the fact that they are obviously manipulating the price everytime we got close to $1000+

Other countries have a chance to invest in mining technology and outgame them. Also, the japanese are tired of their inflationary fiat currency disaster, so they can take the lead too by accepting bitcoin and forget about government crappycoin.

Also comparing the current situation with the 2013 situation is stupid.

I haven't managed to find any information confirming that. From what I found Chinese exchanges, okcoin, Bitfinex and btcchina are still surpassing others in trading volume. I checked Bitcoin trading volume in the last 3 days and also in the last 24h.

Wait isn't Japan part of China?

No not likely.
Even America respects the fact of their innovation in technology. Remember the 80's with their automotive industry. There was a movie made that I can't remember the name of right now. It was the one with either Steve Martin or John Candy one of those two.
And they are the creators of Sony and have innovative ideas coming out of every pore of their bodies so it was just a matter of time they caught on to bitcoin and will do something with it that will revolutionize the game concerning it entirely.
The only ones who will hate them for doing this would be the Chinese. It all goes back to the war that has always made them look like the inferior nation of the East.

Haha. You must be thinking of Hong Kong. lol!
They were the ones under British rule at one time.

I would like to read some articles instead of judge just from another words (no offense).
May anyone share nice article regarding this news?
More and more countries regulated bitcoin transaction and people trust it as reliable investment, lead to increase in every section, adopters, price, market cap, stability. But, we will see it, how they continue to support bitcoin and grow with it.

No, they are different countries, different path, different regulations, hopefully better than Chinese.

But that was ages ago, at least in crypto time. Now after the three four years is not like wild west anymore.

It almost ended up the other way round.

https://cont.ws/uploads/pic/2016/10/Japanese_Navy_Land_Forces_for_Nanking_memorial_services01.jpg

He was joking, why so serious? ;)

That's pretty good news, at least it's better than China being #1 in volume.
Where did you find these stats btw and how is it compared to the US and Europe?

this was before the exchange in china that freezed their funds

https://news.bitcoin.com/wp-content/uploads/2017/01/C2GbCYsWEAAFVWk.jpg-large.jpeg

after they freeze it japan become number one


their exchange are already regulated very well, japan is always far ahead will not have the same issues as chinese

Now those rich chineses liking bitcoins will move themselves to Japan or any other country near to continue their operations, also foreigner guys in China will left the country to continue their operations. Maybe some guys here were right, the chineses didn't control bitcoins, but who were in China yes, not precisely chineses, it could be the japaneses or any other.

Nice pics, link to access the website please? I would like to watch over it.
I like this Japan news so much, such as secret weapon/backup plan that supports bitcoin.
However, recent update of Japan regulations regarding cryptocurrency and exchanges may damage bitcoiners there.
https://blog.indiesquare.me/the-new-bitcoin-regulation-in-japan-worse-than-the-bitlicense-e669618d69e0#.emydhbo06
the regulation applies to those who facilitate or promote the sales or trading of virtual currencies regardless of whether they are holding customer funds. Thus, those trading facilitators are required to do KYC(Know-Your-Customers) and AML(Anti-Money-Laundering) to the users just like with centralized exchanges

RawDog would probably be the first to post that. :)

China still have the most number of miners but i don't see any reason why the Japanese would lag behind in bitcoin use. They tend to be very tech-savvy and I expect use there to increase with the coming years. I mean, if bitcoin is accepted and have support in my rather backwards country, why not Japan?

Hahahaha, your making me a joke! :D
 How come that Japan is part of China, where did you get that information? Anyway, as we are going to look at it, Japan is something no difference in China, in terms of owning the average percentage of bitcoin, But I will keep on watching it for what will happen in the next day chapter.

Ha, ha, some people obviously have some serious problems with geography.
This with Japan is interesting information and I have to say that I'm a bit surprised that this hasn't even happen earlier. Japanese are highly tech developed nation that easy adopt and invent new technologies so it's kind of natural that they hold a large amount of Bitcoins too.

Indeed, and made me laugh lol.

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I guess this is because the two biggest exchange of China suspended Bitcoin withdrawal, probably it will go back to normal after a month.  Though I really wanna see how will the Japanese gov't react when this thing stays.

Good to know that the Chinese exchanges don't have a monopoly on Bitcoin trading.

Its the positive part of what the Popular Bank of China made, now more people realized that bitcoin isn't controlled by China exchanges (that faked its volume). Now we can see that there is real big demand of Bitcoins in other countries.

You got any source? I seriously can't find that Japan has more volume in BTC than China does.

Yeah great find !!! it is true for the fact that they all look alike  ;D and what i am amused is that Japan and Korea are good at electronic products and from what i know they never come up with an ASIC mining machine but China came forward with a competing product and they captured the bitcoin mining market and with the new regulations i think we see a shift in focus. ;)

Do you really think that people would trust these exchanges and go back and trade as usually after holding their coins for more than a month and just think about the loss they will be facing because of their hypocrisy,suspending the withdrawal of coins in their accounts without prior warning is not a good way to get the trust back,what ever it may be Asian countries controls the volume of trade. :D

It's good news that China doesn't seem to be able to control Bitcoin. Hopefully investors in America, Japan and other countries will put enough money in Bitcoin to keep China from controlling the price and keep them from holding 50% of Bitcoins in circulation.

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Japanese was taking the first place and may we ready about mtgox 2.0?  :D A month before Chinese will bak to life again.

