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Japan: Bitcoin Retail Giant taking cryptocurrency to a whole new level.

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Japan is a very important market when it comes down to cryptocurrencies. We see Japan always leading the way when it comes to bitcoin regulation and volume.
Japan is a very important market when it comes down to cryptocurrencies. We see Japan always leading the way when it comes to regulation and volume. So could Japan be the first country to show actual retail adoption of cryptocurrencies?
This has been a conversation in the cryptocurrency space for a long time. Can we get retailers to actually get involved in cryptocurrencies? E-commerce is a space where cryptocurrencies have been doing very well. There are a lot of e-commerce plugins for websites that make it very easy for people to accept cryptocurrencies online but all businesses do not happen online. People go out to restaurants, daily needs shops, clothing stores, etc. Let’s take a picture right now that we are seeing happening in Japan. According to Coinhills, the Yen remains the second most important market for bitcoin trailing only slightly behind the USD. The Yen even surpassed the USD for somedays which is quite amazing as it is not just the United States of America that uses USD to trade bitcoin but a lot of other countries are accessing bitcoin via dollar as well, So to see the Yen somedays surpassing the USD in volume is quite big as only Japan uses Yen to trade bitcoin.

Retailers in Japan that accept bitcoin:

Rakuten:

According to a recent announcement by Rakuten which is the largest ecommerce site in Japan they are expected to become the first major e-commerce giant to integrate crypto payments into its platform allowing millions of users to purchase products using bitcoin and other cryptocurrencies. As of late 2017, Rakuten had more than 95 million active registered accounts, so if the company does put forward its plan to use its cryptocurrency exchange to process payments for e-commerce it could drastically increase the level of merchant adoption in Japan.

Line:

Line is the biggest instant messaging platform in Japan which is currently used by 90% of people in the country. They are launching their own token economy for things like games, apps, and payments between people.
Currently, cashless transactions amount to only 20% of the total transactions in Japan. Majority of people still pay in notes and coins when they go out to shop. So there is an enormous opportuanity in Japan for a smartphone based fintech innovation and its already started to happen. This is something that Line is discussing with their Line pay options and of course, the Japenese government is also looking at how they can boost growth in the mobile payments industry and cryptocurrencies could be the perfect thing for Japan in terms of mobile payments.

GMO Internet:

GMO internet gave their employees the option to receive their salaries in bitcoin but it is not clear whether it is still happening or not because the GMO internet had a big bitcoin launch making miners but they are now cutting back their miner hardware sales operations to nothing. The best part is that a big company actually proposed that.

Others:

  • Last year we also saw Yamada Denki which is the largest consumer electronics retailer chains in Japan partnered up with cryptocurrency exchange bitflyer to add bitcoin payments service in two of its stores.
  • Bic Camera which is a consumer electronics chain in Japan is also accepting bitcoin directly in their shops.
  • 74 Japenese beauty clinics who started to accept bitcoin at the point of sale.
  • L’Operaio which is a Japenese luxury car dealer with multiple branches in Japan is also now accepting cryptocurrencies.
  • A deal back in 2017 with CoinCheck and Recruit Lifestyle brought 260,000 commercial facilities, food establishments, drug stores, and other retail locations nationwide tablet point of sales systems.
  • We had some companies that announced that they were going to be accepting bitcoin. For example, peach aviation which is a low-cost airline in Japan said they are are going to start accepting bitcoin back at the start of 2018 but currently their website does not show bitcoin payment option so maybe that plan has been taken off for the time being.
  • There are also some taxi services in Tokyo which are accepting bitcoin.

 

Apart from these, there are a lot of shops and cafes that accept bitcoin. We are seeing a lot of e-commerce happening, a lot of businesses who want to accept bitcoin for their online payments but we still have to overcome that hurdle of getting it happening in local shops.

 

What are your thoughts on the cryptocurrency adoption in Japan? Tell us in the comments section below.

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Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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