Japan made bitcoin a legal currency – now it’s more popular than ever | CNBC Reports


China accounted for 90 percent of
bitcoin trade just one year ago. But with Beijing banning initial
coin offerings or ICOs and regulators shutting down
bitcoin exchanges there, Japan is setting out on a different path,
embracing the crypto movement. Bitcoin trade here in Japan accounts for
nearly half the global trade volume, compare that to 25 percent
in the U.S. The number has surged since
the government passed a new law earlier this year,
recognizing the digital currency as a legal form of payment. That law encouraged some
big retailers here to partner with bitcoin exchanges and begin
accepting the digital currency. There’s already more than
4,500 stores that let you pay with bitcoin here, and
the Nikkei says that number could increase five-fold
by the end of the year. So we’ve recruited Mai Fujimoto,
who’s also known as Miss Bitcoin here in Japan, to take us
to some of these stores that are accepting
the digital currency. You ready to go shopping? Yes, sure. Okay, let’s head out. Let’s go. Mai’s become a type of
‘crypto evangelist’ in Japan, blogging and tweeting
about all things bitcoin. Her nickname? A way to familiarize people with
what was largely an unfamiliar space until recently. You started investing in 2011.
How much was bitcoin then? About 1,000 yen. 1,000 yen? That’s roughly 10 U.S. dollars,
a price that’s jumped more than 700 times since. Here’s 10,000 yen. Okay. I’ll give that to you. And then how do I
get that in bitcoin? Okay, so this is your QR code
and I read this QR code. Yeah, that’s it. This is Bic Camera, it’s one of the
biggest electronics stores right here in Japan and they just
started accepting bitcoin in April. So we’ve got our bitcoin on our phone.
We’re going to go spend some money. So that’s .00336 bitcoin,
it basically amounts to 1,803 yen. I did manage to get
a very cute towel. Polka-dotted. And all this shopping is
kind of making me hungry. So Mai, do you know
of a good restaurant around here that
accepts bitcoin? Yes, I know of a sushi
restaurant near here. Sushi restaurant?
Okay, let’s go there. Fatty tuna and mackerel aren’t
the only things on the menu here. A bitcoin ATM greets customers
looking to top up their digital wallets. In your daily routine,
how much of what you use is bitcoin and how much do
you pay in cash or credit card? Maybe, 90 percent
I pay not bitcoin. I only use bitcoin to
send money overseas. Mai says regulations built
trust in the currency, but people aren’t necessarily
using it to replace cash. Bitcoin’s still considered an investment,
not an everyday currency here. Many people have bitcoin now,
now buy bitcoin. Maybe we need time to use
bitcoin, so maybe they have to learn more
about bitcoin. That curiosity’s led to an increasing
number of public seminars like this one on ICOs. Hardcore hackers
aren’t the only ones here, but housewives,
bitcoin newcomers, even professional matchmakers
like Chieko Date. She tells me her son
encouraged her to invest, and she has 2 million yen
in four currencies now. Japan hasn’t been
without problems. Three years ago, the first major
bitcoin exchange ‘Mt. Gox’ collapsed and declared bankruptcy
after hackers raided its accounts. That’s partly why regulators are
responding with stricter rules this time, requiring exchanges to maintain
minimal capital reserves, separate customer accounts and
establish anti-money laundering and ‘know your customer’
or ‘KYC’ practices. Bar owner Mike Verweyst says
those rules aren’t pushing his customers away from
the digital currency for now. He processes bitcoin
payments every day. It’s surprising to see in Japan,
they don’t really seem to be the first to adapt to
new concepts like this. In fact, they shy away
from change mostly, but maybe they’re going to
grab it and run with it, I hope. And with bitcoin still
largely banned in China, there’s plenty of opportunity
for Japan to take the lead.

100 thoughts on “Japan made bitcoin a legal currency – now it’s more popular than ever | CNBC Reports”

  1. If you think crypto currency is a scam your way to lost it can happen yes just like gold at fist or dollars yes is volátil right now is young also 9 years old its revolutionary and the best way in future finance a lot safer and faster I see it as the trains at first there where robbed but it has the faster way to make profit now we have more advanced trains and security and the same will happen to crypto currency

  2. We will have better crypto currency in future some people is working on it right now so a recommend to inform your self is becoming a esencial part of human knowledge

  3. The speculation bubble means that nobody is going to want to use their Bitcoins though. As soon as people start to use their Bitcoins the bubble will burst. The question is whether it will lose all value.

