Cryptocurrencies

[7-seasons.com]

I am trying to get more access to shitcoins so ruled that one out. It looks like a nice website though!

[carla.alinei]

Rakuten has its own wallet (R Wallet). just completed the all process for registration and ready to use it (you can exchange r-points with crypto). Now the support only BTC, ETH and BCH.
I use Coincheck and Bitflier too. BitFlyer has a better english UX, but they are still limited in terms of supported crypto, plus their commissions are still high (both of them)

[MajesticSoup]

The cheapest way I've been able to work with crypto is buying from a Japanese exchange (any of them will do, they're all fairly high fees). Send the crypto that has the lowest fees (perhaps litecoin?) to Binance, and then trade into whatever coins you want on binance. If you want to hold the coins yourself, that's fine, but I kind of trust exchanges (for better or worse) more than I trust myself with security.

[adamu]

Here's a twitter thread about the environmental cost of crypto currencies.
https://twitter.com/smdiehl/status/1350869944888664064

[MajesticSoup]

Here's a twitter thread about the environmental cost of crypto currencies.
https://twitter.com/smdiehl/status/1350869944888664064

That thread highlights the shortcomings of Bitcoin, but not cryptocurrency in general. Ethereum is anywhere between 6 months to 3 years away from solving this problem (it's a technical read, but the idea is switching over from proof of work to proof of stake, the ELI5 being stake coins and validate transactions is better for the environment and is a step towards scalability vs mining). In fact, mining is finished on Ethereum really soon. Also, generation 3 cryptos are already out--Polkadot is up 300% this year alone, and promises potential transaction volumes that rival VISA/mastercard.

If crypto gets banned, crypto as a whole will go through a substantial crash. If only BTC gets banned, we may see an entire overhaul of the crypto markets (I'm all for this). The government knows that banning crypto will just make it infinitely harder to regulate, though. It's an interesting issue.

[kvn]

Have you tried Liquid by Quoine? I use them and the entire process was very smooth. Linking their website just in case:
https://www.liquid.com/ja/

Thanks. I made an account with them and will deposit some yens soon.
By the way, regarding tax implications, how does it work? Is it a 20% flat rate or are gains considered income and can be taxed up to 55%?

[adamu]

By the way, regarding tax implications, how does it work? Is it a 20% flat rate or are gains considered income and can be taxed up to 55%?

Counts as miscellaneous income, so is part of income tax and all the implications that involves (high rate, increasing your band, increasing residence tax...)

[Viralriver]

Was looking into a few companies that handle crypto and advertise as doing such in Japan - Kraken and bitFlyer. What are people's thoughts on these compared to Liquid suggested above, and I guess even Rakuten? Is there anything to look out for in particular?

[MajesticSoup]

Congrats people who hold Ethereum. It broke 200,000 today. BTC 5,500,000 JPY as of this post.

Was looking into a few companies that handle crypto and advertise as doing such in Japan - Kraken and bitFlyer. What are people's thoughts on these compared to Liquid suggested above, and I guess even Rakuten? Is there anything to look out for in particular?

I use Kraken. Haven't been able to get verified with Bitflyer.

[dangocurry]

I hold a little of ETH in decimal points! small wins count!

out of curiosity, anyone uses cold wallets such as ledger or any other brand for holding coins?

Although my current portfolio in crypto is pretty less, but I want to increase it a little bit when things lose steam a little bit.