Topic: Japan and the United States equaled the volume of bitcoin trades (Read 861 times)

stompix, i live in a third world country so i agree 100% with your idea. but i´d like to add some concept that i posted in other topic: in my opinion, the reason that japanese government accepted bitcoin like a legal currency is that they want to accept the nem as legal currency,too. but because bitcoin is older they had to accept it in first place. in last months two japanese exchangers bit flyer and zaif added this coin in your platforms, both owners are members of the team that have created this coin and a big japanese bank has adopted your blockchain to register all the transactions done for your clients (2.5 million transactions per day reducing your fees 90 %). i believe that in one or two years all japanese banks will work with the nem blockchain. consequence of this the nem price has increased 3000% in last three months. i´ve read your blockchain is really better than bitcoin blockchain, they need 8 confirmations but the time to do it has been reduced to a few seconds. besides, the mining process doesn´t exist in the nem ecosystem they talk about halving were the users can receive rewards too but to receive your rewards you have to buy a certain amount of nems. it doesn´t depend of the power of your devices and you haven´t to participate in a mining pool like bitcoin. so i´m thinking that nem could replace bitcoin as the main cryptocurrency at least in japan.

Definitely there is no fake volume generated in japan as china.They are already pioneers in bitcoin adoption,but lost interest in bitcoins due to Mt.gox failure.But now they have returned to bitcoin adoption by accepting bitcoin as legal payment.Trade volume would increase more in future.

Well, other currencies are mostly depreciating

While Bitcoin seems to be heavily appreciating as of late. Maybe, that's the difference you are looking for. Further, it is assumed that Bitcoin is beyond government control, so that could be another quality that distinguishes Bitcoin from "other currencies legal in Japan" presently. In this regard, it is more like gold, and local population may be interested in that. Anyway, you still should somehow explain why the Japanese government made Bitcoin legal. What is your take on this?

They just accepted bitcoin as a currency, nothing more.
Stimulating the economy? How? On what level?

In order to really stimulate the economy bitcoin would have to do something better for the economy than other currencies legal in Japan at this moment
What is bitcoin doing so miraculous that it revamps their economy?
Curb your enthusiasm, a coin doing 300k transactions a day globally can't do anything to influence Japan above 0.0001%


Third world countries should be more concern about their problems with running water and electricity rather than trying to emulate the Japanese model.

That is what government is all about. Japanese government accepted bitcoin is stimulates they economic, now Japan has become the hub of bitcoin and others crypto currencies today because the government create an enabling environment for it. Third world countries should emulates the same thing by adopting bitcoin as a mode of payment and they Economic will turn dramatically.

Firstly of we should be at 1800$ or so by your estimate. Japan is a very rich country. Its hard to have another country as rich as a Japan, as its in the top bracket. So the middle of the road to 2500$ per bitcoin (with two countries) is to have 1800$ per bitcoin (with only Japan). As you can see thats not the case right now.

By the way the government words are just words. Nowadays words are easily and quickly forgotten. Its just a new trend for now, not something that will stay with us forever. There have to be the need like in China to use bitcoin as a cash transfer mechanism.

Secondly there are not so many milions of bitcoin users. I would estimate that 0.1-0.2% of world population is a number much closer to reality. Thats 7-14 milion users.

yeah, I noticed that Japan is fomoing Bitcoin.

The government has regulated bitcoin and what more regulation are you looking for ,since the legalization of bitcoin there are many investments coming into bitcoin and so is the reason we are seeing more volumes and the price is breaking some records and hope more countries will follow that up and start legalizing bitcoin,but before that we have to settle the scaling issues.

So what would you suggest?  Trust a second rate cryptocurrency? That is even risking more of your money.  If we have to diversify, then probably it is best to diversify in other industry and pick the top notch of each industry, this way we are sure that our holdings have stability.

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I think it is the decision of Japan towards Bitcoin that enable them to gain lots of people to venture into Bitcoin.  Result, they are on the front rank with United States in terms of bitcoin trades volume. 

