Japan to accept Bitcoin as payment method.

[Creepings]

Good news.
But is it mean Japan starting regulate crypto currencies  or bitcoin only?
What about payments in alt?

I dont think that they will accept these alt coins, I think they will just accept bitcoin and bitcoin alone, if you want to pay and you dont have any other way to pay beside your alt coins, I think you must first convert it to bitcoin.

That is good news.
My question is: what will happen if BU make the fork? That will be really bad for this recent improvement in Japan. What you guys think?

I think it is not, and no fork will be happening
Though if it happened, there are a lot of posts saying that there are need to worry about the fork, especially users. We will just continue the usage of bitcoin though with a low price.

[e-coinomist]

That is good news.
My question is: what will happen if BU make the fork? That will be really bad for this recent improvement in Japan. What you guys think?

Regarding to fork or not to fork japan does not even enter the computation. To my knowledge - and electricity pricings got mentioned before in thread - there is no hashrate located there worth mentioning. If Gox would still be the most superior tradesite maybe the figures would be different.
So no, BU isn't related to this.

[skorupi17]

That is good news.
My question is: what will happen if BU make the fork? That will be really bad for this recent improvement in Japan. What you guys think?

With this event, I doubt hardfork will happen. Since Japan made its step in accepting bitcoin, it will reflect to the trustworthiness of bitcoin itself and therefore, the preference of users will belong to bitcoin alone.

On the other hand IF the fork happens, it will greatly affect the recent improvement in Japan. Since the major effect of having fork is to greatly reduce the value of bitcoin, Japan's previously accepted BTC will lose so much value and you know that this is not a good thing to happen.

[wck]

That is good news.
My question is: what will happen if BU make the fork? That will be really bad for this recent improvement in Japan. What you guys think?

With this event, I doubt hardfork will happen. Since Japan made its step in accepting bitcoin, it will reflect to the trustworthiness of bitcoin itself and therefore, the preference of users will belong to bitcoin alone.

On the other hand IF the fork happens, it will greatly affect the recent improvement in Japan. Since the major effect of having fork is to greatly reduce the value of bitcoin, Japan's previously accepted BTC will lose so much value and you know that this is not a good thing to happen.

I don't think that line of reasoning is valid.  Accepting BTC doesn't mean the same as holding it.   Most businesses would probably have the transaction converted to fiat as quickly as possible.  The actual value of BTC wouldn't have that much impact on the ability to use it.

[lottery248]

the law enforcement is the lead to the trust return of bitcoin for the Japanese residents. although this will be questionable to bitcoin regulation and its network problem, at least the bitcoin will be more reliable in Japan.

[skorupi17]

That is good news.
My question is: what will happen if BU make the fork? That will be really bad for this recent improvement in Japan. What you guys think?

With this event, I doubt hardfork will happen. Since Japan made its step in accepting bitcoin, it will reflect to the trustworthiness of bitcoin itself and therefore, the preference of users will belong to bitcoin alone.

On the other hand IF the fork happens, it will greatly affect the recent improvement in Japan. Since the major effect of having fork is to greatly reduce the value of bitcoin, Japan's previously accepted BTC will lose so much value and you know that this is not a good thing to happen.

I don't think that line of reasoning is valid.  Accepting BTC doesn't mean the same as holding it.   Most businesses would probably have the transaction converted to fiat as quickly as possible.  The actual value of BTC wouldn't have that much impact on the ability to use it.

We cannot say that they would immediately convert their bitcoin into fiat. As far as I know, we (mostly) keep bitcoin for future usage, hoping for the increase of BTC's value. And with this in mind, we tend to keep them for a long time. And if the fork happens (hope not) it has a great impact.

[wck]

That is good news.
My question is: what will happen if BU make the fork? That will be really bad for this recent improvement in Japan. What you guys think?

With this event, I doubt hardfork will happen. Since Japan made its step in accepting bitcoin, it will reflect to the trustworthiness of bitcoin itself and therefore, the preference of users will belong to bitcoin alone.

On the other hand IF the fork happens, it will greatly affect the recent improvement in Japan. Since the major effect of having fork is to greatly reduce the value of bitcoin, Japan's previously accepted BTC will lose so much value and you know that this is not a good thing to happen.

