[17-11-10]Japan’s Legalization of BTC Led to Rapid Surge in Mainstream Adoption

[aysha9872]

Exponential Mainstream Adoption of Bitcoin in Japan

Over the past five months, some of Japan’s largest conglomerates including major budget airline operator Peach, leading electronics retailer Bic Camera, and the nation’s largest budget hotel chain Capsule have been accepting bitcoin payments by partnering with bitcoin and cryptocurrency exchanges.

The integration of bitcoin by Bic Camera has played a vital factor in triggering the increase in demand for bitcoin as a payment method within Japan, as unlike most countries, electronic retailers process the vast majority of electronics sales in the country, not e-commerce and online platforms.

More to that, several multi-billion dollar conglomerates have launched their own bitcoin exchanges with differing visions. Remixpoint for instance, a major electric grid operator in Japan, created Bitpoint, a bitcoin exchange, to process electricity and other utility bill payments from general consumers with bitcoin.

Currently, Nikkei, a Japanese business and finance news publication, estimates that 4,500 stores accept bitcoin as a major payment method. By the end of 2017, Nikkei revealed that the number could increase by five-fold, to 22,500.

In an interview with CNBC, bitcoin researcher Mai Fujimoto, who is better known as Miss Bitcoin, stated that smart and practical regulations by the Japanese government allowed general consumers in Japan to build trust in bitcoin and the cryptocurrency market.

“Many people have bitcoin now,” said Fujimoto. “Maybe we need time to use bitcoin [regularly] and [in the future] users will have to learn about bitcoin.”

Importance of Practical Regulatory Frameworks in Facilitating Rising Demand for Bitcoin
The approach of the Japanese government to regulate the bitcoin sector rather than to dismiss it has ultimately benefited both the government and general consumers, as it has created a more robust market which the government has, to a certain extent, control over, and users feel secure about their investments.

Previously, Yuzo Kano, the CEO of BitFlyer, the largest bitcoin exchange in Japan by trading volume with more than 800,000 active users, told Nathaniel Poppers of the New York Times that the Japanese financial market and the vast majority of its investors are extremely conservative when it comes to investments. But, he stated that once it is accepted by the public and the norm, conservative investors tend to go all-in.

Such trend has been evidently portrayed in the rapid adoption rate of bitcoin in Japan as a robust store of value, safe haven asset, and a widely acknowledged currency.

“Japanese people tend to be very conservative with their investments, but once they get triggered they go all in,” said Kano.
Source: http://www.newsbtc.com/2017/11/10/japan-legalization-of-bitcoin-led-to-surge-in-mainstream-adoption/

[1714037680]

1714037680

[Marucya]

I continue to admire Japan, how quickly and without further ado they enter the crypto currency in their daily lives. Even 4500 stores that are already in quality. pay take bitcoin, for such a small country is a bit too much. And the increase in their number to 22 000 thousand is a positive one. Japan is a country that quickly passes to the use of high technology in the camp, and this now leads Japan to the first place in the world in terms of trading in crypto currency.

[Iranus]

The integration of bitcoin by Bic Camera has played a vital factor in triggering the increase in demand for bitcoin as a payment method within Japan, as unlike most countries, electronic retailers process the vast majority of electronics sales in the country, not e-commerce and online platforms.

Shouldn't it be much easier for e-commerce and online platforms to integrate BTC payments than brick-and-mortar stores?  After all, the need for confirmations and the fact that expensive items are much better to buy with BTC makes online retailers far better for accepting BTC transactions.

Currently, Nikkei, a Japanese business and finance news publication, estimates that 4,500 stores accept bitcoin

I don't know how many stores there are in Japan, but with a population of over 120 million people, I would consider 4,500 a pretty small amount and certainly not "mass adoption".

It's also not like BTC is being used for every payment in these stores either.

By the end of 2017, Nikkei revealed that the number could increase by five-fold, to 22,500.

I don't see where this figure is coming from and it seems very unlikely that it would happen that quickly, considering that BTC has been regulated in Japan since April.

[1Referee]

Shouldn't it be much easier for e-commerce and online platforms to integrate BTC payments than brick-and-mortar stores?  After all, the need for confirmations and the fact that expensive items are much better to buy with BTC makes online retailers far better for accepting BTC transactions.

Basically that. In some cases when it comes to smaller purchases (up to $50 I believe), you can avoid having to wait for that first confirmation if you add an above average fee. This would allow people to do some grocery shopping, but if suddenly a spam attack gets initiated, then the service in question might even force you to wait regardless of the fee. I have never seen Bitcoin as a functional local currency tool. Fiat in that aspect will likely remain the leader till we finally get to work with off-chain implementations (i.e Lightning Network).

[iamTom123]

Japan is the leading country when it comes to Bitcoin and it might be succeeding in the mainstream adoption where other countries are still trailing with. The thing here is that if a country is looking for a model of how to treat and work with Bitcoin, then they should look at Japan as it is now classified a mega-success. While some well-meaning personalities are concluding that Bitcoin is just a fad or a bubble due to lack of mainstream adoption (especially that of the merchants and customers interaction), Japan is proven them so wrong.

I am sure that the excitement and the buzz generated by Bitcoin in Japan is just the tip of the iceberg...there is certainly a bigger and wider Bitcoin boom coming in Japan. And we have to thank its government and its people for such a very warm welcome and acceptance by both the end-users and the many merchants (and the list is growing!).

It is just apt that the creator of Bitcoin is having a Japanese name -- Satoshi Nakamoto must have envisioned that one day it would be Japan that would lead the way for Bitcoin adoption. Arigato!

