“Why Bitcoin is not popular in Japan” Teruko Neriki, a translator of BTC related books, talks

9 months ago 47

15th Beyond The Price

Teruko Neriki, a translator of books such as the book “Bitcoin Standard” and a member of venture capital (VC) “Furuguru Ventures,” participated in the 15th edition of “Beyond The Price,” which was released on the 19th. .

The Beyond The Price podcast will be independent from CoinPost and CoinPost Global starting this year. As a result, the name “GM Radio” was no longer attached.

Fulguru Ventures is a VC that specializes in crypto assets (virtual currencies) Bitcoin (BTC) and Lining Network (LN). The members of the company believe that “Bitcoin will become the next generation of politically neutral financial system.”

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On the other hand, he points out that the Bitcoin blockchain alone cannot process everyday transactions. He says that Bitcoin requires a second layer network and is also supporting the development of LN.

In addition to “Bitcoin Standard”, Mr. Neriki is also the translator of “Why you can’t help but be bullish about Bitcoin” and “How to navigate Bitcoin.”

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Podcast content

The title of this broadcast is “Why Bitcoin is not popular in Japan.” You can listen to the podcast (in English) below, but here we will introduce the main points of the content.

First of all, Mr. Neriki first learned about Bitcoin around 2013 to 2014. After that, while researching Bitcoin in detail, he came across the original book “Why You Can’t Help Being Bullish on Bitcoin,” and said that for the first time he felt the potential of Bitcoin.

Then, in 2018, I started reading the original book of “Bitcoin Standard”. He says that there was a time when he was optimistic about the existing financial system, but “Bitcoin Standard” pointed out problems with the existing financial system.

He said he is interested in Bitcoin not because it is a great investment asset, but because it has the potential to be a tool to improve existing problems and change the future.

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Japan and Bitcoin

Next, he pointed out that the title of the broadcast, “Why Bitcoin has not spread in Japan,” is due to the fact that deflation has continued for 30 years. Many believe that the idea that the prices of goods and wages do not change is deeply ingrained in Japan.

Mr. Neriki said that because deflation has continued for a long time, Japanese people do not see a problem with holding cash, and that they do not sympathize with people who are told that “Bitcoin is digital gold.” He said.

Also, because they have spent their time and energy on earning yen, they may think that denying fiat currency and considering Bitcoin as a solution means denying their own labor. I’m also talking to you.

Although prices have been rising in Japan recently, Mr. Neriki points out that it may be difficult to realize the weakness of the yen and inflation unless you exchange a lot of yen or go on a trip abroad. He says it is unclear what will trigger Japanese people to understand the benefits of Bitcoin and start owning and using it.

He also mentioned the current tax system. He pointed out that the tax system for cryptocurrencies is complex for individual users and may be a deterrent to owning and especially using Bitcoin.

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Current situation in Japan

In relation to the above, Mr. Neriki argues that the Japanese people should understand what the government has done so far. He pointed out that the Bank of Japan continued monetary easing to support economic stimulus and welfare policies, causing asset values to decline.

Furthermore, when attempting to combat inflation, the Japanese government tends to distribute subsidies while maintaining tax levels rather than reducing taxes. It says this approach could lead to a large portion of the value going to third parties.

First, understand the reality that you cannot decide how to spend your own money, consider whether it is appropriate to own yen or government bonds, and be able to make informed decisions independently. recommended.

About books

We also had Mr. Neriki talk about the books he translated.

My personal mission when translating “Bitcoin Standard” is “to make sure that anyone who picks up a book can read it to the end, rather than stopping halfway because it’s too long, boring, or too difficult. ” was explained. He says that he paid particular attention to not only accuracy but also readability.

The book is mostly about the history of money rather than Bitcoin. Mr. Neriki said that in order to understand the value of Bitcoin, it is important to understand money, its history, and the eternal problems of money.