Bitcoin Forum

I don't see any topics about this so here we go.

according to coinmarketcap.com when you sort the table based on volume, among the top 10 exchanges sorted by daily volume you can see 4 of them are BTC/JPY markets with a total of $36,444,090 volume currently for the past 24 hours.
although 3 of them have an * above them which can mean there is no fee (or some other thing) on these exchanges.

apart from high trade volume my main subject is the fact that Japan recently adopted bitcoin on a massive scale since it is now legal and a legit currency.

so what do we expect from all this in short or long term.

you did not feel it right away. let's see now, the Japanese started as a country that adopts bitcoin. it can make other countries to adopt bitcoin interested too. it takes a long time to see any significant change, but now we have started to create a better future. a future that includes a bitcoin into a currency that is recognized by the whole world.

I am always surprised that Bitcoin has rebounded in Japan, after the Mt Gox fiasco. Increased regulation means that the government has learnt its lessons. Japan is after all the world's fourth largest economy and increased adoption in Japan is good for the world.

Japan is a country which spends lot on research before implementation. Now here too the same has been found effective, that's the reason it's been officially accepted and regulated by the government. As one among the top economy standing for bitcoin is a positive sign of bitcoin adoption in more countries.

I'm not sure what you're on about here.  There are quite a lot of topics about Japan, but the reason it's not completely dominating the whole forum is because it's not actually that relevant.

The amount of real adoption isn't going to be that high.  While Japan is very good at pioneering technology, the government has basically just legalised it and accepted that it has the properties of a currency, which could be said of a lot of things.  The way that it's being phrased by some people implies that stores are accepting it as if it's fiat, but in reality very few stores are actually accepting it yet.

If the price rises from it, it'll either be from adoption in the future when knowledge of this has matured and stores accept it more or it'll just be from speculation about people adopting it in the future (from people like you who are too optimistic).

Japanese Government started accepting bitcoin in their country. Its because Japanese planned to tie the relationship with Russia and support bitcoin. Therefore, US Government using bitcoin via International corporates from USA and accepting bitcoin. Actually there is plan is moving fight for bitcoin to be a national currency of their sister country.

well it seems like they will keep adding positive value to bitcoin.

as far as i know, a lot of people in japan still use mostly cash for payments, so any digital payment could be huge in japan because compared to cash it's much more convenient.

this is true. I believe japan is preparing for the 2020 olympics as they will be hosting it. foreingers coming to watch the olympics may not have japanese currency but they might have bitcoin by then.

after japan regulated bitcoin, not effect to bitcoin price
bitcoin price is stable with rank 1180 - 1220 dollar every one bitcoin
but volume transaction bitcoin in japan exchanger incraese

Japan's interest in Bitcoin is not because of olympics. I think it's because of power war between China and Japan.

China controls majority of Bitcoin, Japan might be want to shift the power to their country.

i seriously doubt this is the reason, since usually government wants the cash flow in with tourists.

but this is actually a pretty neat thing that you pointed out.
i have always said that bitcoin is the best thing when you want to travel to other countries. it is safe, you don't have to worry about exchanging your money and paying fees or paying high prices, and you can actually carry around a ridiculously large amount of money inside and outside of country without anybody knowing anything!

i can not wait to hear about stories about this by that time.

Japan have seen a high interest in bitcoin and have seen something that can add to their countries innovation and I love the way they really handle things and if a brand of appliances or products was made on japan I will not hesitate in purchasing those because of the sure quality it is made that is how japan has an impact for me and by accepting bitcoin I can truly say this way to go japan, well I really think bitcoin value was very affected by it and in 2018 Russia will start on accepting bitcoin more!

Why so much politics for a currency aimed to be free from government manipulation, it's just the BTCBTCBTC and blockchain space maturing IMO. Besides, more countries getting a bigger share of the economy is always good.

