In Japan, an encryption paradise, Bitcoin spreads all over the streets｜Their story with KuCoin

Original source: KuCoin

At the moment when encrypted assets are sweeping the world, is Japan, with its developed subculture, a hot spot for the development of encrypted assets or a difficulty that needs to be overcome? In order to solve the doubts hanging in the minds of most people, in this issue, we invited Sunny, a crypto asset investor from Japan, to talk about his story with KuCoin.  

In order to guarantee the story For readability, we will tell from Sunny's first-person perspective.   

I am Sunny, Japanese , currently living in Tokyo. Graduated from the Department of Business Administration of a four-year university, and is currently working as a BD in an international trade company. So my foreign language is fairly good, and I can communicate in both English and Chinese.

Buying Bitcoin should be regarded as the general trend for me. From the end of 2017 to the beginning of 2018, it was the biggest bull market in the history of Bitcoin, but judging from the recent market situation, the high point of Bitcoin in 2018 should be broken soon. In Japan at that time, the acceptance of encrypted assets was very high, and information about encrypted assets was overwhelming. As a college student who likes excitement and loves new things (I was still a student at the time), I was naturally also interested in new technologies such as AI, big data, and blockchain. It was also during that time that I learned about the cryptocurrency industry.

01. When mentioning digital currency, the first thing that comes to mind is of course Bitcoin 

Maybe like many places, in Japan in 2018, the news about Bitcoin spread all over the streets. To put it bluntly, you can see or hear news about Bitcoin wherever you go. When you go out to play, you will see advertisements for cryptocurrency trading platforms on the trams you travel; when you stay at home and watch variety shows and dramas, TV stations will broadcast news about cryptocurrencies; when you go to bookstores to read and study, you will also see blockchain, Bitcoin and other related books; even drinking coffee in a cafe, you can hear people in the next seat talking about Bitcoin. And on the street, many merchants hang signs that support bitcoin payments. At that time, Japan should be one of the countries with the highest acceptance of digital currency.

Due to the rapid rise of encrypted assets in Japan, many people are At that time, start to create an account and start trading. In such a fiery environment, I was also a little moved. However, considering that Bitcoin may have a bubble, it did not enter the market rashly. It was not until the end of 2018 that I started my cryptocurrency investment journey. At that time, I knew little about digital assets, and Bitcoin had the greatest reputation, so I bought Bitcoin directly. I still remember that the price of Bitcoin at that time was about 3,000 US dollars, and it was bought by swiping a card. At that time, there were not many trading platforms that supported credit card purchases, so I was quite impressed.

02. Japan has hope for blockchain technology and is very strict with cryptocurrency regulation

In just 2 years from 2018 to now, Japan’s regulation of encrypted assets Attitudes have undergone some subtle changes. The first is the decline in the price and popularity of Bitcoin. People no longer talk about Bitcoin, and those merchants who used to accept Bitcoin payments no longer accept it. This has indirectly led to the decline in the popularity of encrypted payments in Japan.

Anyone who has traveled to Japan knows that Japan is a serious In countries that rely on cash payments, ATMs are ubiquitous. Due to the large number of Chinese people traveling to Japan, many merchants support and accept digital payment channels such as Alipay and WeChat. However, the proportion of mobile network payment in Japan is still very low, and the huge ATM machines consume a lot of maintenance costs for financial companies. . At the critical juncture of the upcoming Olympic Games, how to meet the payment needs of a large tourist group and ensure the normal operation of the financial system is a top priority for the Japanese government, and blockchain technology can better solve the problems that the Japanese government is now facing Dilemma, so the Japanese government actually has high expectations for the blockchain.

However, due to historical reasons, Japan is another country that regulates encrypted transactions Very strict country. Although I did not experience the heyday of cryptocurrency trading in Japan during the Mentougou trading platform, the circle is still more or less afraid of the serious consequences of the Mentougou incident. In particular, the Japanese government is particularly concerned about the regulation of cryptocurrencies. The intervention of Japanese regulation has helped regulate the Japanese cryptocurrency investment industry, and has also boosted investment confidence for consumers, but it has also brought a lot of restrictions. For example, the Japanese Financial Services Bureau adopts a license system, and every encrypted trading platform needs to apply for a license from the government before it can operate. The currencies listed on these trading platforms must also be approved by the regulatory authorities before they can be launched. In Japan's legalized trading platforms, trading privacy coins is prohibited. Such as Monero, Zcash and so on.

03. In my opinion, encrypted assets are a good investment product

In Japan, 99% of people who invest in encrypted assets do not know what cryptocurrency is, just because it Huge fluctuations, no price limit, 7*24 hours of investment characteristics and indulge in it. Especially young people, many friends around me will have a positive attitude towards encrypted assets, but my mother or older relatives are still not very optimistic about encrypted assets. In fact, the risk appetite of Japanese investors is quite high. They prefer to do contracts rather than spot transactions. Although contract transactions are risky, high risks bring high returns.

In my opinion, Bitcoin is a good investment financial product. Although its short-term rise and fall is higher than that of traditional financial products, in the long run, the price trend of Bitcoin is stable and upward. Coupled with its fixed circulation, its long-term value will be more stable, so BTC is a rare target worthy of long-term investment. Long-term investors can completely ignore the temporary losses caused by the rise and fall of the currency price in the short term .

But choosing a trading platform is a technical job. I have used 5-6 Japanese localized trading platforms, and I think their UI is not very good, hahahahaha. And the trading platform handling fee is also quite high, but the handling fee is similar among all major trading platforms, so I don't really care about it. Personally, what I value more is the trading experience. Among the trading platforms I have used, I think KuCoin is the best in this regard. There are many thoughtful small designs on the official website and APP, which are very convenient to use. Give me The most impressive thing is the scan code login on the web page, no need to manually enter passwords, verification codes, etc. You only need to use KuCoin’s mobile APP to scan and you can quickly log in. In addition, KuCoin’s UI is also quite beautiful, which is my favorite style. So I have been using KuCoin now.

As for the future of the Japanese encryption industry, I am personally quite optimistic, and I am more optimistic about the development prospects of the Japanese encryption market. BTC is like gold in the encrypted world, and its value will gradually emerge in the future, so I will invest for a long time. I have always stayed away from altcoins. If I can find truly valuable altcoins in the future, I may consider including them in the watch list.

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