Author: Max Glockner

Everything You Need to Know About Japan Adopting Bitcoin as a Legit Currency

When Bitcoin first came about, it was predicted by financial experts that the cryptocurrency would only be taken on as a respected currency in countries whose own currencies were failing. However, it turns out that quite the opposite happened! It was actually countries with some of the strongest currencies that first began to accept Bitcoin as a ‘proper’ currency- including the likes of Switzerland and Japan.

After America and China, Japan actually has the third largest and most thriving economy in the world. It makes more money than you can imagine every single year, and so it came as a surprise to almost everyone when they decided to adopt the mainstream use of Bitcoins.

In order to introduce Bitcoin currency into mainstream life, the Japanese had to put several things into place; they had to change the legal currency status, completely eliminate sales tax (a motion that’s expected to be fully in place by July 2017) and also begin to do regulated exchanges. This was all quite a lot of work; however, it all paid off. Not only did the Japanese have the ability to start using Bitcoin as a currency, but there were some positive benefits in terms of businesses too- 5,000 different merchants across the country accepted Bitcoin in their stores and the country rose to number two in the world in terms of Bitcoin trading volume, a huge achievement.

The most trustworthy source of evidence that Bitcoin is being regularly used as currency as opposed to using the Japanese currency, Yen, is the fact that over 5,000 different merchants are accepting Bitcoin as a method of payment. Use of Bitcoin as a currency is only expected to surge further when the Olympic Games head to Tokyo in 2020, as it has been predicted that many tourists will opt to pay for things in Bitcoin rather than having to convert their money to Yen.

Will Bitcoin Soon Be the Currency of Choice Around the World?

Bitcoin is a relatively new form of currency on the market. Brought to life in 2009 by an anonymous creator, it has taken a good few years for the cryptocurrency to earn itself a good reputation and to become a mainstream currency- and even then, the term mainstream is used loosely. It is currently used primarily by people who dabble in online gambling, as the digital currency has a sense of anonymity for all that use it, and this appeals to gamblers! However, it’s becoming more and more popular as a method of payment, with a lot of online retailers now accepting Bitcoin as a method of payment.

 

Some countries around the world are even starting to use Bitcoin as a currency alongside their own national currency. Some countries already implementing this change include the likes of Switzerland and Japan- two of the countries who have the strongest economies in the world. There’s even a town in Belgium that accepts Bitcoin in all of their shops, bars, and restaurants!

 

Countries like Switzerland and Japan have such a huge influence on other countries in terms of economics and finances, and if smaller places such as Belgium are already catching on, it seems highly likely that soon other countries will also follow suit.

 

Whether countries will abandon their own currencies in favor of Bitcoin altogether is another story, though. There are many pros to using Bitcoin as a source of currency, but as with most things, pros also come with cons. While there is the simplicity of using the cryptocurrency, the speed, and the ease, there’s also the bad side to using the cryptocurrency; it can be dangerous. Because there is an element of anonymity to the currency, purchases made using Bitcoin can not be tracked- this means that it can be used entirely legally to buy completely illegal products, without being caught.

 

In addition to this, there was only ever 21 million Bitcoins made, and there will never be any more put into circulation. This means that there actually might not ever be enough Bitcoins to act as the currency of choice across the entire globe. However, with that being said, it doesn’t mean that Bitcoins popularity won’t continue to surge, or that it won’t soon become accepted as a secondary or tertiary currency of choice- this is definitely a possibility. But as a first choice currency across the globe? The chances are definitely a lot slimmer.

 

Unusual Places You Can Spend Bitcoin

Once you’ve worked hard enough to make yourself a substantial amount of Bitcoins, you’re going to want to spend them on something exciting! Here are some of the most unusual and interesting places you can choose to spend your Bitcoins.

 

On a trip to space

That’s right when Virgin Galactic start launching people into space at the very high cost of £250,000; you will be able to make this payment with Bitcoins! The £250,000 price tag is equal to around 390 Bitcoins, and with trips still happening a little way ahead in the future, you’ve got plenty of time to start making and saving those Bitcoins!

 

Casinos

If you want to try and make even more Bitcoins from the coins you already have stashed in your wallet, why not take them to an online casino? You can place bets in Bitcoins at nearly all online casinos, and there are even particular Bitcoin casinos you can use too. Play with your coins, and if you get a big win, you could earn even more! This is also a risky investment because you could always lose them too…but that’s the chance you have to take!

