It all began back in early 2016 when the Japanese financial regulators started seeing online currencies as a viable alternative to the current outdated payment system. The reason for this is that, unlike conventional currencies backed by a government or central banks, Bitcoins are created by mining using powerful hardware and software tools.
Since January 2017, there has been a huge surge in the price of the e-currency. In June, the cryptocurrency reached a record value and saw a 300 percent gain from January 2017 to a high of $3000 dollars. Most experts believe this increase in price is because of strong demand in Japan for the innovative technology, as well as the roll-out of 260,000+ retail stores accepting the currency.
Bitcoin’s original and principal use is as a peer-to-peer exchange of capital. The reason for its success is the public demand for a faster, cheaper alternative to what is available today. If you want to send money across borders, it allows you to do that without the delays and charges associated with traditional currency. Experts and enthusiasts such as Bill Gates believe that there is no stopping the e-currency. Bitcoin is already disrupting huge industries such as banking, the music industry, and gambling.
With these huge industries gravitating towards the online currency, Bitcoin has proven that it is here to stay. Although it’s only recently that everyday consumers have caught on to the trend, some online casinos are choosing Bitcoin as their main method of payment, their reasoning being privacy and transaction fees. Bitcasino IO is one such casino that uses the e-currency and a number of its games, such as the Sweet 27 and Satoshi’s Secret slot machines, are geared towards Bitcoin usage. It is also the first licensed online Japanese Bitcoin Casino.
Another industry that Bitcoin is entering is the forex markets. Forex trading is the buying and selling of foreign currency for a profit. Earlier this year, Japan passed legislation allowing Bitcoin to be traded in its forex market, with the dollar and yen. The forex market is the biggest financial market in the world, with transactions of trillions of dollars every day; it is possible to trade and make money 24 hours a day. With big profits comes volatility though. Government policy, interest rates, and inflation are some of the underlying factors that create these big swings in the market. As Bitcoin is a decentralized currency, it is not affected by these issues, so dealing in Bitcoin might be an attractive option for experienced Japanese investors.
With quick transaction fees as well as low transfer costs, the cryptocurrency Bitcoin is a viable and fascinating option for both seasoned and new users. Because of all the positive improvements recently, the currency looks like it is here to stay.