  4. My prediction is that Bitcoin may go as high as $60,000 US in 2018 -BUT, I also believe it will become such a force to recon with, it will be a major catalyst in the de-stabilizing of the entire financial system!
    Meantime everyone should look into a coin that is backed by a business model that has 10 'verticals', companies behind it using the coin as reward points for many purchases, including wholesale travel. This coin is BitQy (Bit-key) and you can see it from the inside by joining genuinely free here: www.bitqyck.me/aparkes You can thank me later. [:o)

  5. what about this cheap coin…big supply is most important when masses adopt crypto https://www.youtube.com/watch?v=hI4lJkBzFEQ

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  7. Hahaha
    It'll make a few people some cash, then like most ponzi schemes, it's fall flat on it's arse, then they'll have to come up with something else to con people out of their hard earned cash.
    Do people ever question that it takes actual CASH to buy bitcoin? That fact alone should make people wary, but there's always gonna be stupid people who buy into this shite, that's how it works..
    Japan is a failing country, and their biggest asset to date is pervy anime, that only creepy people in the west seem to be interested in.
    Don't fall for it, the Japanese sperm count is dropping for reason…LOL

  8. Bitcoin can go down any minute !
    It's like playing the share market, it can collapse any minute, not to mention hacking !
    Play at your own risk

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  10. Does she have more or less in Bitcoin to shop. Why can't you have a Credit Card Bitcoin. If Bitcoin is faster than a credit card and post transaction faster. I bet Fed Coin or Hashgraph to be in best in the market.

  11. Now let's look at the stock market can you name one just 1 stock that went from 15 c to 14.000 US dollars or so , in roughly 9 years hmmm , that's what I thought. The growth is simply ASTRONOMICAL .

    Always remember even micro bits of BITCOIN will serve you well .

  12. Bitcoin is going down it was the first coin but the money is going to be on Doge coin soon ,the most popular coin after Bitcoin in the first 100 ,Doge coin when from a meme coin to a billion dollar player,Doge coin is not new is faster and is merging with litecoin ,they are uograding the tech and all of you should buy it at 1c right now must experts said that will never get to 1c they were all wrong ,Doge coin is popular and that is the number one fact for crypto buy Doge coin now and you will be rich before the end of the year tell your friends that this is the year of the Dog and Doge is a dog from Japan. arigato.

  13. We are very excited Bitcoin is going to change the world as it is today. The world never had a free currency as bitcoin, it will boost global trade. We think the impact to humanity will be greater than the internet.

  14. im convert all my bitcoin

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  15. $300 "It's a bubble, it's going to pop"
    $1000 "Trust me, it'll burst, just wait a few more months"
    $2500 "Give it a few more days"
    $2000 "Ha, told you all"
    $4000 "It's still a bubble"
    $5500 "Ohh boy, that’s gonna hurt when it bursts"
    $7000 " This is the end , we are close …"
    $9000 " We all knew it wouldn't last "
    $11000 " Within a month it's toast "
    $13000 " It should have never made it this far "

    9 years later ….. and counting …..
    see where this is going….. the only BUBBLE BURST will eventually be FIAT currency .

    Join the RESISTANCE join the REVOLT join BITCOIN , even micro BITS will serve you well in the future …. I personally think this is the opportunity of a LIFETIME ….GO…..BITCOIN……GO.

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  17. Bitcoin has the BRAND NAME to overcome ALL the negatives. It is the FERRARI of crypto currencies , NEVER FORGET THAT . That's is exactly why it will keep on going up in price. I fully expect BTC to pass the 100k by this time next year and reach a million in 3 to 5 years.

    Do not be left behind join the RESISTANCE , even micro bits of BITCOIN will serve you well in the future . As always ONLY invest in what you can afford to lose , even the MIGHTY BITCOIN has some risk , small but some , I say GO….BITCOIN…..GO .

  18. Remember BITCOIN is in it's infancy still details are being worked out , just like the beginning of the internet it takes time to perfect it ….. it's a new technology that needs ironing out ….

  19. We are helping poor children everywhere, hope everyone can give we a little money, thankyou !!!
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  20. Problem is, Bitcoin is an inferior tech. The transaction fees are retarded, let alone the technical issues with it. Bitcoin cash tried to correct some of these issues, but it didn't catch on nearly as much. It will take a few more cryptocoin generations to figure out what will serve a large economy best. However, I'm an optimist that cryptocurrencies will take over state fiat currencies and put them out of business (hopefully). Voluntaryism through agorism, ho!

  21. Ok so help me and others get our money back from Coinbase it seems like this company abusing its own customers by hacking at our own accounts and stealing our money. Is this how Bitcoin is? Company’s that we trust to hold our coins steal from us or not even protect wallet that we trusted and just walk away.