 

Survival Kits

If you want to prepare yourself for the end of the world, a zombie apocalypse or similar, then why not spend your Bitcoin on items that will make up a one of a kind survival kit from Survival Foods. The kits are stocked with 72 hours worth of emergency foods, and you can make up your own kits with foods of your choice too- then pay for it all in Bitcoins!

 

Cupcakes

Fancy something sweet? Do you happen to be in San Francisco? Well, then you’re in luck! Cups and Cupcakes is a bakery in San Francisco that deliver cupcakes to you, wherever you are in San Fran! All of the cupcakes are made fresh on the day, and all of them can be paid for in Bitcoins.

 

Online Dating

In an attempt to find your soulmate, you might find yourself signing up to online dating! Why not kill two birds with one stone and use your Bitcoin to pay for an online dating subscription? The online dating site OKCupid allows its members to sign up and pay using the cryptocurrency so you can use your coins and search for true love simultaneously!

 

What Could You Buy With 1 Bitcoin?

At the moment, 1 Bitcoin is worth £812. While it is possible for this figure to fluctuate all of the time, and so this list may change slightly, it’s set to be level at around £800-£900 for the next few months or so. With this in mind, let’s have a look at what can you purchase with 1 Bitcoin.

 

Invest in precious metals

With one Bitcoin you may choose to invest your money rather than splashing it on something materialistic that you may get bored of eventually. Investing in a precious metal such as silver or gold is a popular option and one that many Bitcoin users choose to do. This can make you a lot more money in the long run, so there is a good return on this purchase. One Bitcoin won’t buy you much in terms of quantity, but it will buy you enough to get you started!

 

Buy Shares

For one Bitcoin you might choose to purchase some shares in a company! This is a great idea that is guaranteed to make you some additional money at a very low level of risk. Some of the cheapest shares you can purchase are with the popular tech company, CeX, who also happen to accept Bitcoin as a method of payment in their online store! However, there are plenty of other different shares on the market you could buy. Again, this is an option that would create a long-term investment for you. Have a look at which stocks are doing particularly well and see where you’d like to invest your Bitcoin!

 

More Bitcoins

It can be so hard to come across Bitcoins, regardless of whether you’re looking to purchase them yourself or mine them from home. A simple way to earn yourself more Bitcoins for ‘free’ is via gambling. You might choose to spend one Bitcoin in a casino, trying to make even more coins from your one coin. This is a risky purchase of course, as there is no guarantee that you’ll win anything back, but it can provide you with hours of fun if you’re into gambling, and if you do make a big win then that’s a bonus for you!

 

Bitcoin mining

If gambling is a little too risky of a decision for you, you could choose to invest one Bitcoin into mining more Bitcoins from home. It’s not necessarily as fun as gambling to generate more Bitcoins, but it is a less risky way to ensure you actually do get more Bitcoins in your wallet without losing any of the coins you already have. It’s time-consuming and requires a little bit of knowledge and skill prior to starting, but if it works, it’s an easy way to spend one Bitcoin to make more!

 

How Much Has Bitcoin Increased in Value Over the Last Year?

Bitcoin is a digital currency that is quickly becoming an alternative method of payment all over the globe. While it hasn’t yet been adopted as a primary currency by any countries, it has been approved as a secondary and tertiary currency in a few countries that are doing well economically, such as Switzerland and Japan.

 

Like any currency, the value of Bitcoin fluctuates on a regular basis, continuously altering in value every single day. Bitcoin reached its peak value around halfway through 2013, when the value of Bitcoin reached just over $1,000- a very impressive figure indeed. However, after peaking the value of the Bitcoin dropped quite rapidly following this. It seemed unlikely that the value would ever surge this much again until the beginning of 2015 when things began to turn themselves around again. Around half way through the year, the value of Bitcoin began to rise, and by the start of 2016, the value had increased from a low of $219 to $420- that’s almost double the lowest value Bitcoin had seen and certainly caught the eye of financial experts and shareholders alike.

 

It was predicted that by January 2017, the value of Bitcoin would have increased and actually doubled again. Online gaming was more popular than ever before, more retailers were accepting Bitcoin as a method of payment than ever before, and with countries as influential as Japan using Bitcoin as a secondary currency to the national currency, it seemed that the value of the cryptocurrency would only surge.

 

Two months into 2017 it can be confirmed that the value of the Bitcoin has indeed increased since January 2016- it had a steady growth throughout the year- and by January 2017 the value had indeed doubled in value- in fact, it had more than doubled, taking the current value of Bitcoin to $969.

 

At the rate Bitcoin is going, it seems likely that the cryptocurrency will only continue to increase in value, and if it doubles again over the next year, investors and shareholders in Bitcoin will be very happy come 2018.

 

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