[Kemarit]

Japan is the leading country when it comes to Bitcoin and it might be succeeding in the mainstream adoption where other countries are still trailing with. The thing here is that if a country is looking for a model of how to treat and work with Bitcoin, then they should look at Japan as it is now classified a mega-success. While some well-meaning personalities are concluding that Bitcoin is just a fad or a bubble due to lack of mainstream adoption (especially that of the merchants and customers interaction), Japan is proven them so wrong.

I am sure that the excitement and the buzz generated by Bitcoin in Japan is just the tip of the iceberg...there is certainly a bigger and wider Bitcoin boom coming in Japan. And we have to thank its government and its people for such a very warm welcome and acceptance by both the end-users and the many merchants (and the list is growing!).

It is just apt that the creator of Bitcoin is having a Japanese name -- Satoshi Nakamoto must have envisioned that one day it would be Japan that would lead the way for Bitcoin adoption. Arigato!

I'm sure that Japan is the leader in terms of Bitcoin being used in that country. Stores, restaurants accepting it as payment option is really nice. However, other nation have some serious doubts that they would rather put a hammer ban or have a tighter regulations. That's why it never ceases to amazed me how Japan did it in less than a year. They are really a role model but I don't know if there is another country that will truly embrace bitcoin as what Japan is doing. Although Australia has a similar stance, we haven't seen them as a major force in bitcoin market still. I hope that someday another nation will rise and made a impact to bitcoin so that we will have a foot on the mass adoption that we are really hoping for.

[vit05]

In 5 years, the world will be divided between countries that are trying, without success, baning Cryptocurrency, and the ones that have regulated or accept without restriction. The ones that go first and give the chance for the people choose their own destiny and what they want to do with their own money, would be the ones leading the financial and commercial markets.

[Kingofbitcoin12345]

Japan is a country that is much more open to adaptation to technology that is why if they do make decisions regarding to anything and even into cryptocurrency the world knows and talking about it.. We all know how efficient and how effective they’re technological capacity is and if they approve about bitcoin it also show how good cryptocurrency transaction is..

[cpfreeplz]

Lol I love how they say that Japanese people are conservative with their investments then they go all in. Well that's the polar opposite so that makes no sense. Also not every person in one country has the same risk tolerance. That's a really ignorant quote. No one that's adverse to risk would go all in on an investment that jumps 900% in a year and drops 30% in a week. They'd throw up from the roller coaster ride.

[TheKeyLongThumbI]

I am so amazed right now because of what Japanese government did. They embrace the new era of monetization and are always not afraid to use new concepts. Japan is one of the most successful country worldwide and now I don't see any reason why those others countries still need to be full of doubt after this.

[Gotottack]

I am just so happy knowing that Bitcoin is slowly finding its way to penetrate legitimate markets. One thing I just do not adhere to is when time comes it will be regulated in all countries worldwide. There lies a problem in that governmental regulation may stifle the potential growth of Bitcoin in the hands of its investors. It will be similar to that of banks whereby governments have interest to its growth and development thereby the latter can exercise its plenary power to take control of it.

[bambazamba]

Japan is continuously backing up bitcoin . Knowing that bitcoin's home and birth place is Japan , it is very obvious that people will back it up .
Japan also gives an inspiration to other such countries who are just so reluctant to use and legalize  bitcoin . I Have notices that Japan is highly developed country which understands and motivate the use of technology to its best . So many such startups are backed up by Japan .
I think all other countries should idealize Japan in this aspect.             

[buwaytress]

Japan was really the first to truly embrace the Second, Third and now Fourth Industrial Revolutions. And what more to say about blockchain (and Bitcoin)?Of course, we shouldn't forget that it took that incredible debacle of Mt Gox to start the boll rolling, but roll it did and here we are, with Bitcoin not only legitimate, not only recognised, but truly embraced by the Japanese.

We'll never know if Bitcoin would be here today if not for Mt Gox bringing the industry to everyone's attention, but that's all not important now.

P.S. Anyone know what's going on with the CEO's trial? It started in July but I can't find any updates. Some Japanese speaker want to share searches from the local business outlets?

[partysumo]

This is happy news for me. I love it when we are going in the direction of increased legitimacy.

[Haiduongbg]

Japan lead the trend. I hope that after the success of their adoption, many countries in Asia such as China will be more open to Bitcoin and other crypto, then mass mainstream adoption will come

[ALT67890]

I can’t say more but to thank and applaud Japan for making cryptocurrency a much bigger investment opportunity this 2017. To look at it, if japan have not done it or do the banning maybe until now bitcoin adaptation to the world still in slow phase. That country is very influential in the technology aspect and having they’re support is the proof of how bitcoin will mild new generation of investments and transactions with ease.

[dreamhouse]

I hope soon other countries will follow the suit. Bitcoin will be 10000 US dollars by the end of the year!

[bubblebit]

It’s high time that those countries against cryptocurrency give a valid reason other than speculation that is a criminal haven. To say at least Japan more open than any conservative country but highly corrupt government officials that is banning and regulating bitcoin for the sake of they’re investments to banks and stock markets. Japanese have shown fairness and humanely act that in money equality stands beyond selfishness. Kudos! To japan, to its people and to they’re awesome government.

[senin]

I think that in the case of Japan, many countries in the next few years will be convinced of the effectiveness of crypto-currency payments and their positive impact on the economies of the countries and will massively transfer to settlements in the crypto-currency. Doubting and neutral to the crypto-currency countries will remain very little.

[Jukagid]

In 5 years, the world will be divided between countries that are trying, without success, baning Cryptocurrency, and the ones that have regulated or accept without restriction. The ones that go first and give the chance for the people choose their own destiny and what they want to do with their own money, would be the ones leading the financial and commercial markets.

That is right. In 10 years, most countries will adopt bitcoin.