This fact giving some more confidence in BTC and its future. After all this is small step for BTC but big victory for mankind, over big bankers cartel, now finally folks can see how they can be strong if join in fight for their rights.
This makes BTC major enemy of banks and NWO i belive?

i don't expect very much. japan is super cash oriented. if they're not very keen on cards then they're gonna have even less interest in bitcoin.



there's a simple explanation for that. almost no japanese people use bitcoin, and even fewer back then. the effect it probably had in japan was to inspire the current laws.

Japan's adoption of bitcoins would definitely have an impact on bitcoins.But it would take some time to happen.

Mt Gox screwed us all over, it wasn't really a Japanese specific problem.  Maybe the authorities there should/could look at it in a more negative light after the Gox fiasco, but I doubt that the Japanese people are even aware of it (anymore than we are in other countries)

Japan is a high tech and rich country, they get basically nothing from savings accounts. I expect that the next fiat currency crisis will start in Japan, so Japan seems like somewhere where they should be investing in Bitcoin. I don't think they are leaders in the field at the moment, but that could change.

Just imagine what will happen if the whole of Europe or the USA declare bitcoin as a legal currency and not just as a commodity. Bitcoin will fly

if you give it wings.... but governments are holding the strings that blocks it from flying. I recently asked a popular gaming site on their position

on accepting Bitcoin as a online payment option and they said that they cannot do this until bitcoins are accepted as a legal tender.  ::)

We can't prove that chinese are the biggest bitcoin holders but definitely they are the one with most of the mining farms. And i don't think adoption of bitcoin in Japan have any political agenda they have adopted bitcoin just because Japanese are tech lovers and they are known for their innovations.

I don't expect any big price rally but this decision can support bitcoin price at current range.

The main reason i think for the spike in volume is simply because the exchanges in China cannot be trusted as they have shut their door on the user by not allowing them to withdraw and with Japan legalizing the coin people will be trading in the exchanges in japan and so is the reason we are seeing a spike in the volume .

Let us assume the whole world adopts the bitcoin system but when we're stuck at 3-5 transactions/s how'd you manage and handle increasing demand?
Let us assume the whole world only does 200 transactions/s and paying $100 as a fee/tx but can miners handle more than 5 transactions/s?
That is the problem with bitcoin no matter how many people invest/ use it the system is limited.

A software needs an update after a time.
Think of people, who asked the same thing about the Internet in the 80s. How will the Internet handle millions of people trying to connect to access the same site, while now our servers are having trouble handling 100 people? How will we use Internet banking if it takes a minute to fire up the modem and even more to load a site? How will we secure the connection when someone can just tap into our phone line?
People have a way of making the impossible happen, it just takes time.

This.

It's mainly displaced volume, not Japanese interest.

P.S. Even when Mt Gox was located in Japan, the bulk of it' users were westerners, the Japanese weren't interested, and nothing much has happened to change that, even though Japan has made btc legal.

lol, that i believe is what they call racist :)
Japan and China are not connected, you still would have to transfer money outside of country to another country to do trade from within China, which means a lot of red flags and a lot of problems since Chinese government is so worried these days about exiting of money.
with Chinese exchanges closed, what they do is Over The Counter trading for example in localbitcoin and other p2p methods and still the exchanges are functional and they are showing volume so trades are happening there in China.

i am talking about a "speculation topic" talking about the "price" of bitcoin and how it can be affected by this news.
all the topic you say are all saying "yaaay Japan accepts bitcoin", and then comments are all "this is good news" ;)

the first part about "China controlling majority of Bitcoin" is just dumb and wrong. what China controls is the manufacturing of mining equipment, cheap labor, cheaper electricity and a moderate portion of the hashrate because of these things.

and the second part about Japan is far fetched in my opinion.

this is pretty interesting though. i think we can expect more adoption after the Olympics if bitcoin usage in Japan becomes more widespread and people going to that country seeing how easy it is to use bitcoin instead of converting their money to Yen.

lets not make a "speculation about price because of Japan adoption" topic into a scaling topic, shall we.
we already have enough of those.

