How is Bitcoin doing in Japan? Is it more used than in Brazil?

Bitcoin is now over 10 years old and has been growing all over the world. However, while in some countries it was adopted very quickly, in others not so much. But how has adoption been in Japan? It's in Brazil? This is precisely what we address in this article, at a time when cryptocurrencies are increasingly part of society as a whole.

Bitcoin in Japan

The country of the rising sun has a culture completely rooted in technology. Who doesn't remember the Walkman, from Japan? It was one of many gadgets created by Japanese companies that were hugely successful in the West.

The Walkman, on the other hand, completely changed the way music was heard. Sony, Nintendo, Canon, Hitachi or JVC, all are Japanese companies that revolutionized and continue to revolutionize the technological field.

For all this Bitcoin easily entered Japanese society. Japan is used to accepting disruptive technologies, and Bitcoin was no different. Cryptocurrency from an early age appealed to the Japanese. And it's not surprising!

Bitcoin is a digital currency with a strong technological component. This cryptocurrency is based on blockchain technology, which makes it so safe and reliable.

How is bitcoin doing in Japan? Is it more widely used there than in Brazil?

For all these reasons, Bitcoin was quickly adopted in Japan. And we do not speak of its creator, Satoshi Nakamoto, which although it has a Japanese name, is just the nickname of a person (or group of people) whose real identity is unknown. The Japanese have been regularly interacting with cryptocurrencies for a long time. The country even had the largest cryptocurrency exchange in the world, Mt. Gox, which in 2014 was in the news around the world for allegedly having been stolen 850,000 Bitcoins, which at the time was worth more than 2 billion reais!

This scandal was instrumental in Japanese authorities to accelerate the regulation of cryptocurrencies in the country, with Japan even being one of the first in the world to define a cryptocurrency as a property with value.

And now? How is Bitcoin in Japan and the World?

After several years, Japan remains among the countries where Bitcoin is most popular. However, while Japan was once in the Top 5 of countries where the most Bitcoins were exchanged, it has currently dropped a few positions according to a recent ranking prepared by Statista on the number of people who have or have had cryptocurrencies.

How is bitcoin doing in Japan? Is it more widely used there than in Brazil?

Among Asian countries, China also appears in the middle of the table, while South Korea is outside the ranking. Japan, despite appearing in the last place in the ranking, has promoted the cryptoeconomy, and companies that work with cryptocurrencies must be registered in the country, which increases control over this market.

Practically at the opposite extreme, in the second position, is Brazil, where cryptocurrencies are also increasingly popular and where the number of Bitcoin investors has multiplied from year to year.

Cryptocurrency adoption grows in Brazil

18% of the Brazilians addressed in the study in question said they had or had already had cryptocurrencies. No wonder. Bitcoin is increasingly a store of value for many Brazilians, who have long realized how to invest in bitcoin.

In addition, the growing popularity of cryptocurrencies also makes this an increasingly used form of payment in the country. The number of stores accepting this form of payment is also growing, which increases the demand for this type of asset.

How is bitcoin doing in Japan? Is it more widely used there than in Brazil?

In 2019, the number of retailers accepting Bitcoin worldwide rose by 13%, to nearly 16,000 stores, according to CoinMap. The same website also indicates that, in Brazil, there are already more than 300 places where it is possible to pay with cryptocurrencies. A number that tends to grow quickly, as more and more major brands are adhering to this form of payment.

In France, for example, 25,000 retailers are expected to start accepting Bitcoin in 2020, among them major brands such as Sephora, of cosmetics, and Decathlon, of sporting goods. Burger King, Starbucks, KFC or Subway have also had initiatives in which they accept payment with cryptocurrencies on several occasions. Since these are major international brands, it is to be expected that sooner or later they will also allow payment with Bitcoin in Brazil.

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