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Japan’s ruling party says won’t regulate bitcoin for now

A man walks past a building where Mt. Gox, a digital marketplace operator, is housed in Tokyo February 25, 2014. REUTERS/Toru Hanai
A man walks past a building where Mt. Gox, a
digital marketplace operator, is housed in Tokyo February 25, 2014.
(Reuters) –
Japan’s leading Liberal Democratic Party said it decided against
regulating bitcoin for the time being, after the collapse of Tokyo-based
bitcoin exchange Mt.Gox prompted them to consider more scrutiny of the
virtual currency.
Mt.Gox, once the world’s biggest bitcoin exchange, filed for bankruptcy in February after saying hackers stole 750,000 bitcoins belonging to its customers. 
“Basically,
we concluded that we will, for now, avoid a move towards legal
regulation,” Takuya Hirai, an LDP lawmaker who leads the party’s
internet media division, said on Thursday, adding that a final decision
would be made after hearing more opinions on the subject
The use of electronic currencies
has drawn the attention of governments around the world who are unsure
whether, and how, to regulate them. U.S. agencies ranging from the New
York bank regulator to the Commodity Futures Trading Commission have also been looking into possible regulation.
A
task force of U.S. state regulators is also working on the first
bitcoin rulebook, hoping to protect users of virtual currency from fraud
without smothering the fledgling technology.

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Satoshi

Japan to monitor Bitcoin rather than regulate it

(CoinReport) Japan’s involvement with bitcoin has taken a massive blow due to all
of the negative press surrounding the Japanese failed bitcoin exchange, Mt. Gox.
Since then, warnings of the risks involved with dealing in the digital
currency have been spread throughout the world by regulators and critics
alike.

Japan Will Monitor Bitcoin

However, rather than
placing specific laws or regulations attached to how the country should
be allowed to use bitcoin, it will just monitor it instead. On Tuesday, the Japanese government claimed that regulating bitcoin wasn’t under their jurisdiction.
Sources say that Japan’s Ministry of Economy, Trade and Industry is
devising a plan to make it easier to monitor illegal bitcoin activity.
Prime Minister Shinzo Abe and his administration identify bitcoin as not
being a form of currency. They do identify it as being an electronic
payment method.
As most government officials and regulators do,
Japan’s warn the public of bitcoin’s potential dangers, such as its uses
in money laundering and drug trafficking.

Regulators Warn of Bitcoin

While
Japan has no plans to enforce rules over bitcoin, other regulators feel
that regulation over the digital currency is the only way for it to be
safe enough for investors to get into.
On the other hand, some
feel bitcoin isn’t safe enough to implement into our economy, but for
those that want in, they should do their homework first. Indiana
Secretary of State, Connie Lawson claims that:

“The
value of virtual currencies is highly volatile, and the concept behind
the currency is difficult to understand even for sophisticated financial
experts.”

Though this may be true in some
cases, that doesn’t mean people can’t figure it out for themselves.
Bitcoin was foreign to every enthusiast at one point in time. Like with
all new concepts and innovations, time is needed to get acquainted with
the technology.
Once
upon a time, even the Internet sounded dangerous and ludicrous idea.
Regulators, whether in Japan or the U.S., need to stop putting fear in
people and let bitcoin have an organic chance at success.
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Satoshi

Governor says Bank of Japan is “very interested” in cryptocurrency

Haruhiko Kuroda | Wikimedia(BitcoinExaminer) The governor of the Bank of Japan recently said that the institution is “very interested” in Bitcoin. Haruhiko Kuroda talked about cryptocurrency during a news conference, according to the site Jiji Press.

“Compared to traditional ways of money
transfer and existing electronic money, Bitcoin has both similar and
different aspects”, Kuroda said about the digital coin that is currently
being studied by the central bank’s Institute of Monetary and Economic Studies.
Haruhiko Kuroda | Wikimedia
Despite the fact that the Bank of Japan
is known as a conservative institution, Haruhiko Kuroda is known for
supporting a looser monetary policy in the country. Back in February,
the former president of the Asian Development Bank, said that “there is
plenty of room for monetary easing” in Japan.
The interest might be there, but Kuroda – ranked by Forbes as the 39th most powerful person in the world -, also said the Bank of Japan doesn’t plan to take any action regarding Bitcoin in a near future.

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Satoshi

Ten Years Of The World With Bitcoin Living in a crazy-crazy crypto world.

Bitcoin rose from unknown to mainstream recognition largely thanks the incredulous surge in value it saw in 2017. But then the price went down, sparking yet another heated discussion about the volatile unpredictability of the bitcoin.

Nowadays, discussions are all at their all time hype, but worth just as long as the participants know what they are talking about; and the audience has at least some grasp of the matter. But it rarely happens, as the vast majority of experts are as clueless about the intricacies of the crypto markets as is the general audience.

