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How Japan Became A Bitcoin Hotspot

Written by:
Payton
Published on:
Mar/20/2020

As a nation, Japan has wholeheartedly embraced Bitcoin, along with a number of other virtual currencies. The land of the rising sun has seen a surge in the usage of Bitcoin over the last few years, and is showing no signs of slowing down. Paying with Bitcoin has become part of the daily routine and on some days, over half of the entire global Bitcoin trade happens in Japan alone. I'm sure there  are many questions... When did this start? Is it safe? What are Japanese Bitcoin casinos?  And most importantly, how did Bitcoin become so popular in Japan when other countries have failed to embrace it? Let's find out!

 

The Importance of Trust

 

When it comes to your hard-eared money, you want to make sure that you are handling it wisely. The initial surge in the popularity of Bitcoin coincided with the Virtual Currency Act in 2017. With this, the Japanese government passed a bill that made Bitcoin a legal form of payment. The new legislation meant that Bitcoin was fully legislated and individuals were free to trade it without the fear of breaking laws or losing their money to a scam.

 

Where Can You Use It?

 

Once the government issued Bitcoin with its seal of approval, it encouraged a large proportion of big retailers, as well as numerous independent establishments, to partner with Bitcoin exchange and begin accepting the digital currency as legal tender. Currently, Japan has the most Bitcoin-accepting stores in the world, and now there are even Japanese Bitcoin casinos. 

 

Similarly to Bitcoin itself, Japan has embraced Bitcoin casinos with open arms, making it easier than ever to deposit Bitcoin into your online account and play your favourite casino game from the comfort of your own home. There are even exclusive offers and bonuses available for Bitcoin users, including being able to play anonymously. The incognito nature of Bitcoin casinos combined with the lower transaction fees compared to using cash have secured their place within the Japanese gaming industry.

 

One Step Ahead

 

The Japanese authorities were among the first to welcome the introduction of Bitcoin and other virtual currencies, and while other countries were late to the game and/or failed to encourage its use, Japan have been busy becoming the ideal location for Bitcoin investors and users. While several amendments have been made to the initial 2017 Virtual Currency Act, crypotocurrencies and Bitcoin casinos have continued to flourish throughout the country.

 

The Art of Progress

 

Another factor in Japan's success was that a number of other countries in the region either hesitated in legislating its use, or like China, prohibited financial institutions from handling Bitcoin transactions. In contrast, Japan could be considered to have the most progressive regulatory climate for Bitcoin in the world!

 

The Only Way Is Up

 

Crypotocurrencies have already had a substantial impact on the financial sector and look set to have a place in the future of money. Whatever happens, one thing is for sure, Japan's love affair with Bitcoin is only beginning and it is sure to play a major role in its future. It is highly likely the rest of the world will eventually catch up in realising the potential of Bitcoin, the only question is, how far ahead will the most advanced cryptocurrency country in the world be when they do!?

 

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