How Widespread Is Bitcoin Usage in Japan?
Bitcoin usage, trading, and investment has seen incredibly widespread use in Japan over recent years. Japan is leading the rest of the world in cryptocurrency regulation, acceptance, and potentially even legalization. Of course, this has created a massive boom for popular cryptocurrency investments, such as Bitcoin. In fact, there are nearly four million individuals in Japan currently investing, exchanging, and using cryptocurrencies. As a Bitcoin investor, it is important to gain insights into what is driving Japan’s crypto craze. This way, you can securely invest and know exactly what to expect in the future. To help you get started, read on to learn about how widespread Bitcoin usage in Japan is.
Legalization & Regulation
Another primary reason for Bitcoin’s ubiquitous usage in Japan is international legalization and regulation. Unlike nearly every other nation in the world, Bitcoin is fully regulated and legal in Japan. In 2017, Japan passed the Virtual Currency Act. This bill allowed citizens to legally trade and exchange Bitcoin without penalty. Ever since the passage of this article, Bitcoin has been more welcomed in Japan than nearly any other place. Of course, this has made it even more of a popular choice amongst everyday financial consumers. Through regulation, Japanese investors are beginning to understand cryptocurrency as a stable, long-term security, rather a short-term, speculative profit opportunity. This way, traders can invest in Bitcoin without fear of speculation. Surely, Japan’s legalization and regulation of Bitcoin has greatly led to its current widespread usage.
Wide Acceptance
One of the major reasons for Bitcoin’s extensive usage in Japan is its wide range of uses. There are far more locations to use, exchange, and pay with Bitcoin in Japan compared to other countries. In fact, nearly five-thousand stores in Japan already accept Bitcoin as a primary payment method. Of course, this extends to many Japanese brick-and-mortar retailers, such as restaurants and shops, as well as online eCommerce stores. In this, Bitcoin can increase business for plenty of small and medium sized companies throughout Japan. Since this online currency is widely recognized and accepted by several trusted businesses, it has become more commonly utilized by everyday consumers. Certainly, the wide acceptance of Bitcoin has largely contributed to its massive usage in Japan.
Simple Trading Opportunities
In addition, there are plenty of easy opportunities to use, purchase, and exchange Bitcoin in Japan. There are numerous platforms, exchanges, and brokerage firms where you can purchase or trade cryptocurrency. For example, easyMarkets is an example of a trading broker that offers a set of risk management tools to process trades with protection and support. You can access fixed spreads and guaranteed stop losses, as well as negative balance protection. Using their trading platform, you can additionally avoid slippage while the price you see, is the price that your trade will be placed at. Crypto trading on easyMarkets is provided via financial derivatives known as contracts for difference, which allow trading Bitcoin’s price against the US Dollar without needing to own the underlying coin.
High Investment Potential
Of course, the incredibly high investment potential of Bitcoin has allowed it to remain a cryptocurrency powerhouse in Japan. There is a plethora of advanced reasons to invest in Bitcoin. For a start, these instruments work excellently to diversify your investment portfolio. At the same time, you can use Bitcoin to hedge risk related to geopolitical uncertainty, as well as inflation. Even more, investing in cryptocurrencies allows you to leverage the global uncertainty surrounding Bitcoin outperformance. With several reasons like these, more Japanese citizens are starting to become more comfortable with the digital asset. Indeed, there is an incredibly high investment potential when investing in Bitcoin.
Bans In Surrounding Nations
Moreover, Bitcoin bans in surrounding nations has helped Japan cement its position as a leader in cryptocurrency. While the passage of the Virtual Currency Act full regulated and legalized Bitcoin in Japan, other countries have been much more hesitant to accept the cryptocurrency. In fact, while China once dominated the crypto-investment field, it has been significantly cut down by recent crackdowns on virtual currency investments. Similarly, South Korea has recently been having talks about banning, or severely regulating cryptocurrency exchanges. Of course, this led to Japan having a significantly stronger position. Indubitably, bans in surrounding nations have fueled the widespread Bitcoin usage in Japan.
Bitcoin usage has become incredibly widespread in Japan. In modern days, crypto is everywhere. Firstly, Bitcoin is widely accepted in Japan. In addition, Japan’s cryptocurrency legalization and regulation has certainly impacted its widespread usage. Of course, there are still several important reasons, and high investment potential surrounding Bitcoin. Moreover, Bitcoin bans in surrounding countries have helped Japan remain a leader in cryptocurrency. Follow the points highlighted above to learn about how widespread Bitcoin usage in Japan is.