Japan declares Bitcoin as a legal payment method, this event is greatly interesting and modifies drastically the future of the country.
BitCoin has only 1 real strength, its the first crypto-currency in the world, the strength of this coin is based in the symbolism of this currency being the first of its kind, it opened the doors to many new virtual coins and it is a real risk against the fiat economy.
Bitcoin is a very deficient coin, each transaction can take more than 30 minutes to more than 24 hours, even if its only cents. The life span of the bitcoin currency is 30 years tops, but the worst thing of the bitcoin currency is the extremely high energy it needs to function.
The bitcoin information chain has a limit, and if it has a limit, it means that the currency can’t add any more information to the chain when its full. What does this mean? that the transactions wont happen for ever, but, if this coin is so deficient, why is it legal in Japan now? simple, Japan is a broke economy and central banks don’t want to change the system they have.
They can now destroy the virtual currencies? yes, by harming Japans population and economy (more than what it is today), and when bitcoin forks it will drastically affect its price, yes, it is very risky, it is a very volatile coin, not even the currency of Venezuela is so volatile, people could loss 90% of the resources they own, and if the economy of Japan is destroyed by the “bitcoins” it would mean that the crypto-currencies won’t have the same appreciation from the public after this event damages Japan.
This is the time for the killing of the crypto-currencies, the central banks network need this to happen because they don’t want the system to change, they will destroy Japan if they need to, Japan is virtually a failed state, this way they can justify that it was this currency what killed the economy, and this way they will legitimize banks over crypto-currencies damaging the future of this new alternative.
Bitcoin fork will happen in approx 1 to 4 years, this has to happen because the future of the bitcoin is today limited, but if a fork does happen it wold mean that the coin will drastically loose its value, and, what if people merge into this economy and put their money in it before it collapses? simple, people will loose its money for the objectives of very powerful actors that have the chance to modify the planet as they want.
Japan will be likely pillaged by the catastrophe of this new currency, the destruction of this new virtual economies will benefit banks, as they will appear in Japan as the saviors, the economy will be drastically damaged, so don’t risk your things, Crypto-currencies are actually a great escape for a planet that desperately needs solutions.
It would have been better for them to implement the currency after the fork.