I think that in recent years, Japan will have an impact on bitcoin. If attempts to develop a crypto currency will be successful, it will significantly raise the price.

Japan isn't having that significant an effect on the Bitcoin price.  Any actually serious adoption will take a long time, and buying Bitcoin will still be quite difficult due to the need for verification on exchanges.

Even if some merchants start to accept it, that won't matter because Bitcoin's actual use as a currency is nothing compared to the big money being put in by investors hoping for it to go up without much caring about the currency side of it.  There's also the HODLers.

For now all I can say is that if this Japan accepts bitcoin hype continues and become reality bitcoin will reach new all time highs  more than 1400$ maybe 1500$+. It will also make bitcoin price move a lot because many transactions will happen and maybe it will help get bitcoin stable to a fixed price ranges lasting weeks or months long even if it moves a lot.

Don't look at the effect of bitcoin being legal in Japan as short term. Right now the price of bitcoin is rising at a steady phase. Maybe the effect is already there. Are we feeling at the effect, definitely because of the price growth. But we should be very cautious and jump into conclusions that we can record a new ATH because of the Japanese news. We should measure the effect I say in the next six months and see how the market price of bitcoin moves. Its not even a month since the news, so for me we still have to wait and see the change as a result of the news.

japan is using bitcoin as a currency this will make bitcoin more valuable, because more japanese will buy it and receive it for their salary, their government make it 100% regulated, it's like their local fiat currency, i hope this bring the other country to the same way as japan

Yeah the regulated use of bitcoin within the Countries help other countries to take initiative to adopt bitcoin. In my view the same won't make impacts on the price speculations of bitcoin. Once after getting a stable market for bitcoin situation might change accordingly.

Only in dreams everything will happen overnight. Bitcoin is a very good example for getting itself versatile by keeping updated to serve people accordingly. I believe, one day bitcoin system will be adopted by more than 50% of world population at those times definitely bitcoin will scale more than what visa will be scaling then. There are devs continuously working on improving bitcoin and we never need to worry about it. The current situation is just hiccup any system will undergo and definitely bitcoin will come out of this.

Japan may set examples for rest of countries to adopt a decentralized system. I am expecting when 60k merchants from Japan adopting bitcoin payments, we can expect prices to reach $3000 to $5000 levels.

For those merchants in Japan accepting bitcoins, we need customers willing to pay in bitcoin as well.
My hope is that Japanese people will use the possibility to pay that way and not only hold their coins as a form of investment.
When the given payment option is not used, merchant will remove it again.
And that would be not a very encouraging signal to the rest of the world.

yes that can be right that they are going to effect bitcoin positively through out the year. as their government is now also taking more and more interest in bitcoin, therefor it is more possible that this year japan will effect bitcoin too much. i think it will encourage other countries of the world to take a positive step about bitcoin. because bitcoin is a universal currency and is spreading thorough out the world.

Japan is pretty chill though they like a cash-based society regardless of how much technology they have.
From vending machines to shops they avoid the high fees Visa and credit cards have so other than suica its really just plain old cash that gets the job done. What is really needed is more bitcoin tourists using the shops that take Bitcoins ^^.

That said the market penetration is there but the usage is a bit low as can be interpolated from the Bitcoin BTM machines in operation.
https://coinatmradar.com/country/107/bitcoin-atm-japan/

I have noticed some bitcoin price tracking sites like Coindesk, bitfinex and other sites has added the Yen (Japnese currency) in the price chart along with the USD and EUR measuring. It shows that bitcoin implementation rate in Japan and rate of swap over the cash less society. I do not think that touristers will attract to use the BTC atm in Japan as they don't have enough tourist spots in there.

It is highly expected Japan already has significant number of bitcoiners who will be ready to utilize those merchants. Moreover bitcoiner base is relatively not important as of now as merchants will be having bitcoin payment as one of the optional payment system not the only one payment system, merchants will be depending on. So, even less number of bitcoiners also will give some business to those 60k merchants.

