All eyes on Japan in 2018

[cryptobengal]

Japan is going to be a big player next year , and is in the process of building some large bitcoin mining operations. they are going to be on the forefront of early adapters , it will be an interesting year, japan also leads the world in dept per consumer.

[thebiglello]

Exactly, BTC fees are the issue for Bitcoin broader acceptance at this point.
But transactions fees are very low with NEM and MONA so these coins may be more easily accepted by Japanese merchants throughout 2018.

NEM transaction fees is low but in order to obtain NEM, we need to face the exchange withdrawal fees (deposit BTC > trade NEM > Withdraw). If Im not mistaken, Poloniex, Bittrex have 15-20 NEM fees as withdrawal fees so it's like paying $13-$17 at the current exchange rate. Since there is no direct purchase of NEM available at the moment without dealing on an exchange (correct me if Im mistaken here), people will have to used bitcoin first then deposit it to exchanges.

Well that is just based on the current status. Who knows in the future, there will be a standalone NEM exchanges where deposit and withdrawals are less cost.

Yeah you're right, it seems the only way is dealing with an exchange... Hope it will be different in the future, that is quite a limitation.

[Kemarit]

Unfortunately it does not look like Europe is following the same approach towards Bitcoin and cryptos in general. In short they want to get rid of the anonymity of transactions, and I wonder if people will keep getting into cryptos if you have to declare every year on your tax return your assets in crypto-currencies.
If we look at the bright side, Europe is not really big in the crypto world.

Nah, forget about Europe mate. They hate bitcoin and crypto's. Only few countries are going to support it and most of them thinks bitcoin is just a bubble and threatens their financial stability. LOL. They really don't understand how bitcoin works and all they think is that it will be just used for illegal purposes. Plus, they have lots of problems to deal with so I don''t think that accepting bitcoin would be their main priority.

And as HasHe mentioned above, the fees concern is still not solved. Countries can be as friendly as ever towards Bitcoin but if it costs too much to make a transaction, only criminal organizations will keep being interested to hold some for high amounts payments.

That's what you love about the Japanese though, they are truly a bitcoin haven, and even though that the fees are getting ridiculous they are still into it, because they have embrace and legalize bitcoin. Criminals might hold bitcoins, but there are a lot of bag holders as well who are still into bitcoin no matter what the cost of transactions. I guess its really part and parcel of bitcoin becoming very popular this year. We need to have patience and wait till Lightning Network can be implemented. Although there's no clear timeline as to when it will be activated.

[pushkarmore]

Thanks a ton for the information you have shared is really worth reading it. I knew from the starting that Japan is playing the lead role in accepting the bitcoin as one of the international currency. I wish to see bitcoin soon be declared as single International payment system all over the world and it would not be possible without japan positive approach and their seriousness.

[1Referee]

Meanwhile, MONA is structured in a way that can handle a much larger quantity of transactions at a cheap cost.
It was the first coin to implement Segwit and devs are also working on LN.
So it is no surprise to me that Japanese merchants now accept it.

LN will be able to do everything other altcoins claim to do, and that all at an ultra low cost. Confirmations won't form a problem anymore, the current insanely limited number of transactions per second, fees, etc. I however find it quite an achievement for a mere redundant altcoin as Mona to have at least some sort of adoption. I however doubt that merchants will continue to adopt altcoins with LN knocking on Bitcoin's door. That being said, that B......Cash logo is just portraying itself to be Bitcoin, but we all know better. It's not for nothing that Roger Ver doesn't like the term BCash. Bitcoin has to be present in the name, otherwise that rubbish coin will miss out on so much free marketing and brand awereness.

[jeffer8035]

very good pos very imformativo if Japan is the first that gives legal framework to cryptocurrencies and if the bitcoin can be returned as gold recerves value and some other currency is the one that will be used as a daily payment method a coffee or a hamburger that's what you want and that they do not charge almost anything since it's going to be massive

[Nadia_l]

Adoption of the NEM, MONA and other cryptocurrencies is very connected with the government politic point of each country!
As to Japan, it could be the first country where the crypto will gain mass adoption. But it will be only the payments inside Japan(
To gain real mass adoption we still need worldwide permission of the crypto to use(

[bitart]

Japan has managed to use bitcoin with these fees and with the high confirmation times so as soon as LN goes live it will be much better for them to use bitcoin for everyday things. According to NEM and MONA they will be accepted for a while still and the usage of LN will determine if they will be accepted in the future or bitcoin will be the one and only. What other countries should learn from Japan in connection with bitcoin is that if you can rule it (and not ban it) you can make advantage out of it at the end...

