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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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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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