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  23. As one can tell, Ethereum is a cryptocurrency that is based on blockchain technology. Like Bitcoin, it is a cryptographically signed record of a transaction and store of value. Ethereum was first launched in mid-2015. This means it is still a relatively new technology but it is indeed taking the world by storm. Like Bitcoin, Ethereum is also built on a public blockchain. Think of the blockchain as a public ledger of all the transactions that are taking place. The central idea behind the Ethereum protocol is that of “smart contracts”. It is also a piece of blockchain technology that enables developers to build and deploy decentralized applications. On the Ethereum network, miners work to earn “Ether”. This is also used by application developers to pay for transaction fees on the entire network, and also if invested wisely, it is guaranteed to yield great profits and additional income for the investor, after studying ethereum carefully, i can boldly say that i can give good guidance and tips on how and where to invest and profit good gains from Ethereum, as it is going up more consistently than was expected. [email protected]

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  25. It seems to me like the Japanese created bitcoin with a decimalisation named as SATOSHIS!!! Clever bunch 😉

  26. Japan is bankrupted. they will take anything. It only makes sense they make bitcoin legal currency; I was sure the bankers were
    Satoshi Nakamoto, and now we know they are. Only central bankers have the authority to issue legal currency. It is nice to finally know what Satoshi Nakamoto is.

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  28. China pretty much owns bitcoin, most of the data processing centers are located there and all Chinese companies are under government control. I would not doubt they are gaming that system like the do everything else. I wonder why japan is encouraging people to throw away their money on something which is not even used for its purpose.

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  32. Bitcoin is still money. That is not ask me receive that Jesus taught. He made a tax collector quit his job. His name was Matthew.

  33. since BTC is low now is better I continue earning BTC with the help of Vosk Coin miners,they are actually fast as I heard and confirmed.

  34. We have always known bitcoin is very volatile and right now going through surge, easily controlled and hard for the government to centralize a d control, so they do everything in their power to drop the prices daily so that holders to sell their assets, look guys, if you sell now you lose and you make the government look like they are winning, we do not want this, I know not everybody knows more about day trading, and I have been getting enlightenment on crypto day trading for a while now from Mr. Brandon Gaston from Uk, we were told to hold more, invest more and make more profits, some of us went ahead with his idea but many who are regretting now are those lost more than 30% their holdings on BTC, I just laugh and ignore nowadays because of people thinking they know all about the crypto market,-when to sell, when to buy-, well the sincere fact is the bullshit behind the manipulations, why wait till your assets is high before you can make little not even better profits, I invested $5,000 in June trading without fear, because I got help from Brandon daily, although it was not easy but still worth it, I made my first $56,000 in less than a two weeks, and this has really helped me a lot, if you are still holding and not day trading to make profits then you are in a dip when they prices crash beyond repairs ,lol, you can contact Mr. Adams on his Email ( [email protected] .Com ) for help consultations, nobody is forcing you to get rich, only the smart ones will understand this message.

  35. The last 2 months, I have made over $60,000 only from trading bitcoin but my success never started that way as I had made substantial losses before my turning point in the Crypto space. I bought 2Btc last year which quickly rose in the bull run but eventually lost most of it and sold off what was left. That was the last I would ever have to do with bitcoins until I was introduced to Brandon Gaston first of, he asked to know my trade experience. He then gave me a quick insight on what to look out for when choosing a platform and a bunch of other things most experienced traders may never tell you. Most importantly, he introduced me to his specially designed layout and provided me with professional advice and accurate trade signals. With his system, trading has become easy and profitable and I just want to spread the word and thereby help as many that are in my previous unfortunate situation. For all questions, you can reach out for his help on **mail ([email protected] com)

  36. Blockchain change the world, government fiat will fall eventually and crypto and blockchain will be the freedom always we want it, mark my words

  37. Its only a matter of time before all countries begin to legalize bitcoins, its now rising rapidly, Feel free to inbox me if you ever need to regain your lost bitcoins

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  39. BTC is not Bitcoin any more
    Bitcoin is a SYSTEM and only blockchain that still uses Bitcoin system is BSV
    Anyone that is not aware of this, you need to start learning about history of chain splits, the scaling debate and read the Bitcoin white paper over and over, until you get it. Coming May 2020 block rewards halving on BTC, shit is going to hit the fan for BTC as Bitcoin creator (Craig Wright aka Satoshi Nakamoto) has given public warning that he will be selling his BTC at that time… so have been warned… if you chose to keep your head in sand (and some people keep their head up their behind) that will be your choice and your problem. Have a nice day.

  40. I followed with a lot of interest all your articles treating the aspects of Bitcoin and also the various systems tied with that such as Ethereum, Blockchain . And so all these technical and financial lessons sufficiently prove me trained to acquire and discover the important financial partners before engaging whatever with them.Eventually I would futther ask you to inform me for another aspects to make me more experienced in this financial field.

  41. I'm impressed by bitcoins nevertheless I would want to see bitcoins implmented in my project frame because of it is my only hopeful in order to launch my development activities. Obviously I know a lot of things as regards bitcoins like I underlined about it my concern is to view bitcoin to implement in accordance with my project.

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  43. bitcoin is becoming the future value, i just want to use this medium and thank team George because despite the fluctuation i keep making my earnings with them, if you are new to btc mining or crypto i will advice you to seek guidance from some professionals and more, feel free to contact team George at <[email protected]> their strategies are best and recommended.

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