The country with the largest Bitcoin trading volume is not China, but Japan?

I believe everyone in the cryptocurrency community is going crazy over the recent news that the Chinese central bank has entered the Bitcoin exchange. So it is no longer a secret that China’s Bitcoin trading volume has plummeted.

As can be seen from the above chart, in the past few days, China's Bitcoin trading volume has been on a downward trend due to the central bank's inspection of several large exchanges.

It’s no secret that China’s Bitcoin trading volume is far and away the largest, and it’s no secret that China’s trading volume is inflated. Everyone in the community knows this.

However, I think few people know about the development of the Bitcoin community in Japan, especially as the trading volume continues to rise and Bitcoin acceptance gradually increases. In fact, in terms of trading volume, the Japanese yen is second only to the Chinese yuan.

In fact, I firmly believe that after the recent turmoil, Japan is likely to replace China as the country with the largest Bitcoin trading volume soon.

Increased trading volume

seeing is believing.

According to jpbitcoin data, Japan's bitcoin trading volume increased nearly fivefold last year, and the current average daily trading volume is approximately between 120,000 and 150,000 BTC.

China (OKcoin, BTCC and Huobi) and Japan had 120,000 and 1.15 million transactions in the past 24 hours (January 16) respectively. Japan is not yet able to shake China's position. But it is worth noting that about 10% of the world's Bitcoin transactions come from Japan. Some people believe that 95% of Bitcoin transactions come from China, at least now we know that the authenticity of this data still needs to be verified (if you just spread rumors without conducting in-depth investigations).

Bitcoin’s popularity in Japan

Additionally, the increase in Japanese trading volume is not a fluke, and I think this trend will continue this year.

The upcoming virtual currency bill this spring is a major boon for Bitcoin. This bill will make it easier for large companies, including foreign exchange companies, to use Bitcoin, and will also attract more traders to Bitcoin and altcoins, thereby increasing trading volume.

In addition, this move by the regulatory authorities has also built consumer confidence, and the number of Bitcoin users in Japan will surely increase significantly this year. In fact, many Bitcoin companies have already begun broadcasting their own commercials on TV...

From my first-hand experience working in the Bitcoin space, I can see that Japan is on a clearer path than China. The gap between China and Japan is still quite large, but once China’s trading volume continues to shrink (or the true volume is exposed), and Japan’s trading volume doubles or triples, it is entirely possible that by the end of this year, Japan will likely officially become the number one country for Bitcoin trading.

Perfect?

However, I am not saying that Japan is a paradise for Bitcoin and Bitcoiners. In fact, I personally think that the actual situation may be quite the opposite. I think Japan’s latest virtual currency bill may be more terrifying than the Bitlicense in some ways.

In addition, some Japanese exchanges accept zero or even negative transaction fees, so Japan will sooner or later face the problem of fake orders. However, the important thing is that Bitcoin transactions in Japan have become more and more active and are about to become the leader in the Bitcoin world, but many people do not realize this. Maybe you should know this fact.