Topic: effect of Japan on bitcoin price speculation - page 2. (Read 2868 times)

We are above $1300 now and touching $1400 soon. Indeed, Japan has influence the big jump of bitcoin price since  the its inception earlier this month. I hope that other country will follow what Japan has set up. So that the price of bitcoin will even soar up to the end of 2017.

i am expecting high increase of bitcoin price as bitcoin is legal in japan, i am thinking that it will give a good affect for bitcoin price. the volume is increase also and we can see in japan market, bitcoin have a good place and i hope people from japan will help bitcoin like in the other place. in short time, i expected the price will be increase like what we see now and for long term, the other country will be following japan and it will make many people will adopt bitcoin and makes the price is increase into next level.

Having been to Japan in the last week trust me when I say there is a demand for Bitcoin machines in Tokyo and throughout Japan for tourists on the JR Pass using the local exchanges in Asakusa and Shinjuku at TravelX the exchange rate of a single Canadian Dollar was only 68 Yen per dollar while the best rate I found was a mere 72 outside of Narita.

The market Rate is 80-81 even with a commission rate of 5-7% a Bitcoin machine would still get 74/76 yen per Dollar and have more bang than using a currency exchange. The 7 Eleven Machines have a $5 Fixed fee and a near 3 Cent/yen per dollar fee so around 3% for me but it really depends on the persons banking what their cost is so BTM's do provide valid competition both on the Visa conversion side and the people who bring extra cash over as long as the machine has a decent set of bills it can recognize. Either way the spread is there for healthy competition.

CASH ABM -SERVICE CHARGE  5.00 Per Withdrawal
TOSHIMA-KU TOKYO 100.00 JPY @ 1.268300000000
SHIBUYA-KU TOKYO 200.00 JPY @ 1.259800000000
AOBA-KU SENDAI-SHIMIYAGI 500.00 JPY @ 1.255200000000
NAKAGYO-KU KYOTO-SKYOTO 500.00 JPY @ 1.250400000000

https://www.google.ca/?gws_rd=ssl#q=yen+to+cad
Current Cad Rate 1.2375

With good food tons of shrines, anime goods, bars and good vending machine drinks + Rail passes money drips out ^^.
Hopefully not another machine in Ginza though (... hard as heck to find anything with all those buildings) Mumble The Snack

That said this is Gox's homebase there are users lurking around just not as many merchants at least haven't looked at how many use Point of Sale.
I do like how a city is crowdfunding in Japan using Bitcoin
http://www.coindesk.com/japanese-city-raises-bitcoin-donations-preserve-historic-park/
https://coincheck.com/donations/16

Making a small dent ^^

Every Positive news regarding bitcoin would have a great effect to it, and by japan accepting and using it, we can see a slight movement up, are we gonna see a $1300 mark for the month of May? we will see, and not only japan that is gonna be open about bitcoin because next year will be very fruitful for bitcoin because Russia will accepting and be using bitcoin as well, I think it will be another positive feed back for us!

That would be surprising if Japan with its high tech industry and progressive thinking remained at the side for too long. This country has already surrendered its position in manufacture to China and South Corea. They can`t afford to lost future financial instruments like bitcoin. Hence, such a high demand and interest to BTC, and i think its just starting.

you can't measure the "rate of daily transactions" going in and out of an exchange, unless you know all their bitcoin addresses and are watching and analyzing the whole blockchain.
I think you mean the "daily trade volume" which is a completely different thing, and yes that is high.

the technology is the blockchain technology and adopting that means creating your own alternate cryptocurrency. if they adopt that, then it has nothing to do with bitcoin.

what you call "transaction issue" is not a concern for any country while making a decision about letting bitcoin be legal or not or even do what Japan did and accept it as a real currency.

Agreed and Japan seems to be the best country which has declared their perception about bitcoin as the king of cryptocurrency world.
Japan exchanges has one of the highest rate of daily transaction and we expect for massive adopters in there which they might be adopt this technology. Unfortunately, other countries still doesn't state it as legal tender for daily transaction but development of bitcoin in Japan might inspire others to follow, hopefully. Maybe, other major countries will permit it if bitcoin become scalable and there is no transaction issue such as we have right now.

