Topic: All eyes on Japan in 2018 - page 5. (Read 1431 times)
Hi there Calangaman! Thank you for the detailed paper you have written in there. I should better watch those coins that you mentioned. But as for now, based on different sources bitcoin is still the king in terms of mining, trading and company acceptance in Japan. If the Japanese people will have all their support in NEM and MONA, this could really disturb and bring those token on top ten list. As far as I know, Ripple is also famous in Japan thru is vast wide support in terms of payment schemes that pose to go along side with the banks.
I'd love to see Japan step up and be innovative with blockchain technology but also first and foremost adopt Bitcoin even further than they have. They still have technology prowess all though they have an aging population I think this sort of stuff is what would revive it and inspire the youth to get going.
Yes, I really believe that Japan will be the engine of the crypto world. If adoption is too slow, it may be a brake too !
This would be an interesting news for the japan entering cryptocurrency world. People wants faster transactions unlike which is happening with bitcoin today. If Nem and Mona would become reliable although its from japan, I thinks its a better gamble to it.
Japan has already entered cryptos !!! Cryptos have legal tender status and stores are accepting them.
Imagine 2020, olympics in Japan, all those lucky hodlers of monacoin since it was released can now enjoy their coins. Monacoin was undervalued before, but now it's 9-10 USD per coin.
I'd love to see Japan step up and be innovative with blockchain technology but also first and foremost adopt Bitcoin even further than they have. They still have technology prowess all though they have an aging population I think this sort of stuff is what would revive it and inspire the youth to get going.
This is good news for Japanese citizens.
not for Southeast Asian countries, here is still very traditional.
technological advances are perceived as threats with various issues. such as bitcoin is considered a medium for terrorist attacks and drug sales. they do not see the positive side
not for Southeast Asian countries, here is still very traditional.
technological advances are perceived as threats with various issues. such as bitcoin is considered a medium for terrorist attacks and drug sales. they do not see the positive side
this is good info and complete, I hope with such statements could be a trigger for other countries and triggers the rise in bitcoin prices.
Yes agree that japan is potential market in 2018 too although japan is not biggest market.
https://www.cryptocompare.com/coins/btc/analysis/USD
BTC trading volume in JPY is often the strongest.
Currently only surpassed by USD but keep in mind that it includes Bitfinex a Hong Kong based platform. It means that Japan has a sole country is the biggest buyer.
PS. I don't like that picture that they are accepting bitcoin cash.
Couldn't agree more with you even if it sadly shows that BTC is not suitable for small payments at this stage.
This would be an interesting news for the japan entering cryptocurrency world. People wants faster transactions unlike which is happening with bitcoin today. If Nem and Mona would become reliable although its from japan, I thinks its a better gamble to it.
Japan has already entered cryptos !!! Cryptos have legal tender status and stores are accepting them.
PS. I don't like that picture that they are accepting
We had seen a big rise in price when it comes to bitcoin and the world is aware of the new technology and the people who ignored in the past also started taking interest in the new revolution and i expect this year to be the year of the alt coin market as the entire market was silent when the price of bitcoin was rising and i am waiting for that rise and thanks for the info about the Japanese coins,will monitor it closely.
2017 April Japan History day for Bitcoin The day long awaited Legalising Bitcoin happened after then every body know till date we have seen the bitcoin price growth obvious japan is crucial market for bitcoin in 2018 as well
Yes agree that japan is potential market in 2018 too although japan is not biggest market.
Actually i also hope china will starting legalize bitcoin since there are a big market in china but it seems like will not happen.
This would be an interesting news for the japan entering cryptocurrency world. People wants faster transactions unlike which is happening with bitcoin today. If Nem and Mona would become reliable although its from japan, I thinks its a better gamble to it.
Japan has already entered cryptos !!! Cryptos have legal tender status and stores are accepting them.
This would be an interesting news for the japan entering cryptocurrency world. People wants faster transactions unlike which is happening with bitcoin today. If Nem and Mona would become reliable although its from japan, I thinks its a better gamble to it.
While NEM & MONA are interesting cryptocurrency, i wouldn't invest my money on any cryptocurrency which only focus on specific country.
