bitFlyer temporary maintenance improves trading environment! And now registered as a virtual currency exchange operator by the Financial Services Agency!
Hello everyone, bitFlyer! I’m Ji—busy preparing for Bloggers Festival,@xi10jun1.
That’s right. I’ve been preparing for Bloggers Festival, and I’m also going to participate in the LT competition, so I haven’t had time to trade…
However, thanks to bitFlyer’s temporary maintenance, trading has become easier! And today it seems to have been registered as a virtual currency exchange operator by the Financial Services Agency. Good momentum!
※Continuing from last time, there is an important notice for paid readers, so I’d appreciate it if you could read down to the bottom.
※This column is designed so that half of it can be read for free, a heart of conscience. Of course, if you read the paid portion (weekly updates at 400 yen per month, about 80–100 yen per column), I’d be very encouraged!
This week’s (September 22, 2017 to September 28, 2017) results
First, as usual, the results. I’ll announce the gains and losses first.
- Last week (up to September 21, 2017) assets: 102,346 yen
- This week (up to September 28, 2017) assets: 50,826 yen
- Change: -51,520 yen
I withdrew 50,000 yen (fees 432 yen). I tried a little this week but couldn’t profit well, so I decided to withdraw before a big loss.
Besides, I want to trade more calmly mentally. The remaining money is money I earned, so if it disappears I won’t be in trouble. Well, if it goes to zero I’d be in trouble, but it’s the 50,000 yen profit earned from a 50,000 yen principal, so it should feel mentally easier.
I’ll use the withdrawn 50,000 yen for something else ( ˘ω˘ ) Maybe buy ICO with COMSA (Comsa).
Now, about this week’s column, since bitFlyer trading has become smoother, I’ll write about that.
It’s great that reaction speed is fast after all!
On Wednesday, September 27, 2017, from 4:00 a.m. to 6:00 a.m., bitFlyer conducted a temporary maintenance to introduce a new architecture and increase servers.
Wow, fast!
I made it into a GIF with the maximum upload size.
It might be a little hard to understand, but orders are going through quickly.
The previously stressful orders feel like a lie… Previously, even after placing an order, it took 2–3 seconds to settle. Even at that moment, prices were moving vigorously, and I couldn’t place orders at the price I expected!
But as time goes by, perhaps more users will come and it will get heavy again. Orders will come in from bots and algorithms, too, right?
I’d like regular maintenance and server upgrades to continue.
Free summary: The value of a comfortable trading environment
If orders don’t go through, it becomes a source of irritation and can cause unnecessary losses.
I also used to mutter “Hurry up! Hurry up!” during trading. This kind of trading style is not ideal, so a comfortable trading environment is valuable in itself.
But don’t overtrust it, though.
And this paid column will discuss future prospects.
About paid column access
Recently, fx-on sent a notification about “Possibility of personal information leakage due to unauthorized access.” As a result, credit card payments may be unavailable, making the paid portion of this column inaccessible.
Therefore, for paid subscribers who use credit cards, we would appreciate it if you could switch to convenience store payment or bank transfer to purchase.
Thank you for your understanding.
Ending Corner 1: The Latest Tax Information!
The National Tax Agency’s site has updated its latest view on the legal stance regarding Bitcoin.
Here it is →No.1524 Taxation relations when profits are realized from using Bitcoin｜Income Tax｜National Tax Agency
According to this, profits obtained by using Bitcoin are viewed as “miscellaneous income.”
Thus, for those like me who earn profits from margin trading, it is generally miscellaneous income. As I’ve noted in the Ending Corner before, as my blog article states (→Tax return for Bitcoin margin trading (BTCFX)! Is it comprehensively taxed as miscellaneous income? Separate taxation? | A Junior Investor generation), it seems that loss offsetting cannot be done. I wish this could be addressed a bit more…
Also, according to No.1524 on NewsPicks by BitFlyer President Yuzo Kano (No.1524 Bitcoin taxation - NewsPicks), if you bought Bitcoin for 100,000 yen and used it to buy something when its price was 500,000 yen, the 400,000 yen difference would be taxed as profit.
When you spend Bitcoin on goods or services, if the price of Bitcoin at payment time is higher than when you purchased it, that profit is recognized as earnings. So the following FANCY purchases using Bitcoin would also apply, so please be careful.
※As laws and tax interpretations may change, the method of filing and paying taxes may change. Before filing, please check with your nearest tax office or a tax professional.
Ending Corner 2: Let’s Try Shopping with Bitcoin!
In fact, the overseas e-commerce site “FANCY” allows you to purchase goods using Bitcoin! There are stylish items you won’t see in Japan, though shipping may be a bit high.
I’ve summarized how to use FANCY on this blog, so please refer to it.
- →Guide to creating an account, registering, setting up, and purchasing on FANCY | A Junior Investor Generation
- →How to purchase items on FANCY with Bitcoin (BTC) | A Junior Investor Generation
※Free content ends here. The rest is detailed analysis and future prospects, so it is paid. If you’d like to read more, of course, or if you can support me with tips, I’d be very encouraged! Thank you for your continued support!