I don't think that line of reasoning is valid.  Accepting BTC doesn't mean the same as holding it.   Most businesses would probably have the transaction converted to fiat as quickly as possible.  The actual value of BTC wouldn't have that much impact on the ability to use it.

We cannot say that they would immediately convert their bitcoin into fiat. As far as I know, we (mostly) keep bitcoin for future usage, hoping for the increase of BTC's value. And with this in mind, we tend to keep them for a long time. And if the fork happens (hope not) it has a great impact.

That highly unlikely for most Japanese businesses.   Sure there could be some small time businesses doing that, but most Japanese businesses won't even accept foreign currency in Japan.   FOREX is the world's largest and most liquid market by far.   The viability of BTC is important but its actual value would be secondary.   What makes Bitcoin transactions viable would be the fact that a transaction could be done and the yen would show up in the proper account.   

[alexsandria]

That is good news.
My question is: what will happen if BU make the fork? That will be really bad for this recent improvement in Japan. What you guys think?

With this event, I doubt hardfork will happen. Since Japan made its step in accepting bitcoin, it will reflect to the trustworthiness of bitcoin itself and therefore, the preference of users will belong to bitcoin alone.

On the other hand IF the fork happens, it will greatly affect the recent improvement in Japan. Since the major effect of having fork is to greatly reduce the value of bitcoin, Japan's previously accepted BTC will lose so much value and you know that this is not a good thing to happen.

I don't think that line of reasoning is valid.  Accepting BTC doesn't mean the same as holding it.   Most businesses would probably have the transaction converted to fiat as quickly as possible.  The actual value of BTC wouldn't have that much impact on the ability to use it.

We cannot say that they would immediately convert their bitcoin into fiat. As far as I know, we (mostly) keep bitcoin for future usage, hoping for the increase of BTC's value. And with this in mind, we tend to keep them for a long time. And if the fork happens (hope not) it has a great impact.

That highly unlikely for most Japanese businesses.   Sure there could be some small time businesses doing that, but most Japanese businesses won't even accept foreign currency in Japan.   FOREX is the world's largest and most liquid market by far.   The viability of BTC is important but its actual value would be secondary.   What makes Bitcoin transactions viable would be the fact that a transaction could be done and the yen would show up in the proper account.   

In future, it can be used perhaps since it is more convinient to use though it can't defeat foreign exchange since foreign exchange uses fiat money which is the larget form of money in the world.

[kryptqnick]

the first japan bill containing virtual currencies is expected to come on april which recognizes bitcoin as a method of payment.Although,it doesnot define bitcoin as a legal currency,it is still considered as a remarkable progress for bitcoin in japan.Hope, most of tourists who would go to japan to see 2020 olympics would be able to pay in bitcoins.

What is meant by it being a paying method but not a legal currency? So, can you buy a ticket or rent a flat using bitcoin? Or perhaps a private company may decide to accept btc but governmental institutions can not?
Japan is a progressive country, so it is likely for it to accept innovations.

[iram3130]

First of all, it's a great news for Bitcoin universe.
The more people get to know Bitcoin and start using it, the more profitable it is for everyone here.
Second, we don't know the outcome of this. I agree that Japan is technically forwarded country but the impact on Bitcoin is yet to be known.
Hope other countries too understand the value of Bitcoin soon.

[hero1111]

It is a reall good news and it is not surprise for me to Japan accept bitcoin as payment method because they are clever country and they can see what will happen in the future and they like innovations things so because of it is not surprise , i hope other countries can except and use this method and it will let bitcoin user will be more .

[pinkpanther03]

the first japan bill containing virtual currencies is expected to come on april which recognizes bitcoin as a method of payment.Although,it doesnot define bitcoin as a legal currency,it is still considered as a remarkable progress for bitcoin in japan.Hope, most of tourists who would go to japan to see 2020 olympics would be able to pay in bitcoins.

Wow! that was cool   perhaps, a months from now they can declare it as their legal currency not far to be happen isn't? I guess, it will happen here in my country too, but I think need to more years before it apply.