But, i'm sure once majority users adopt SegWit and use LN, i think Japan crypto community will consider accept BTC beside NEM & MONA.
But, i'm sure once majority users adopt SegWit and use LN, i think Japan crypto community will consider accept BTC beside NEM & MONA.
Yes of course, BTC will be accepted as long as fees drop
Right now the fee stands at 510 Sat/Byte, which is lower than what we had two weeks ago (1,000+ Sat/Byte). But even now, close to $50 is needed as transaction fee for an average transaction and the situation is not very viable. Perhaps that is one of the reasons why the dominance of BTC has dropped to 38% from the level of 61% which we had a month before.
In Japan, you can already pay in some stores with BTC, but MONA is developing, and several cryptos can co exist it is not a problem. Also, Japan is leading technology development in the Asia Pacific area, not to say worldwide so I would not say it is focused on one country!
While NEM & MONA are interesting cryptocurrency, i wouldn't invest my money on any cryptocurrency which only focus on specific country.
But, i'm sure once majority users adopt SegWit and use LN, i think Japan crypto community will consider accept BTC beside NEM & MONA.
But, i'm sure once majority users adopt SegWit and use LN, i think Japan crypto community will consider accept BTC beside NEM & MONA.
Yes of course, BTC will be accepted as long as fees drop
Right now the fee stands at 510 Sat/Byte, which is lower than what we had two weeks ago (1,000+ Sat/Byte). But even now, close to $50 is needed as transaction fee for an average transaction and the situation is not very viable. Perhaps that is one of the reasons why the dominance of BTC has dropped to 38% from the level of 61% which we had a month before.
There must be a way to drop the cost of sending bitcoin, to speed transaction and enable payment for smaller amounts to be used for daily purchase or regular items, so we don't need any other altcoin.
Yes, the solution is Lightning Networks
There must be a way to drop the cost of sending bitcoin, to speed transaction and enable payment for smaller amounts to be used for daily purchase or regular items, so we don't need any other altcoin.
This is really an eye opener for most of us. We all worship bitcoin as the best cryptocurrency, but nowadays it's lost it's value as a real currency because of the high fees and low transaction speed. It's just a matter of time that we'll see bitcoin being overtaken by other cryptocurrencies, unless these issues are solved.
Once LN is locked in, we shall see BTC becoming the ultra dominant coin again.
This article is mostly about understanding which coins may benefit from the current situation.
Thanks all for your comments
This is really an eye opener for most of us. We all worship bitcoin as the best cryptocurrency, but nowadays it's lost it's value as a real currency because of the high fees and low transaction speed. It's just a matter of time that we'll see bitcoin being overtaken by other cryptocurrencies, unless these issues are solved.
***************************************************************************************************************
This paper presents the situation of the cryptocurrency market at the end of 2017 and the challenges that the crypto community still faces. Thanks to its crypto friendly legal framework, Japan should be the country to watch in 2018. The currently high transaction fees of Bitcoin offers an opportunity for Japanese crypto assets to become the preferred payment method on the island and maybe in the world.
***************************************************************************************************************
Looking back, 2017 was a fantastic year for the crypto world. Investors enjoyed 20 fold returns on Bitcoin (BTC), 100 for Ether (ETH), 60 for Litecoin (LTC) and so on. It was hard to lose money in dollar terms.
This exceptional performance is the consequence of years of hard work from developers, exchanges, lobbyists, authors, etc. to make Bitcoin and the likes more known and accessible to the world.
The crypto market is becoming mainstream: institutional and retail investors are now together in this new asset class. The more, the merrier one could say.
Indeed, the influx of new joiners came at a benefit: the skyrocketing rise in value of crypto assets.
But it came at a cost too: Congested blockchains, rising transaction costs, crashing exchanges, etc.
While cryptocurrencies made a name for themselves this year, a lot must be done so that they leave their nascent state and become mature payment methods.
The time is now to scale.
On December 13, Vitalik Buterin, the Founder of Ethereum, challenged his followers on Twitter:
• “So total cryptocoin market cap just hit $0.5T today. But have we *earned* it?”
• “How many unbanked people have we banked?”