We shouldn't be afraid of that

At least, as long as there is free market and real competition between the market participants. In fact, we may not even live up to that (I refer here to "any problem ... will cause a huge crash on the whole market") since we are basically already there (though not because of "one dominant exchange" or "one dominant country"). We are already relying too heavily on just a dozen of rogue miners which could easily "cause a serious crash and a domino effect" if they ever want that and choose so

It's dangerous for something to be too reliant on one market and one currency.  It means that any problem that happens in that country related to cryptocurrencies will cause a huge crash on the whole market.

One dominant exchange gone faulty, one government regulation change, one strong/weak currency depending on how it affects the market - anything that happens could cause a serious crash and a domino effect on traders. 

What's needed is for enough institutional investors to get involved who are determined to avoid selling during dips because they know about Bitcoin's past.  Then the price will get more stable.

Even if the volumes from Japan were a bit inflated, it still benefited the crytocurrency industry because of the increased number of people going into bitcoins. Of course some of them weak hands may sell when new regulations are put into place but I doubt all of them would suddenly just turn their backs on BTC.

This could be the start of the wider adoption we were hoping for.

In your place, I would keep your enthusiasm somewhat constrained

Since it still largely remains to be seen how things are going to evolve and in which direction exactly in the foreseeable future. Much of this price rise (if not all 100% of it) has been due to Bitfinex issues with USD payment channels (you must have heard of them). I remember perfectly that moment when prices started to get divorced at Bitfinex and Btc-e, and it happened a few days after USD deposits to the exchange had been blocked. So once these issues get resolved (provided they get resolved, which is not a given, though), we will see where Bitcoin goes

That's correct, if one of the other leading bitcoin countries adopt bitcoin offically, we could easily find bitcoin price around 2.000$-2.500$ interval. This will come true for sure, but we cannot predict an exact time for this. Might be in 1 year or 5 so.

Guys imagine what happens if another country much like Japan were to adopt bitcoin as a digital currency, I bet we'll shoot up higher than $2500.
There is not a single project in the entire world which could give you $300 pure profit on every $1200 invested in less than 10 days.
I just f**king love you so much Satoshi, I swear that I will vouch for you on the judgment day, RIP for now my hero.
In a world where people are ought to get you and milk you he did the opposite, you can't find anything like bitcoin as it changed millions of lives and will continue to do so for hundreds of millions more in the future.

And it is not even about trading volume as such

As to me, we should first take into account the potential real demand for Bitcoin from general public. Yes, China is bigger than Japan almost 10 times (in terms of population), but the Japanese are by far richer on average. So despite huge and mind-boggling population of China, an average Chinese citizen hardly has any spare money to buy even a few satoshi (as the saying goes, living only on a bowl of rice a day). In this way, it is effective demand that counts, and in this department Japan beats China hands down any day

Well I thought that Japan was a lot bigger of a player in the global exchange game since they used to be the home country of Mt.Gox (iirc) and they had those politicians talking about how they would start regulating Bitcoin. I know China always loved to be one of the biggest portions of the pie and they wouldn't have it any other way, but it's good to see Japan catching up since they apparently weren't in the same place I thought they were.
Good to see more competitors to China's control.

This doesn't seems a surprise, because Japan has started to dominate the market once it got the legalized usage as an currency which is nowhere found. China always tries to keep bitcoin under their control, but this is not possible anymore as everything came to light when the inspection took place.

Well it's not exactly surprising that there is going to be a noticeable increase for JPN exchanges since they also opened up 10 or something additional exchanges over the past few weeks. I have heard from a few people I know that follow business and so in Japan that Bitcoin is becoming something that is mentioned ever-so-occasionally as opposed to the "never" is used to be, but I dunno if that's just because of some bias for what mediums of information they use.

The rise of the trades in japan is for sure brought about by the Government of Japan creating regulations encouraging the use of bitcoins. This might have brought more awareness to the citizens of Japan and hence has really affect the trading volumes. If they do not charge for trading fees then probably this is a temporary thing and could possibly be regulated as well.