[CryptoVance]

Japan contributes a lot when it comes to cryptocurrency because it is the first country to full recognized cryptocurrencies before any other country. Surely, people will be focusing and listening about the last crypto buzz from Japan, what are latest altcoins to invest in and so on. we are expecting to have more fun in 2018 better than this year 2017 and stack more bucks.

[ivrynx]

We are all looking at japan this coming year, since it had announce before that they will try to get rid of their fiat and will only use digital currency for transaction, what i see is that, it will happen and hopefully there will be a positive result, since there world is evolving, and luckily for us japan is fhere to lead the way when it comes to getting rid of fiat, if it will be a success, soon other countries will follow, since the they would wa t to miss out, and opportunities will be more accessible to there rest of the world, and will not be only focused on the western part, just like what we have now.

[TravelBlock]

MONA might have some potential, but either way it's good that Japan's going full out and not being extremely restricting with their policies. Japan's certainly accounted for a large percent of the crypto market

[InsightCryp.to]

Thanks guys for your comments. Much appreciated.

If you have Japanese friends, it's always insightful to know their opinion.

My aunt is in Japan, I actually asked her to visit some stores in Japan that accepts Bitcoins, and ask her Japanese friends what they think about BTC. Definitely, BTC is here to stay, and as I wish, fees would drop, so more people would be encouraged to use it. Nevertheless, thanks for sharing!

[payyy]

Japan is trying to ban all the exchanges that are allowing bitcoin in there at the moment, maybe this is something "critical" for bitcoin, but the price is slowly recovering right now, so i dont know why a lot of people are worried about this situation.

[vinzanityyy]

Japan, on its verge to fully gain the potential of their economy, as it will rise upward and continually to grow.

[wilhb81]

As I know, Monacoin and NEM have been widely acceptable in Japan. Many shops and stores in Japan are accepting Monacoin and NEM as digital payments. For the Bitcoin, it might need to take some time, but I'm sure that Japanese will accept Bitcoin very soon, since Bitcoin's value is increasing day by day...

[Calangaman]

NEM transaction fees is low but in order to obtain NEM, we need to face the exchange withdrawal fees (deposit BTC > trade NEM > Withdraw). If Im not mistaken, Poloniex, Bittrex have 15-20 NEM fees as withdrawal fees so it's like paying $13-$17 at the current exchange rate. Since there is no direct purchase of NEM available at the moment without dealing on an exchange (correct me if Im mistaken here), people will have to used bitcoin first then deposit it to exchanges.
Well that is just based on the current status. Who knows in the future, there will be a standalone NEM exchanges where deposit and withdrawals are less cost.

Don't forget that NEM and MONA can be bought directly vs Fiat on Japanese exchanges.
No BTC needed so reduced costs.

[Calangaman]

Japan is trying to ban all the exchanges that are allowing bitcoin in there at the moment, maybe this is something "critical" for bitcoin, but the price is slowly recovering right now, so i dont know why a lot of people are worried about this situation.

Not at all.
The Japanese exchanges are just being regulated, as they need to get a license from the financial authority. That's it.

[Calangaman]

Adoption of the NEM, MONA and other cryptocurrencies is very connected with the government politic point of each country!
As to Japan, it could be the first country where the crypto will gain mass adoption. But it will be only the payments inside Japan(
To gain real mass adoption we still need worldwide permission of the crypto to use(

Yes a bitcoin friendly legal environment in other countries is very important for cryptos in general. But it will take a long time.
Meanwhile, if Japanese alts become very used for payments in Japan, they will become popular in new countries adopting cryptos due to the network effect.

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[Bay_Harbour_Butcher]

information is very useful, and I am sure once a country that can manage bitcoin effectively and efficiently is a japanese state of course, thanks again for the information