I believe this current rally is due to Japan's recent stand on adopting bitcoin system this may lead to new ATH too. I am speculating prices may reach $1500+ levels if we do not hear any negative news on sociability issues.

it is always expected that a change happens when there is enough demand for it. a country adopting bitcoin like this in a massive scale doesn't happen just because a small group of people were using bitcoin. there surely must have been a large demand for it in Japan that led to this decision.

and i also say that this rally is partly because of Japan, i don't know about hos much it will go up though, there are too many things to consider. the block size FUD, the Bitfinex thing, any other new unpredictable thing positive or negative!

We couldnot expect any price change in short term.But in long term,japan accepting bitcoin would  demand for bitcoin and hence its price would increase considerably.

We have already have the impact of Japan coming into bitcoin ecosystem. The price is climbing to a significant level now. Maybe this is just a short term. But the short term is really good now that I think the long term effect will make the price jump to $1500-%1800.

Well, if this increasing bitcoin price is caused by the thing you have showed, I hope there will be more exchange that provide more international currency pair with bitcoin like btc/eur, btc/cad, btc/gbp, and more pair in another foreign currency. It will help bitcoin widespread and regulated.

What do you mean by attempts to develop another currency and it will significantly raise the price of bitcoin. ???

More currency pairings might increase the volume of bitcoin it will be interesting to see major economies being used to pair bitcoin and i am sure if any exchange try to pair those ,it is no doubt that you will be seeing a spike in volumes and that is what it is showing.I expected a correction already but the price is looking strong for now to have any major changes .

As quoted the legal usageof bitcoin in a developing nation which has a strong technology profile will be considered as a key for other countries to regulate bitcoin as well increase the usage of bitcoin. Already most popular currency pairing as well based on locality were​found on exchange websites. Now this will soon be common even on government websites.

Agreed and Japan seems to be the best country which has declared their perception about bitcoin as the king of cryptocurrency world.
Japan exchanges has one of the highest rate of daily transaction and we expect for massive adopters in there which they might be adopt this technology. Unfortunately, other countries still doesn't state it as legal tender for daily transaction but development of bitcoin in Japan might inspire others to follow, hopefully. Maybe, other major countries will permit it if bitcoin become scalable and there is no transaction issue such as we have right now.

you can't measure the "rate of daily transactions" going in and out of an exchange, unless you know all their bitcoin addresses and are watching and analyzing the whole blockchain.
I think you mean the "daily trade volume" which is a completely different thing, and yes that is high.

the technology is the blockchain technology and adopting that means creating your own alternate cryptocurrency. if they adopt that, then it has nothing to do with bitcoin.

what you call "transaction issue" is not a concern for any country while making a decision about letting bitcoin be legal or not or even do what Japan did and accept it as a real currency.

That would be surprising if Japan with its high tech industry and progressive thinking remained at the side for too long. This country has already surrendered its position in manufacture to China and South Corea. They can`t afford to lost future financial instruments like bitcoin. Hence, such a high demand and interest to BTC, and i think its just starting.

Every Positive news regarding bitcoin would have a great effect to it, and by japan accepting and using it, we can see a slight movement up, are we gonna see a $1300 mark for the month of May? we will see, and not only japan that is gonna be open about bitcoin because next year will be very fruitful for bitcoin because Russia will accepting and be using bitcoin as well, I think it will be another positive feed back for us!

Having been to Japan in the last week trust me when I say there is a demand for Bitcoin machines in Tokyo and throughout Japan for tourists on the JR Pass using the local exchanges in Asakusa and Shinjuku at TravelX the exchange rate of a single Canadian Dollar was only 68 Yen per dollar while the best rate I found was a mere 72 outside of Narita.