The infographic below, provided by our friends at BitcoinPlay, will not make us all marketing gurus but will give you a much better understanding about the driving forces behind the world’s first cryptocurrency, how it came to be, who embraced it first and how countries are handling it.
Here’s a selection of our favourite ones:

  • On May 22 2010 two Pizzas cost 10k bitcoins.
  • In 2013 FBI made $48 million by selling on auction one seized 144,000 Bitcoins.
  • 100$ invested in July 2010 is now 18.8 million.
  • Since april 2017 Bitcoin is legal payment method in Japan.
  • Blockchain ledger technology when used by top10 investment bank could save $8-$12 billions.
  • Chinese Mining Pool control approximately 81% of the Bitcoin network’s collective hashrate.
  • Overstock, Dell, Expedia, Dish and Microsoft accept Bitcoin payments.
  • University of Nicosia, Cyprus was the first University to accept tuition to be paid in Bitcoin.
  • Bitcoin is vat free in Switzerland.

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Jack

Bitcoin all time high: Read here the possible reasons

Today, on June 6th, a new Bitcoin all time high has been hit.

According to CoinMarketcap, in fact, the bitcoin price reached a value of $2,911.86, surpassing the previous bitcoin all time high of $2,791.69 set less than a month ago on May 25th.

Bitcoin began June with a price of about $2,500, trading at $2,300 on June 1st.

What are the reasons for this new bitcoin all time high?

As always in these events, many are the possible causes for this recent growth in the bitcoin price.

Here a quick report on what is happening in the bitcoin industry during these days.

Click on the link below to read more about that specific topic.

Do you think there are more reasons for this bitcoin all time high?

Comment the news with us!

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin demand in Asia is more active than in the US

Back on May 31st, one the major Bitcoin exchanges in China called OKCoin returned to help improving the Bitcoin demand withing the Chinese exchanges after a period of suspension of transactions.

As a result, more bitcoin investors are recovering their interest in bitcoin and they are driving the demand for the digital currency.

So, thanks to the activation of withdrawals, bitcoin is now trading at a premium rate in China.

Also, the Chinese press that talks about bitcoin as digital gold is pushing the recent growth of the bitcoin demand for local traders.

On Friday, bitcoin price was about $2,340 in China. A value that was $50 higher than the US rate.

Of course, there are several other major factors that are driving bitcoin price. For example the legalization of the digital currency in Japan, and the use of ICOs in raising funds.

Experts believe that the increasing demand in Asia is pushing the recent growth in the bitcoin price.

South Korea

In South Korea, Bitcoin price increases up to $3,100 when the price on the US exchanges was about $2,400, so $300 higher than the US.

A few startups are also using bitcoin for sending remittances since it works better and faster than traditional money.

For example, one of these startups is called Bluepan, located in South Korea. This company provides an easy way to send money from overseas workers to their families.

In 2 years, Bluepan has processed payments worth $65 mln and for the past year, they recorded a five-time increase in transactions.

Why in Asia?

That said, it is clear that Bitcoin demand in Asia is increasing and its driving prices, while North America shares only a small amount of all users in any sector.

For example, there are fewer customers in North America who use money transfers than in Asia.

This is maybe due to the fact that the worldwide financial system is based on the US dollar, so remittance transactions are easier between dollars and non-dollar currencies compared with transactions that involve two non-dollar currencies.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Would you ever trust people who said “Bet on Bitcoin” in 2010?

bet on bitcoin

If you had bet on bitcoin in 2010, now you would be a millionaire.

In fact, according to a recent video shared by the CNBC, if you purchased $100 in bitcoin back in 2010 now y0u would have something like $75 mln.

During a relatively short period of 7 years, bitcoin price rose from $0.003 to its all-time high of $2392, so return of 796,000%.

The greatest part of mainstream media experts argues that bitcoin price is speculative because investors purchase bitcoin only because they expect a massive return in the next future.However, as Cointelegraph previously reported, prominent investors including GoldSilver.com founder Mike Maloney are encouraging investors to hold Bitcoin as a mandatory asset to hedge against inevitable global economic uncertainty and financial instability, not just as a large return investment.

However, as Cointelegraph previously reported, major investors suggest people hold bitcoin as a mandatory asset to hedge against inevitable global economic uncertainty and financial instability, so not just because of a large return investment.

Bitcoin is digital cash

In Japan bitcoin finally became a legal method of payment with more and more retailers and airlines that are starting to accept the digital currencies for payments.

Maybe it is for this reason that Japan is becoming the first country to invest in bitcoin, increasing the demand for the digital currency and driving its price.

On the other hand, bitcoin is seen as a “risky investment” because of its non-traditional nature by a few important magazines and media including the Washington Post.

Bet on bitcoin as a “Safe haven”

As revealed by a recent study published by Cointelegraph, a $10,000 investment in bitcoin back in 2010 is now worth $200 mln, while the same investment in gold led to a negative return of $9,900.

That said, I suggest to dedicate much effort to building a time machine, so we would be able to buy bitcoin at $0.003.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin all time high: more than $2000

While I’m writing this article the bitcoin all time high reached a value of $2,019 for the first time in its history.

