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

[Lieldoryn]

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.

I do not share your optimism. Largely positive effect of the legalization of bitcoin in Japan depends on the mentality of the Japanese. What country has officials ready to commit suicide if their reputation is tarnished? The Japanese are very law-abiding and, therefore, all the negative qualities of bitcoin will not get such a large spread as in other countries.

[jekjekman]

That is indeed correct Japan's support on Bitcoin is really a big part of the increase on it's price in the past months.
Bitcoin's price is merely depending on the number of people who trusts it and Japan's support are enticing more and more people to trust Bitcoin and when more and more people are into bitcoin then price will really go higher. Aside from that Japan is promoting Bitcoin as a mode of payment to be used on their country which is making it's main purpose as a "currency".

[1BTC EQUALS 1CAR]

Japan will be put in history for sure like they always do when it comes to innovations. They know already what is going to be the trend because they are really good in these field. Games, robots, cars and everything that involves advance technology is always present in Japan and now Bitcoin.

[MoonJeina]

I totally agree with this . Japan is massively showing interest in bitcoin . All its efforts to promote and legalize bitcoin in other parts of the word are tremendous and appreciating . Bitcoin has always been backed up by Japan , since was started / discovered there .  I totally agree that many countries will learn from the decision of Japan and they will know that crypto is the future . They might also understand how it is going to give their economy a major boost in the near future.             

[Qartersa]

This is expected. Now you see how steadfast the Japanese government is in terms of adapting to change at any given time, and how well its economy responded positively to such change.

I think we should not only admire the Japanese government from afar; what is more valuable is to put action on our admiration and see if things work well. This is a classic example of how beautiful it is to do good and expect good things to follow as well. Perhaps it is the cycle that the Japanese government seeks to implement to continue for generations after generations.

I hope all governments across the globe will take into consideration the same, given the need for substantial change in our banking and fiat system.

[RedX]

Just keep it coming. It's really a good idea that it started in Japan because they are going to be a good expample on how people will benefit not only on bitcoin but also with other cryptocurrencies as well. The image of bitcoin will be shinier than gold.

[Guardian.P]

Just keep it coming. It's really a good idea that it started in Japan because they are going to be a good expample on how people will benefit not only on bitcoin but also with other cryptocurrencies as well. The image of bitcoin will be shinier than gold.

Japan saw in this perspective, I have no doubt that on this it will still be good at raising its budget. For several weeks, only good news from Japan

[1NV3ST0NM3]

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.

But japan has still adopted a secondary payment system approach towards bitcoin. It has not reinstated btc in place of yen. Question remains that till when BTC would make up a secondary economy? Will it ever be used as mainstream method of settlements?

[SixOfFive]

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.

But japan has still adopted a secondary payment system approach towards bitcoin. It has not reinstated btc in place of yen. Question remains that till when BTC would make up a secondary economy? Will it ever be used as mainstream method of settlements?

I don't think Bitcoin will ever be accepted as mainstream currency of a country because no govt. ever want their citizens to shift to any alternative currency whose transaction can't be traced. It can lead to serious national problems like tax evasion, money laundering, buying/selling of illegal stuff etc.

[roddy5]

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.

But japan has still adopted a secondary payment system approach towards bitcoin. It has not reinstated btc in place of yen. Question remains that till when BTC would make up a secondary economy? Will it ever be used as mainstream method of settlements?

I don't think Bitcoin will ever be accepted as mainstream currency of a country because no govt. ever want their citizens to shift to any alternative currency whose transaction can't be traced. It can lead to serious national problems like tax evasion, money laundering, buying/selling of illegal stuff etc.

On the contrary if governments sees the potential of a crypto currency and just invest on how to compensate the losses that they will have from that shift then it will be a win-win situation. Japan is known as a country for innovation and the fact that they are supporting the use of bitcoin in their country means that they are seeing it's potential as a future currency and most likely they are already studying on how to atleast have some regulations for it without compromising it's primary goal.