The market Rate is 80-81 even with a commission rate of 5-7% a Bitcoin machine would still get 74/76 yen per Dollar and have more bang than using a currency exchange. The 7 Eleven Machines have a $5 Fixed fee and a near 3 Cent/yen per dollar fee so around 3% for me but it really depends on the persons banking what their cost is so BTM's do provide valid competition both on the Visa conversion side and the people who bring extra cash over as long as the machine has a decent set of bills it can recognize. Either way the spread is there for healthy competition.

CASH ABM -SERVICE CHARGE  5.00 Per Withdrawal
TOSHIMA-KU TOKYO 100.00 JPY @ 1.268300000000
SHIBUYA-KU TOKYO 200.00 JPY @ 1.259800000000
AOBA-KU SENDAI-SHIMIYAGI 500.00 JPY @ 1.255200000000
NAKAGYO-KU KYOTO-SKYOTO 500.00 JPY @ 1.250400000000

https://www.google.ca/?gws_rd=ssl#q=yen+to+cad
Current Cad Rate 1.2375

With good food tons of shrines, anime goods, bars and good vending machine drinks + Rail passes money drips out ^^.
Hopefully not another machine in Ginza though (... hard as heck to find anything with all those buildings) Mumble The Snack

That said this is Gox's homebase there are users lurking around just not as many merchants at least haven't looked at how many use Point of Sale.
I do like how a city is crowdfunding in Japan using Bitcoin
http://www.coindesk.com/japanese-city-raises-bitcoin-donations-preserve-historic-park/
https://coincheck.com/donations/16

Making a small dent ^^

i am expecting high increase of bitcoin price as bitcoin is legal in japan, i am thinking that it will give a good affect for bitcoin price. the volume is increase also and we can see in japan market, bitcoin have a good place and i hope people from japan will help bitcoin like in the other place. in short time, i expected the price will be increase like what we see now and for long term, the other country will be following japan and it will make many people will adopt bitcoin and makes the price is increase into next level.

We are above $1300 now and touching $1400 soon. Indeed, Japan has influence the big jump of bitcoin price since  the its inception earlier this month. I hope that other country will follow what Japan has set up. So that the price of bitcoin will even soar up to the end of 2017.

Apart from Bitfinex, none of the exchanges are showing a rate of more than $1250 per coin (right now it is around $1350 in Bitfinex). The rate is $1241.10 in Bitstamp, and $1238.79 in BTC-E. So there is some distance to go before we touch $1300.

Yes, all these markets compared with bitcoins will give good boost to the bitcoins. You remember we have pairs in forex like USD/JPY, USD/AUD and now these pairs with bTC is a new trend. Hope it will provide more value to bitcoins.

Adopting does not necessary means you are to create a new cryptocurrency, it is more likely you are going to accept Bitcoin and its technology.  Use it in whatever is advantage you can have over other currency.  So basically when someone adopt, it does not mean creating a new one, it is either using the current technology with Bitcoin or creating a new one.


Everything about the coin either it is a good thing or a bad thing is always an issue with the government specially if they are to adopt Bitcoin.  They study both the negative and positive impact and if ever positive outweigh the negatives, then they will more likely to adopt it.

japan regulated bitcoin to legal currency
effect bitcoin price this now incraese very high

The ongoing price increase might be depending upon the regulations made by Japan on bitcoin usage, the Russian government accepting bitcoin as well the increasing contribution to bitcoin​from the Asian countries. Possibly the upcoming days too give us a big increase in users as well the price.

The Asian countries have been participating in the bitcoin echo system from the beginning and it is evident from the fact that many huge farms are centered around China and the first big bitcoin exchange MTGOX was from Japan ,so you really cannot undermine the contribution of these countries and it is a good thing for the government to come up by regulating bitcoin and now more countries will be regulating bitcoin and with the review of ETF coming up i guess we would see another rally.

i think we can say that the current rise is because of Japan, at least partly.
but the more important effect of Japan, which will also affect the price in long term, is the effect they had on other countries. a lot of other countries are now talking about doing a similar thing. Russia for example has finally changed their mind and are taking a more friendly approach towards bitcoin. and with more countries accepting bitcoin and making it officially legal, the price can spike up fast.