As quoted the legal usageof bitcoin in a developing nation which has a strong technology profile will be considered as a key for other countries to regulate bitcoin as well increase the usage of bitcoin. Already most popular currency pairing as well based on locality were​found on exchange websites. Now this will soon be common even on government websites.

What do you mean by attempts to develop another currency and it will significantly raise the price of bitcoin.

More currency pairings might increase the volume of bitcoin it will be interesting to see major economies being used to pair bitcoin and i am sure if any exchange try to pair those ,it is no doubt that you will be seeing a spike in volumes and that is what it is showing.I expected a correction already but the price is looking strong for now to have any major changes .

Well, if this increasing bitcoin price is caused by the thing you have showed, I hope there will be more exchange that provide more international currency pair with bitcoin like btc/eur, btc/cad, btc/gbp, and more pair in another foreign currency. It will help bitcoin widespread and regulated.

We have already have the impact of Japan coming into bitcoin ecosystem. The price is climbing to a significant level now. Maybe this is just a short term. But the short term is really good now that I think the long term effect will make the price jump to $1500-%1800.

We couldnot expect any price change in short term.But in long term,japan accepting bitcoin would  demand for bitcoin and hence its price would increase considerably.

it is always expected that a change happens when there is enough demand for it. a country adopting bitcoin like this in a massive scale doesn't happen just because a small group of people were using bitcoin. there surely must have been a large demand for it in Japan that led to this decision.

and i also say that this rally is partly because of Japan, i don't know about hos much it will go up though, there are too many things to consider. the block size FUD, the Bitfinex thing, any other new unpredictable thing positive or negative!

It is highly expected Japan already has significant number of bitcoiners who will be ready to utilize those merchants. Moreover bitcoiner base is relatively not important as of now as merchants will be having bitcoin payment as one of the optional payment system not the only one payment system, merchants will be depending on. So, even less number of bitcoiners also will give some business to those 60k merchants.

I believe this current rally is due to Japan's recent stand on adopting bitcoin system this may lead to new ATH too. I am speculating prices may reach $1500+ levels if we do not hear any negative news on sociability issues.

I have noticed some bitcoin price tracking sites like Coindesk, bitfinex and other sites has added the Yen (Japnese currency) in the price chart along with the USD and EUR measuring. It shows that bitcoin implementation rate in Japan and rate of swap over the cash less society. I do not think that touristers will attract to use the BTC atm in Japan as they don't have enough tourist spots in there.

Japan is pretty chill though they like a cash-based society regardless of how much technology they have.
From vending machines to shops they avoid the high fees Visa and credit cards have so other than suica its really just plain old cash that gets the job done. What is really needed is more bitcoin tourists using the shops that take Bitcoins ^^.

That said the market penetration is there but the usage is a bit low as can be interpolated from the Bitcoin BTM machines in operation.
https://coinatmradar.com/country/107/bitcoin-atm-japan/

yes that can be right that they are going to effect bitcoin positively through out the year. as their government is now also taking more and more interest in bitcoin, therefor it is more possible that this year japan will effect bitcoin too much. i think it will encourage other countries of the world to take a positive step about bitcoin. because bitcoin is a universal currency and is spreading thorough out the world.

For those merchants in Japan accepting bitcoins, we need customers willing to pay in bitcoin as well.
My hope is that Japanese people will use the possibility to pay that way and not only hold their coins as a form of investment.
When the given payment option is not used, merchant will remove it again.
And that would be not a very encouraging signal to the rest of the world.

Only in dreams everything will happen overnight. Bitcoin is a very good example for getting itself versatile by keeping updated to serve people accordingly. I believe, one day bitcoin system will be adopted by more than 50% of world population at those times definitely bitcoin will scale more than what visa will be scaling then. There are devs continuously working on improving bitcoin and we never need to worry about it. The current situation is just hiccup any system will undergo and definitely bitcoin will come out of this.

Japan may set examples for rest of countries to adopt a decentralized system. I am expecting when 60k merchants from Japan adopting bitcoin payments, we can expect prices to reach $3000 to $5000 levels.

Yeah the regulated use of bitcoin within the Countries help other countries to take initiative to adopt bitcoin. In my view the same won't make impacts on the price speculations of bitcoin. Once after getting a stable market for bitcoin situation might change accordingly.