effect of Japan on bitcoin price speculation

[ImHash]

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.

[1715320736]

1715320736

[1715320736]

1715320736

[darkangel11]

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.

[alyssa85]

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.

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 .

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.

[pooya87]

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.

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 .

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.

[Herbert2020]

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.

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.

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"

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

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.

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!

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.

-snip-

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

[VTCutch]

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.

[LittleBitFunny]

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.

[hase0278]

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"

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.

[Kemarit]

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"

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.

[Vaccinus]

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

[romero121]

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.

[rickadone]

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.

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.

[severaldetails]

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.

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.

[Fireblade]

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.

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.

[freedomno1]

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/

[AngelSky]

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.

[el kaka22]

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.

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.

[talkbitcoin]

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.

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!

[ekoice]

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.

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.

[btc_angela]

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.

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.