So probably in long term Japan's bitcoin price speculation will also have good effect? If all other countries will take Japan as an example it would be positive on the outside on the long run but it will be a hassle since I know many regulations will be created pertaining to bitcoin which might make it hard for it to be converted to fiat on a daily basis. Also, it might bring more price manipulation in the future because of many countries speculating bitcoin that might try to control the price.

No it isn't.   Waiting on confirmations?   Transaction fees?  Fuck that, it takes 12 seconds to give cash and get change back.  Even less if you have the exact amount.   Plus you have to go and buy bitcoin to begin with.   Not at all more convenient.

Though what you mentioned are all valid issues bitcoin is facing right now that is holding adoption and price hike back, the topic is the effect of japan's move to bitcoin. Making bitcoin legal in Japan opens a lot of opportunity for bitcoin users and maybe even other cryptocurrencies. Japan will be the model for other countries and if it becomes successful in Japan, other countries may follow and will make bitcoin grow more on price.

Absolutely Japan making bitcoin legal in their country open a lot of opportunities to us. Now I'm thinking of buying items from Japan and paying with my bitcoin.  ;D Or we can sell something that Japanese people want and they pay us with their bitcoin.

Although for me the Japan effect on the price of bitcoin will be only felt long term. Its barely a month since making it legal so we still need to see how the price will move in 6 months time. Japan is setting a precedence, and I hope other country will follow what they have set regarding bitcoin adoption.

As of this time bitcoin's value is $1297.40 and yes it is nearing the $1300 indeed well I will not say it's gonna get near $1400 value for sure but well that is just my hint, but I think I am pretty sure about it, because when we landed this 1300 value it took us a long time, but it is still my speculation even if japan has accepted bitcoin that is what I am feeling.

It still does not look too significant. But right now I feel that bitcoin prices are improving for the better.
Although a little of course this is very profitable.

It does a good effect on the price but with the current bitcoin state it cant handle mass adoption.
Maybe we cant reach the moon price hehe

Even after adoption creating a new currency is not that bad idea. I will be basically doing well to the Bitcoin. As I have seen many altcoin supporters who while explaining it to you gives you the example of the bitcoin.

The next thing they do is they will tell you look at the price of the bitcoin it is going sky high. This is where they develop an image of the bitcoin unconsciously into the mind of others. It can be seen that many people sell the altcoin and came to bitcoin. This is the success of the bitcoin.

It is possible in fact saying it will not be wrong that Japan played its part in the price increasing of the bitcoin. By allowing and recognizing the bitcoin by Japan have built more confidence to its users. As Japan is having a very well established economy and people from that economy now using it legally is a factor of making it popular. Now many people will demand for to get the Bitcoin and this raise in demand is directly proportional to the raise in the price of the bitcoin.

See the price status we can only expect the japan adoption will have a long term effect on bitcoin as the price increased by 50$ which is actually less than expected. Or maybe the price won't increase much as people had already bought bitcoin before japan made it legal.

I don’t find it that frustrating. When you are going to buy you already have made your mind to wait for it because of the reason that it is new technology related stuff. What all you need is to be patient and calm.

The giving cash concept is centuries old and developed so it seems easy to a few people in local. The bitcoin is much faster than that. If a country like Japan is accepting it then it means it has something to do better than the traditional one.

The effects are not going to be felt immediately this is the kind of thing that will take sometime before it gains any kind of momentum but if the adoption of bitcoin takes hold in japan then we will be able to make some money.

Long-term speculation about the japan latest news is can be being true. I mean if the bitcoin gets mass adoption in there and especially if the local store and everywhere already accepted bitcoin as a currency and it can be long-term effect for bitcoin.

Remember if that's a long-term speculation and not a short term one. Don't expect if the price of bitcoin gets pumped a lot in this time.

It will growth regarding the Japanese's adoption.