Japan may be number one now in volume but Chinese exchanges enjoyed a highest volume for a long time and i know in future they will retain the highest volume again. Seeing other countries like Japan in the Race with china in Bitcoin adoption is sure a healthy  competition for bitcoins overall.

after chinese have big number in volume, now japan turns the number one in volume and i hope this will not affects much with the market and only bring good affect to bitcoin itself. its time for japan to mass adoption bitcoin and spread it into japanese people and japan its modern country which have good technology that will support bitcoin.

Japan has been getting more acceptance and more users getting into bitcoin. In a sudden hype japan has made a big investment in the fintech advancement. Japan has overtook the leading investors mainly Singapore.

why youre hate japan, i think this now only japan can regulated bitcoin and complete, in japan exchanger can tax too
china exchanger is many problem about regulation, this now japan exchanger can replace position china exchanger

We have been following Huobi for the whole ramp up right before christmas last year. Chinese trade side been several dollars leading, other places following. Strange how fast this gets forgotten.

Gox has been an international place from the beginning. Funded by americans, run by a frenchman, into the ground actually the smoldering remains are still not cleared up.
There are no explanations however why techaddicts in Tokyo didn't got onto the Bitcoint train. Some tamagotchi like toy and we would be living in a different world today.

Japan now can escape the shadow of China. Chinese regulator breeds chaos while in Japan a totally different approach, and the conditions there are now more favorable for development.

Now that Japan is no. 1 in terms of volume, I think manipulation will end. They might also try to manipulate it but if they do, one day there will be another country that will overtake them in terms of volume. It is a good sign though having Japan in #1 in volume not China it will mean that less manipulation will happen starting now and the only thing that will drive bitcoin's price up and down is real demand in my opinion.

It's all good for all of us, we want a worldwide participation and Japan being a world super power brings a lot on board and we hope many will follow suit and Bitcoin will grow bigger and stronger.

I am in favor of Japan compared to China and I love what is happening now on bitcoin. With Japan having that edged, I trust them. We know Japan as honest and discipline people,so with their dealings and handling this feat I trust them.BTW Japan already recognized and accept bitcoin as payment for utilities etc.

I'm happy that the Chinese manipulation era is going to end soon. And I'm also in favor on what's happening to bitcoin today.

Its better to trust Japanese people with their norms and beliefs especially when it comes to financial things.

They know how to treat bitcoin properly and will do help the economy of it.

Those high volume was fake.  You can see how fake it was when those big exchanges implemented fees on trade transaction.  But yeah,  I agree that world wide adoption and competition is healthy for Bitcoin economy.  As far as I know Japan is more Bitcoin friendly than China.

The popularity of bitcoin in Japan started evolving last year as there was a growing demand for bitcoin and things might even change in Japan in the future as there are rumors that Japan is planning to legalize bitcoin as a currency. There may be new rules and regulation coming up and really looking forward to how the future holds.

It's kind of strange how advanced Bitcoin has been getting within countries like Japan and a lot of other countries in Asia as well. I don't mind it at all to be completely honest, and something like what we have now is fine by me.

I'm more surprised that China is not longer leading in volume though, they were on top for essentially the existence of Bitcoin since 2013 iirc.

This is a competition where every country can take part for the crypto competition. Of course japan is a country with a very advanced technological capacity. Many residents have a high IQ, this makes bitcoin a choice for people in Japan. So I'm not too surprised by this. Currently japan and china are the two countries that use bitcoin most, but this will be a healthy competition. Because crypto is a currency that no one can cheat.

It's hard to find valid data about bitcoin users, it's all just prejudice and not easy to prove, but I think china is still the biggest because the biggest mining is in china.

Where are you seeing Japan as #1 in volume? Looking at http://data.bitcoinity.org I'm seeing these volumes for the past couple weeks:

Volume (in BTC)	Week 7/23	Week 7/16
USD/BTC	621k	982k
CNY/BTC	180k	255k
JPY/BTC	94k	168k

Looks like Japan's volume is still way behind both China and the US.

The more countries the better because it spreads the demand to more people but it also reduces the risk that one country will try to control bitcoin. And I find mean the regular citizens of a country, but the government or a small group of powerful people. Diversification is very important to the health of bitcoin.

Good information, china has always been the biggest rival for america and japan. In the future China will become a Super Power State, many predict as it is.

OP's post was from February when Japan was number 1 for a while in BTC. USD is however always king, whenever China, Japan or South Korea have shown up as number one in volume it has usually been based on data from exchanges with little or no fees which inflated the volume.

China's dominance of bitcoin ends at their ability to steal power from a lazy state government when it comes to infrastructure maintenance and monitoring. China is nothing in the grand scheme of bitcoin, the USA has and always will dominate Bitcoin.

I guess Japan had its time on the first spot sometime in February. But we can really see the aggressivess among these countries and how competitive they are in every aspect of country rivalries that we see even in bitcoin world. Like I've said in other threads, whatever the US started, its rival countries will always try to cope up and compete.

I guess this is relevant to Japan's government making Bitcoin an official payment method in their country. From my perspective businesses and certain individuals in Japan are taking advantage of it and buying Bitcoin to use in their business like their own Exchange. The only thing left to prove my theory is for Korea to follow Japan in terms of volume in the market for Bitcoin.

In such a short time period reaching high volume is really an impossible task, though the country has got legalized usage of bitcoin with more stores accepting bitcoin generating a good circulation of the digital currency around the network. Japan has been competing hard to be the leader of cryptocurrency, but that takes time.

Seriously?

This is quite shocking to me. I get that cryptocurrency is officially legal and regulated in Japan, but it is also higher in volume than the US? Really?

I would never have thought this... very surprising.

Well this is the result of the accept Bitcoin as new payment system in Japan, I think other country on the world's should study them and application to payment system in more country soon before the value of Bitcoin increasing more.