[Betwrong]

the first japan bill containing virtual currencies is expected to come on april which recognizes bitcoin as a method of payment.Although,it doesnot define bitcoin as a legal currency,it is still considered as a remarkable progress for bitcoin in japan.Hope, most of tourists who would go to japan to see 2020 olympics would be able to pay in bitcoins.

Japan has always been among the first to accept new technologies, so it's no wonder they are willingly accepting Bitcoin now. If there was no Mt. Gox's negative impact I'm sure we'd see much more Bitcoin users in Japan today, and nevertheless they expect the number of merchants accepting bitcoin will rise to 20,000 in 2017. Right now they are about 5,000 which is not bad also.

Here's an article on this:

https://www.cryptocoinsnews.com/japan-see-20000-bitcoin-accepting-merchants-2017/

[bitart]

the first japan bill containing virtual currencies is expected to come on april which recognizes bitcoin as a method of payment.Although,it doesnot define bitcoin as a legal currency,it is still considered as a remarkable progress for bitcoin in japan.Hope, most of tourists who would go to japan to see 2020 olympics would be able to pay in bitcoins.

What is meant by it being a paying method but not a legal currency? So, can you buy a ticket or rent a flat using bitcoin? Or perhaps a private company may decide to accept btc but governmental institutions can not?
Japan is a progressive country, so it is likely for it to accept innovations.

Acceptance of bitcoin depends on the merchants. If they can handle the volatility of the price, they will be OK. There are merchants now worldwide, who accepts bitcoin, despite of the current country's regulations, they just convert somehow their accepted bitcoins to local fiat currency and they're fine. I don't know about longer supply chains which use bitcoin from the beginning to the end. This could be possible in Japan, after this decision.

[Kvazimoda]

I am sure that this is a very important step for the whole world. Now I'm interested in watching the economy of this country. I want to know how the crypto currency will affect it.

[grandy]

It is a reall good news and it is not surprise for me to Japan accept bitcoin as payment method because they are clever country and they can see what will happen in the future and they lip innovations things so because of it is not surprise , i hope other countries can except and use this method and it will let bitcoin user will be more .

yes that is right as bitcoin is now become more and moe confident and if you have good examples and children to pa with it and i think most of the world

[Cosbycoin]

I am sure that this is a very important step for the whole world. Now I'm interested in watching the economy of this country. I want to know how the crypto currency will affect it.

yeah if bitcoin provide this opportunity around the world then it will be more beneficial for us then we do not need to use fiat then we can be use our earning bitcoin and then we do not need convert our bitcoin to fiat.

[jetson111]

By the end of 2016, there were around 4200 Bitcoin-accepting merchants and storefronts in Japan, near quadrupling the total from 2015. Now, with the current progress in Bitcoin regulation made by Japanese authorities, the number of merchants accepting Bitcoin is expected to quintuple to 20000 this year. Indeed, good times for Bitcoin adoption are coming.

Then without a fork BTC will take longer and longer to settle a transaction?

[david123]

Then without a fork BTC will take longer and longer to settle a transaction?

Yes, that's really stupid. Although the Japan-thing here is good news, I believe BTC should not be
used for buying a pack of chewing gums. That doesn't have to be relayed around the world.
So BTC should be reserved for the serious transactions (say, >1000$) and local cryptos
should be used for the chewing gum sales,
or we need 3rd party service providers like mastercard etc. I strongly prefer the first.

[e-coinomist]

Then without a fork BTC will take longer and longer to settle a transaction?

Yes, that's really stupid. Although the Japan-thing here is good news, I believe BTC should not be
used for buying a pack of chewing gums. That doesn't have to be relayed around the world.
So BTC should be reserved for the serious transactions (say, >1000$) and local cryptos
should be used for the chewing gum sales,
or we need 3rd party service providers like mastercard etc. I strongly prefer the first.

XAPO card is natively bitcoin based. Moving Mastermoney or Mastercard electronic onto bitcoin might be hard to establish and unneeded even, there is just that bridge step in between BTC and Fiat to fund the card. We are rambling to much about shorter transfer ways and more direct connections between btc country and the world out there.
In every day useage, the chewing gum purchase can take place today inside the fiat world but funded by btc mining revenue.