• “How much actual usage of micropayment channels is there actually in reality?”
Without a real use case in the daily life of people, 99% of cryptocurrencies and tokens will be remembered as a funny investment that turned out to be a mirage.
Bitcoin is here to stay.
It has the first mover advantage, the biggest network, fair incentives and its scarcity makes it the true digital gold. It’s the benchmark of all crypto assets. For these reasons, Bitcoin will survive and at least act as a store of value.
However, Bitcoin was also designed to be a medium of exchange but it is now too slow and too expensive to use. Being the first mover also has its flaws. Bitcoin blocks are 1 Megabyte big and occur every 10 minutes. That is not enough to cope with the thousands of new transactions happening every minute. Bitcoin miners include the transactions with the highest fees attached in the blocks.
This is how Bitcoin is no longer viable as a medium of exchange for small transactions.
It may be temporary though.
The introduction of the Lightning Networks (LN) solution to the Bitcoin network will make Bitcoin great again.
But when will that happen?
Will the community tear itself apart as it did when the Segregated Witness (Segwit) solution was launched this summer? Nobody knows. There may well be another 12 to 18 months of developments and hiccups along the way.
So what will happen in the meantime?
Now that millions of people have become aware of cryptocurrencies and that the Bitcoin blockchain is in limbo, there is an immense opportunity for an altcoin to become the preferred coin for transactions.
Let’s remember that the value of a coin mostly depends on the size of its network. The more people use it, the higher its value.
Also, the number of merchants accepting Bitcoin vs credit cards is still low worldwide. A successful altcoin could in no time take over Bitcoin as the preferred coin by merchants.
Therefore, this is no surprise that the Bitcoin cash (BCH) supporters are so vocal in the media. BCH offers lower transaction costs thanks to its 8 Megabytes block size. It could thus fill the gap.
Litecoin (LTC) is another contender. It’s a clone of Bitcoin with larger and more frequent blocks. It has Segwit too.
In the end, the users will decide which coin they endorse.
But the legal framework plays an important role here.
In most countries, the legal status of Bitcoin and cryptocurrencies is still unclear. Why would merchants accept cryptocurrencies that are uneasy to apprehend and that the government can ban overnight?
Japan gave cryptocurrencies legal tender status in April. This is a massive step for a rapid adoption by Japanese people and merchants.
Which coins are they likely to endorse for payments?
BCH? LTC? Probably not. These coins are known in Japan but probably lack the support of the local crypto communities.
And Japan has its own altcoins: NEM and MONA. They are very different in design.
NEM is similar to Ether as it enables the creation of NEM powered blockchains and smart contracts. There are 9 billion tokens that were premined. Transactions are validated by nodes, based on a Proof of Importance method.
MONA is a fork of LTC with more frequent blocks. It is popular with gamers and is even accepted by IT stores. Coins are mined by the traditional Proof of Work method.
Both coins enjoy strong local support and can be purchased directly against Fiat on the Japanese exchanges.
This is why Japanese altcoins shall be monitored closely in 2018.
Their adoption by local merchants shall be facilitated thanks to the clear legal framework for cryptocurrencies in Japan and the work of their communities.
Should they become widely adopted in Japan, the network effect could make them very popular in other parts of the world.
Calangaman
Published on Bitcointalk on 27 Dec 2017
This is very great news I ever heard about the coming 2018. Both excitements because we know that bitcoin will become one of the most payments of Japan then fear because we don't know if the bitcoin still stable in this kind of news. But probably all in all was great and I am too excited too face again another level for me to step in again with the crypto currencies in the coming 2018. Im so excited on how bitcoin exploded again and become more exposed to all. This paper presents the situation of the cryptocurrency market at the end of 2017 and the challenges that the crypto community still faces. Thanks to its crypto friendly legal framework, Japan should be the country to watch in 2018. The currently high transaction fees of Bitcoin offers an opportunity for Japanese crypto assets to become the preferred payment method on the island and maybe in the world.
***************************************************************************************************************
Looking back, 2017 was a fantastic year for the crypto world. Investors enjoyed 20 fold returns on Bitcoin (BTC), 100 for Ether (ETH), 60 for Litecoin (LTC) and so on. It was hard to lose money in dollar terms.