By reaching a value of more than $2,000, bitcoin’s price grown of about 100% this year and nearly 125% since the annual low of $891.51 bitcoin hit back in March.

Experts agreed that bitcoin’s price recent growth could lead to reaching significant attention from the media and maybe also major financial media outlet would cover bitcoin.

Google Trends data showed that the search for “bitcoin” have still not reached its all-time high they set back in December 2013, but it is getting closer (right now it has a score of 85/100).

That said, the reasons that drove the bitcoin all time high are difficult to identify.

Growing interest by investors

Surely, one reason is the increase in interest from investors and traders, as reported by the major exchange platforms.

Another factor that helped bitcoin to reach its current all-time high is the growing influence of Japan, a country where the technology is now regulated: from April 1st, in fact, bitcoin became a legal method of payment.

The Japanese yen is the single largest currency being exchanged for bitcoin, accounting for more than 45% of the money flow into bitcoin at the time of the report, according to CryptoCompare data.

The Japanese yen is the greatest currency being exchanged for bitcoin: currently, almost 45% of the money flow into bitcoin.

After the yen, there is US dollar that makes up 30% of the money flowing into bitcoin.

Block size debate

Bitcoin price grew in spite of the current block size debate, an issue related to the transaction capacity and the blockchain speed to validate a transaction.

Bitcoin developers are talking about this issue in order to address it and there are a few proposals such as the so-called SegWit or Segregated Witness that would increase blocks capacity.

 

Read here why you should hold Bitcoin and how.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin Price rose because of Trump

 

 

trump bitcoinAfter reaching a value of $1,840, Bitcoin price is currently stable around $1,820 while I’m writing this article.

The recent growth of the Bitcoin price seems to be affected by President Trump administration and the economic uncertainty of the US.

Or, at least, this is a theory shared on Cointelegraph.

From the first day of his presidency, Trump indirectly influenced bitcoin price through his dubious politics.

Also, Bloomberg reported that the major American stock indexes experienced their worst performance in eight months while the richest billionaires lost $35 billion because of the Trump’s turmoil.

For example, Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg lost almost $4 bln due to the Dow Jones Industrial Average drop of more than 370 points.
Evercore ISI Executive Dennis DeBusschere explained to Bloomberg:

“What has been setting in over the course of the day is that political uncertainty is something that’s likely going to be with us for a significant amount of time. We may be looking at a higher volatility backdrop with a trending lower market for the next couple of months.”

So, during this period of financial uncertainty, investors decided to protect their wealth by investing in bitcoin and gold.

Gold gained around 1.9% and Bitcoin price recorded a 7% growth, almost reaching its current all-time high price of $1,868.

This way, bitcoin seems to become a safe-heaven, with a growing number of investors.

As explained by Cointelegraph, a $10,000 investment in gold back in 2010 would have led to a loss of $20, while a $10,000 investment in Bitcoin would have led to a net gain of $200 mln.

So, investors started to trust Bitcoin, that is considered similar to digital gold, in order to avoid market instability and economic uncertainty.

The US market will struggle to recover during the next few weeks, so Bitcoin price is likely to maintain its upward trend and potentially it will set a new all-time high.

The rise in bitcoin demand within the US is clear and recently the US Bitcoin exchange market passed the Japanese one for the first time in 2017, at least for their trading volume.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Price tripled in 1 year: why you should hold bitcoin

Bitcoin price is nearing its all-time high price of $1,277, maybe because of the impressive growth within the Japanese bitcoin industry. Read here why you should hold bitcoin.

Experts argue that bitcoin price will increase consistently in the mid-term if Japan and the US sustain their growth and if small markets such as India will decide for a massive change related to bitcoin regulation.

Bitcoin price drove by India and Japan

India has always been considered the more important Bitcoin markets because of its poor banking system.

Right now, in fact, 40% of India population can be defined as “underbanked“.

The greatest part of people in India cannot rely on banks and financial institutions to manage their funds.

Recently, the demonetization of 500 and 1,000 bank notes decided by the Indian government led to a national financial crisis, as banks and ATMs ran out of cash to dispense, so Indian citizens cannot obtain cash for their daily basic needs.

Also, PwC explained that 233 mln Indians didn’t have any access to bank accounts since October of 2015 and 43% of adults in India made no deposits or withdrawals in any banks or financial institutions.

Bitcoin hold: why?

Bitcoin exchanges in India – such as Zebpay and Unocoin – began to see a huge growth in their user base and trading volumes.

One key factor that would allow the Indian Bitcoin industry to grow at a rapid rate similar to China, South Korea and Japan is the legalization of Bitcoin.

Bitcoin regulation in India should arrive this summer, according to recent press releases.

This way millions of new users would emerge, and Bitcoin price will rise in the mid-term.

That’s why you should hold bitcoin and store them in a safe place.

Open your bitcoin wallet here on the HolyTransaction multicurrency wallet. You can store more than 10 digital currency within the same account, so it is very easy to manage.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio