Will people ditch cash for cryptocurrency? Japan is about to find out

gabmen

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Quote from: sheenshane on January 31, 2019, 07:47:37 AM

Quote from: Hydrogen on January 30, 2019, 09:10:08 AM

snip-
Like some said its difficult to imagine japan having a scarcity of payment processing. They're known for being ranked high in terms of average internet speed and traditionally invested heavily in telecom infrastructure, the backbone upon which things like electronic payment are built.

Looks like interesting mate, while reading this thread it feels excites me more than enough that I would love to go to JAPAN and meet these executives. Mitsubishi UFJ Financial Group is group of people who do their things exactly what their vision speaks. But as I can see in the thread that they will only use the blockchain technology but not the cryptocurrency itself. I hope that the project will still continue and develop after the Olympics.

Well the japanese people have been known to not be afraid to accept changes and innovation. It's not going to be surprising if ever they're the first country to run mainly on crypto. They understand blockchain and how crypto works with it so i don't think they'll ditch crypto and utilize only the technology.

sheenshane

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Quote from: Hydrogen on January 30, 2019, 09:10:08 AM

snip-
Like some said its difficult to imagine japan having a scarcity of payment processing. They're known for being ranked high in terms of average internet speed and traditionally invested heavily in telecom infrastructure, the backbone upon which things like electronic payment are built.

Looks like interesting mate, while reading this thread it feels excites me more than enough that I would love to go to JAPAN and meet these executives. Mitsubishi UFJ Financial Group is group of people who do their things exactly what their vision speaks. But as I can see in the thread that they will only use the blockchain technology but not the cryptocurrency itself. I hope that the project will still continue and develop after the Olympics.

kryptqnick

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Quote

With the government’s pressure to go cashless, and little competition from credit cards and other forms of e-payment, Japan could leapfrog the technology underlying today’s electronic payment networks and go straight to blockchain.
If the experiment works, the country’s economy might be remade. Everything from huge transactions between banks to small retail purchases could be carried out with barely any delay and at a fraction of the current cost; even today’s credit cards would be slow and expensive by comparison.
There’s at least one more reason to think blockchain-based cash can succeed in Japan: retail investors there already love crypto.

Wow, this is a really great experiment. If something goes wrong, though, it will be a disaster. I am glad that at least they'll be using their own tokens, so the market might not get hit as hard as it could in case of the failure. I certainly hope they'll succeed and demonstrate that cryptocurrencies can be a new and efficient type of money. Japan is known for its good policies towards cryptos. It also recognizes them as legal tender!
A good reason why cryptos can be successful in Japan that wasn't mentioned in this article is its economy. Unlike most of the countries, Japan has a deflationary economy that works quite okay there. With cryptos being naturally deflational, it seems rational that these two should be united. Deflationary economy needs deflationary money.

marcelocoin

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hi =D

I have known in japan, and I see that the government is more attentive and regulating the use of btc for people to use, a beautiful example for many countries!

Hydrogen

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Japan is advertised as having low rates of crime and theft. Given the high volume of hacking and digital theft present in electronic payment systems, statistically their money could be safer physically carried on them, than it would be electronically stored in a format which could be more vulnerable to theft.

The emphasis on this project being implemented within a blockchain could highlight security being a focal point of the technology, to woo japanese consumers who didn't feel their money was safe stored electronically. They could be saving other key security features for the unveil and rollout of their payment network.

Like some said its difficult to imagine japan having a scarcity of payment processing. They're known for being ranked high in terms of average internet speed and traditionally invested heavily in telecom infrastructure, the backbone upon which things like electronic payment are built.

allthingsluxury

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Naida_BR

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It is good to see countries like Japan trying to find new ways of promoting innovative and technological advances. After all, Japan has shown over time that it is always one step ahead in terms of innovation. Olympics will be a good event to promote cryptocurrency and mass adoption. However, I have seen many many years ago that Mitsubishi tried to develop a blockchain. How come they still haven't developed one?

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Whatever floats their boat I guess. Japan became successful and progressive due to them sticking to what they are producing and focusing to improve those products, so this is no exception. While time and time again, we proved that Japan is a cryptocurrency-friendly nation, they still have their ideals and own agendas to push for their betterment. Besides, they are the host for the upcoming olympics, I guess it's also good PR for their tech, too.

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Quote from: Kakmakr on January 29, 2019, 04:16:25 AM

I guess I am not very motivated to attend the Tokyo Olympics now. Angry

Why so emotional?

Of course they're not going to roll out a national payment network based on Bitcoin. Bitcoin already has its own galaxy wide payment network.

As ever this is nothing other than a yen token. It is no 'competition' to BTC whatsoever.

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Quote from: Hydrogen on January 28, 2019, 07:04:55 AM

Summary: Japan is hosting the olympics in 2020. Due to their society utilizing a high proportion of paper money, their electronic payment infrastructure may not be developed to support the flood of electronic payments they are likely to see from visitors who travel there to watch the olympic games.

I seriously doubt this...

First,Japan has hosted a world cup in 2002, and the winter Olympics in 98 without a problem.

Second, there were between 500 000 to 600 000 visitors to London during the Olympics.
Japan is a not that conveniently located and it's far more expensive, so expect fewer visitors.
Rio received only 400 000 foreigners.

We divide those visitors by months it will be at around 200 000 a month, and let's compare that number with the 20% of Japan population that uses cashless payments, which is around 25 million and we will see that the maximum increase will be ...1%.

There are 26 million tourists visiting Japan each year, the Olympics will not put any pressure on the network.

raven7886

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It requires a lot more to become cashless there than any other country, they have like a million things they need to do to reach our levels and also didn't had a good bitcoin history. I mean I had a friend who went to japan for one year on college to study and came back and the cash society is so large that one of the first things he said was the country was very very very expensive and you needed to pay with cash all the time so you needed to have the money at hand all the time.

As a country of people who like to use debit and usually credit cards (because credit cards are a bless when you do not have the money at that moment but getting some in couple days so you buy now but pay a week later) it was weird to him. It makes living a lot harder so it would be great for Japan to do that but shops will not have that ease of transition.

On top of that the mt.gox that were talked about also plays a big role here, they were one of the first places that had big bitcoin scam happened and they still remember that.

magneto

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Likewise with the concept of cashless societies, japan may be resisting that as well. Although I could see them becoming more supporting of technologies based on blockchain and bitcoin technology, I'm not particularly optimistic about it.

Is this just going to be a payment network based on blockchain, or will it actually have some sort of token that is used as an underlying asset of the network? If the former is it even fair to say that this is a step towards "cryptocurrency", or rather is it just Japan's move towards cashlessness from its current cash reliant nature?

Quote from: Kakmakr

This is actually bad news for Bitcoin if that is true and it is also very sad that they opted to take that route.

I don't think that it's bad news per se.

There was very little chance that a centralised, potentially government endorsed body would ever take the route of a decentralised cryptocurrency to begin with. Launching this doesn't hurt bitcoin's growth one bit, since the market that it's going to take away from is going to mainly cash usage.

Japan's still pretty progressive in terms of policies for crypto businesses, overall. As long as that stays the case, bitcoin's use as a store of value and an online currency shouldn't be affected.

Kakmakr

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I think you highlighted the most important part in that article, where it says that Japan is planning to create their own Blockchain based payment network, so they will not be using the Bitcoin token. This is actually bad news for Bitcoin if that is true and it is also very sad that they opted to take that route. I was under the impression that Japan was one of the countries that was running in front with Bitcoin adoption and legislation but it turns out that they have ulterior motives to do that. Angry

I guess I am not very motivated to attend the Tokyo Olympics now. Angry

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if Japan makes its cash just to exchange cryptocurrency it seems like that won't be possible, surely there will still be some people who will use cash and cryptocurrency will not be able to control the world, I'm sure some people will still use cash to transact.

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Quote from: romero121 on January 29, 2019, 03:09:12 AM

Quote from: biskitop on January 28, 2019, 09:43:12 PM

Japan is indeed a country that is always advancing in terms of technology and is open to new technologies. in the case of crypto, Japan will always try to develop how crypto efficiency is used as payment for daily needs.

Well said, Japan being a leading contributor to the cryptocurrency network have been making themselves one among the strong market as well educating people use cryptocurrencies. As a beginning last year itself it permitted stores to accept crypto payments as well implemented more cryptocurrency ATMs keeping people updated and travel along with the growing technology.

right, as if in Japan is an example of a country that applies cryptocurrency as a means of payment. until the salary of employees also uses crytocurrency. so it is not surprising that in 2017 many were suddenly rich there. even so the currency jpy remains active, and crypto is the supporting currency that runs together

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Quote from: biskitop on January 28, 2019, 09:43:12 PM

Japan is indeed a country that is always advancing in terms of technology and is open to new technologies. in the case of crypto, Japan will always try to develop how crypto efficiency is used as payment for daily needs.

Well said, Japan being a leading contributor to the cryptocurrency network have been making themselves one among the strong market as well educating people use cryptocurrencies. As a beginning last year itself it permitted stores to accept crypto payments as well implemented more cryptocurrency ATMs keeping people updated and travel along with the growing technology.

davis196

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Japan is a weird country.I honestly can't predict what will happen with the crypto adoption there.
Perhaps the young people will adopt crypto,while the seniors(which are the majority of the population) will stick to paper money.

biskitop

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Japan is indeed a country that is always advancing in terms of technology and is open to new technologies. in the case of crypto, Japan will always try to develop how crypto efficiency is used as payment for daily needs.

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Japan wouldn't ditch fiat money for cryptocurrency. Japan would only maximize the use of blockchain technology in its country. For sure there would be financial transactions that currently using fiat money, would be replaced by cryptocurrency. However there are still financial transactions that will use fiat money. Thus, giving us a society where fiat money and cryptocurrency exist together without problems.

gentlemand

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I would've thought that TPS rate is only needed for internet of things type stuff. Visa does less than 2000 per second on average.

Of course it's going to be centralised and of course it's going to be nothing other than a fiat token. Let's hope it's nice and robust.

Topic: Will people ditch cash for cryptocurrency? Japan is about to find out (Read 266 times)