This exceptional performance is the consequence of years of hard work from developers, exchanges, lobbyists, authors, etc. to make Bitcoin and the likes more known and accessible to the world.
The crypto market is becoming mainstream: institutional and retail investors are now together in this new asset class. The more, the merrier one could say.
Indeed, the influx of new joiners came at a benefit: the skyrocketing rise in value of crypto assets.
But it came at a cost too: Congested blockchains, rising transaction costs, crashing exchanges, etc.
While cryptocurrencies made a name for themselves this year, a lot must be done so that they leave their nascent state and become mature payment methods.
The time is now to scale.
On December 13, Vitalik Buterin, the Founder of Ethereum, challenged his followers on Twitter:
• “So total cryptocoin market cap just hit $0.5T today. But have we *earned* it?”
• “How many unbanked people have we banked?”
• “How much actual usage of micropayment channels is there actually in reality?”
Without a real use case in the daily life of people, 99% of cryptocurrencies and tokens will be remembered as a funny investment that turned out to be a mirage.
Bitcoin is here to stay.
It has the first mover advantage, the biggest network, fair incentives and its scarcity makes it the true digital gold. It’s the benchmark of all crypto assets. For these reasons, Bitcoin will survive and at least act as a store of value.
However, Bitcoin was also designed to be a medium of exchange but it is now too slow and too expensive to use. Being the first mover also has its flaws. Bitcoin blocks are 1 Megabyte big and occur every 10 minutes. That is not enough to cope with the thousands of new transactions happening every minute. Bitcoin miners include the transactions with the highest fees attached in the blocks.
This is how Bitcoin is no longer viable as a medium of exchange for small transactions.
It may be temporary though.
The introduction of the Lightning Networks (LN) solution to the Bitcoin network will make Bitcoin great again.
But when will that happen?
Will the community tear itself apart as it did when the Segregated Witness (Segwit) solution was launched this summer? Nobody knows. There may well be another 12 to 18 months of developments and hiccups along the way.
So what will happen in the meantime?
Now that millions of people have become aware of cryptocurrencies and that the Bitcoin blockchain is in limbo, there is an immense opportunity for an altcoin to become the preferred coin for transactions.
Let’s remember that the value of a coin mostly depends on the size of its network. The more people use it, the higher its value.
Also, the number of merchants accepting Bitcoin vs credit cards is still low worldwide. A successful altcoin could in no time take over Bitcoin as the preferred coin by merchants.
Therefore, this is no surprise that the Bitcoin cash (BCH) supporters are so vocal in the media. BCH offers lower transaction costs thanks to its 8 Megabytes block size. It could thus fill the gap.
Litecoin (LTC) is another contender. It’s a clone of Bitcoin with larger and more frequent blocks. It has Segwit too.
In the end, the users will decide which coin they endorse.
But the legal framework plays an important role here.
In most countries, the legal status of Bitcoin and cryptocurrencies is still unclear. Why would merchants accept cryptocurrencies that are uneasy to apprehend and that the government can ban overnight?
Japan gave cryptocurrencies legal tender status in April. This is a massive step for a rapid adoption by Japanese people and merchants.
Which coins are they likely to endorse for payments?
BCH? LTC? Probably not. These coins are known in Japan but probably lack the support of the local crypto communities.
And Japan has its own altcoins: NEM and MONA. They are very different in design.
NEM is similar to Ether as it enables the creation of NEM powered blockchains and smart contracts. There are 9 billion tokens that were premined. Transactions are validated by nodes, based on a Proof of Importance method.
MONA is a fork of LTC with more frequent blocks. It is popular with gamers and is even accepted by IT stores. Coins are mined by the traditional Proof of Work method.
Both coins enjoy strong local support and can be purchased directly against Fiat on the Japanese exchanges.
This is why Japanese altcoins shall be monitored closely in 2018.
Their adoption by local merchants shall be facilitated thanks to the clear legal framework for cryptocurrencies in Japan and the work of their communities.
Should they become widely adopted in Japan, the network effect could make them very popular in other parts of the world.
Calangaman
Published on Bitcointalk on 27 Dec 2017
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