Topic: bitFlyer the world's largest bitcoin exchange Jan 2017? How? (Read 1953 times)

I am pretty sure this "No Fees"   is just part of promotion and it's temporary, after a few weeks or after a month, money transfers will be paid

Bitflyer Exchange is now listed on CryptoChartIndex , Now you can get all information regarding Bitflyer Exchange on CryptoChartIndex!

It is all good for the Bitcoin community if the this competition between exchanges in China and Japan ensues as it will brew more volumes of transaction which by extension would translate to much more demand for Bitcoin and which is exactly what keeps its value up and climbing. One more thing is that it would send a clear signal across to all those governments thinking of standing in the way of Bitcoin.

A huge losses if China market doesn't immediately prepare to take back its position on world bitcoin market. Japan only running a massive promotion to attract visitors. China will not think too long, they will play a different strategy for anticipating.

That's right, they are out to mop up those volumes of trade China is taking for granted and may have to introduce some fees in the long run. That goes to highlight what to expect when government tries to flex its muscle on Bitcoin and I hope they get to learn something this time around. Bitcoin is like the wind, it goes where it wants!

The statistics from Alexa must be showing the face value of the traffic it monitored, but the real description of the traffic is hidden somewhere in the space, because those Chinese traders know better than leave tracks of their deals, knowing their government was after them.
 

I am seriously thinking about opening an account with them and start to trade.
Any suggestions from you guys on this?

I am from the Philippines and I know that those in 7-11 convenience stores does not count as atm's since it can only be used for cash ins but it can't be used for cash out. For converting bitcoin to fiat, we can use ordinary atm cardless using the service of coins.ph but it wouldn't count as bitcoin atm since it is still ordinary. It's kinda like just for paying bills at payment centers when buying at 7-11 convenience stores and you don't redeem it online, it just goes into your coins.ph account peso balance directly after receiving your payment with indicated reference number then you can buy bitcoin. It ain't like how a top up card is purchase for your mobile.

So the ones in the 7-11 convenience stores there do not count as atm's?
They do them as token purchases then you get a receipt to redeem online correct?
Just like the way a top card is purchased for you mobile I would assume.

And in the Philippines, there is only 1 BTC ATM at the moment, with the other two still on planning stages as to where to strategically-locate them. On another note, this huge volume being generated by this new player seems to have attracted a lot of clients already. For how long these clients will stay in that exchange is going to be the big question, given that the period for zero fees is coming to an end in a few weeks' time.

i guess so , worth to see if this exchange will keep growing day by day or just take an opportunity on chinese exchange which have make a lot of trader disappointed with a new regulation about trading fee etc.

bitflyer itself has been there for few years , yet they are only prioritize japanese bitcoin trader, but now seems like ready to open for worldwide trader.

Meanwhile in France you got only 3 ATM xD

Well to be fair that must be difficult as hell considering our rigorous legislation.
Regulation has its cons ^^

No kidding. According to CoinATMradar, there are only 11 BTC ATMs in all of Japan. Meanwhile Toronto alone has 48 of them.

https://coinatmradar.com/

if they would have a sense of humor they would have made this deadline march 11th 

Free trading until March 1st., if I am reading it right https://bitflyer.jp/Commission?top_link

youre information is true or not
i think is early bitflayer not only charge fee, but every trade can charge tax too

Heh, exactly. You post the "free" word anywhere, and people will come running towards it this is valid in every scenario. SO it's not a big surprise seeing a zero fee exchange having a massive traffic.

 

I was just thinking that they see it the perfect time to bring dominance to the bitcoin market with China failing with their exchange model and their lack of responsibility when it comes to fair and honesty trading when it comes to money. They want to bring the name sake of their one of their "Prodigal Son"* back to the mainland.
Satoshi Nakamoto!

*The Parable of the Prodigal Son (also known as the Lost Son, Running Son, Loving Father, or Lovesick Father) is one of the parables of Jesus and appears in Luke 15:11–32. Jesus Christ shares it with his disciples, the Pharisees and others. In the story, a father has two sons.

Wiki reference:
Satoshi Nakamoto is the name used by the unknown person or persons who designed bitcoin and created its original reference implementation, Bitcoin Core.[1] As a part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double spending problem for digital currency. They were active in the development of bitcoin up until December 2010.

Nakamoto has claimed to be a man living in Japan, born around 1975. However, speculation about the true identity of Nakamoto has mostly focused on a number of cryptography and computer science experts of non-Japanese descent, living in the United States and Europe. One person, Australian programmer Craig Steven Wright, has claimed to be Nakamoto, though he has not yet offered proof of this.

As of 2 February 2017, Nakamoto owns roughly one million bitcoins,[2] with a value estimated at over US$1 billion.
*

Possibly a "Make Japan great again!" campaign in the works for this exchange as their new offering?

OK thanks. It means they will be the "biggest exchange" only for a short period of time.

https://bitflyer.jp/Commission?top_link&footer and click the British flag for the comprehensible version. There's a handful of charges but not many. I suppose they'll ramp up the margin and so on where some proper money lies.

it is just part of promotion , the site says transaction fees free at least for two weeks as campaign to attract people to trade there. so i guess after that the fee will be there as usual , no way they can make it last forever.

also if you take a look to alexa stats http://www.alexa.com/siteinfo/bitflyer.jp , the whole traffic come from japan only , hmmm is there something wrong?

How does BitFlyer make it's money? The Chinese exchanges were making money through charging interest for margin trading - is BitFlyer using the same model?

Oh the Japanese aren't the important ones here.
What's important is that their huge neighboor nearly stopped its exchanges activities.
Chinese echanges are more or less dead.
So it's logical that Japan is getting back the traffic volume ^^

Yup. Zero fees. And if that 400,000 figure is true then 399,000 of them will be foreigners looking for action. Japan really doesn't seem to have taken to Bitcoin in any way whatsoever.

All this within the start of the new year is quite an accomplishment and them able to offer zero fees (which is remarkable of one in it'self) is what the btc market and their customers need right now with the miner's fees going up and up all the time since then. So there is some relief for the bitcoin users in that respect as well. Kind of like save the tax events or those senior days that give you 10% off your purchases.
That is an achievement for the Japanese. They know how to capitalize on an opportunity when it presents it'self right at their doorstep. Being their neighbors are at an epic fail with their attempt to corner and control the btc market.

Easy.
They got no fee and their neighboors screwed BTC exchange.
You go for what you know and is cheap. Japanese and Chinese are closed languages and practices.
So Japan got the Chinese exchanges volume ^^

I didn't know there are zero fee exchanges unless i saw an article recently regarding the volume shifting from Chinese exchanges to Japanese exchanges because of the regulation ,how does an exchange make a profit with zero fees.

Zero-fee. Nuff said.

After china got screwed , Japan exchanges are taking their places and you could check that the information's are true[1] . It's not the biggest exchange on the world but mostly on Japan. I have no doubt that It will grow more over the next few weeks/months.

[1] https://coinmarketcap.com/exchanges/volume/24-hour/all/

They lay claim to be the biggest bitcoin exchange with the largest volume at $2.81 billion and with 400,000 users registering with them just last month.
Never heard of them before.
Must be with all the ones in China being screwed by the PoC raids ... hummhmm.. I mean investigations and suspensions of their biggest exchanges in the last three weeks.

http://www.cryptocoinsnews.com/japanese-megabanks-invest-bitcoin-exchange