Japan Ignores Bitcoin Uncertainty

Japan Tokyo city scenery

Contrary to expectation that the ongoing Bitcoin civil war may greatly affect the Bitcoin activity in Japan, that is not happening. On the contrary, Japan as a government is working hard to make the digital currency environment conducive for more people to embrace the currency. The efforts are clearly paying off as more and more merchants have been embracing Bitcoin as a means of payment.

Possible Bitcoin Fork

August 1st is a very important day in the Bitcoin world as it is a main determinant on how Bitcoin will perform in future. Many miners are hoping that the Segwit2X proposal will be implemented as that will mean faster and cheaper transactions. There are still a group of miners and many people who still do not agree with that and hence there is a chance of Bitcoin forking which will break Bitcoin into two separate chains.

Effects of the Uncertainty

Despite uncertainty currently in the market, exchnages are still doing good business and, up until the last couple of days, price action was holding up quite well. Some exchnages are planning a temporary suspension of deposits and withdrawals until the dust on the decision has settled according to the Nikkei Asian review reports.

BitFlyer, which is the largest exchange in Japan, is however yet to announce it plans. They are exp[ecting that the uncertainty and volatility of Bitcoin may make some Bitcoin users to exit the currency to other cryptocurrencies such as Ether and Litecoin. To capture this growing customer appetite for other coins, BitFlyer has introduced Litecoin to its platform on July 12. It Introduced Litecoin as it believes that it has big potential since it has appreciated four fold for the past six months hence it is very likely to perform well in the future.

Ahead of the Pack

Japan has been leading in the crypto currency world and has contributed significantly to the rise of the currency. Its move has encouraged many more people to take an interest in Bitcoin and more merchants to accept the currency. Many merchants including Bic camera officially started accepting the currency as a means of payment. It started a nationwide rollout with the help of BitFlyer as from July 11.
As a move to support the cryptocurrency further, it decided to give an eight percent exemption on Bitcoin consumption tax. Just in a span of six months, Bitcoin adoption in Japan grown significantly and the government is trying all it can to support safe exchanges in the country to prevent another possible MtGox.

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