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

roddy5

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Quote from: SixOfFive on November 20, 2017, 03:34:10 PM

Quote from: 1NV3ST0NM3 on November 20, 2017, 01:14:13 PM

Quote from: senin on November 18, 2017, 04:15:14 AM

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.

SixOfFive

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Quote from: 1NV3ST0NM3 on November 20, 2017, 01:14:13 PM

Quote from: senin on November 18, 2017, 04:15:14 AM

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.

1NV3ST0NM3

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Quote from: senin on November 18, 2017, 04:15:14 AM

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?

Guardian.P

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Quote from: RedX on November 20, 2017, 04:40:30 AM

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

RedX

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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.

Qartersa

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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.

MoonJeina

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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.

1BTC EQUALS 1CAR

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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.

jekjekman

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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".

Lieldoryn

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Quote from: senin on November 18, 2017, 04:15:14 AM

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.

Jukagid

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Quote from: vit05 on November 10, 2017, 10:19:04 PM

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.

senin

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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.

bubblebit

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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.

dreamhouse

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

ALT67890

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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.

Haiduongbg

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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

partysumo

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

buwaytress

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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?

bambazamba

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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.

Gotottack

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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.

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