Bitcoin Forum

I didn't notice until now (either that or the exchanges are indeed new) that we have south Korean exchanges and they have huge trading volumes.

[1] https://coinmarketcap.com/exchanges/korbit/
[2] https://coinmarketcap.com/exchanges/coinone/
[3] https://coinmarketcap.com/exchanges/bithumb/

I believe that Chinese exchanges stopping withdrawal for a period of time is somehow good for bitcoin. It allowed to other exchanges to step up (Japanese and Koreans) and not giving monopoly to Chinese.

Well, any sort of exchange growth outside of China is a good thing to maintain the competitiveness of the market and avoid giving too much power to any one nationality when it comes to market control.
I didn't realize Korea had that much of a Bitcoin scene though, you never really hear about it but I guess it would make sense considering the country and their culture. I'm curious how many people there use it actively.

Exchanges aren't concentrated in China at all, only mining has been.

It's shocking to see the Ethereum trading volume with KRW as well.  Last time I checked, it was dramatically more than USD trading volume.

I can't remember who it was, but the ideal statement was "Asians are lining our fat pockets with cash".

It is really good to see more markets coming up for bitcoin and i hope there will be a bigger market from Indian as i think they are planning to legalize bitcoin and other alt coins in the near future and i am thinking what would be the impact ,will it show the same trend like we saw when Japan legalized or a luke warm response ,it is to be seen in the future.

I agree and this is a good thing for Bitcoin to be distributed across the world. This will secure Bitcoin from a one nationality control in the market. 2017 is far away to end and there are a lot of good new been coming out from time to tine with different countries been accepting and legalizing Bitcoin so I really hope that the Koreans would also. Though it might brought congestionin transaction andmight take a while to processbutlet's hope that Bitcoin can cope up with this increase of demand.

Chinese exchanges out of bitcoin for some time is good for bitcoin progress.they always used to generate fake trade volumes and manipulate bitcoin price.But now Japan followed by korea have started to step up and has paved the way for end of dragon dominance.

This is a big good news for all stakeholders of Bitcoin. Getting away from the unnecessary influence and control of China is a very healthy development. I am not always comfortable thinking that China has the power to control Bitcoin and its direction of growth. It is really time to spread Bitcoin and let it be de-monopolize.

Honestly, the whole virtual currency aspect of it is kind of gamified especially with the kind of media coverage Bitcoin has gotten. If you really understand or love money, then you would love to learn about Bitcoin.

I think this is what attracts the Asian markets towards Bitcoin on top of its utility.

To throw a small wrench the ones who seem to be paying the ransom are primarily Russian users and Korean Users although that is only small change in the big scale hopefully growth in South Korea remains steady and organic especially as an alternative location to the Chinese exchanges.

Users with infected computers in Russia and South Korea are so far the two biggest ransom payers to the hackers who mounted a global ransomware attack, called “Wannacry,” yesterday, according to new data from Chainalysis, a provider of software that works with banks, law enforcement agencies, and bitcoin companies to analyze the blockchain for financial crimes.
https://qz.com/983186/global-hacking-attack-has-russia-and-korea-paying-out-bitcoin/

that is irrelevant.

the link itself is saying the total amount paid in ransom is $23,000 even if it were 10 times more that this it still doesn't explain the high trading volume coming from these exchanges.
Korbit shows $13,396,160 daily volume
Bithumb $40,365,885
Coinone  $14,472,240
btc-e  $24,710,147

that total amount paid is nothing compared to these numbers!

South Korea is a big market for Bitcoin. People in South Korea love new technology and new ways of doings things online. This can significantly move the price of Bitcoin upward in the coming days. With Japan already on the swing, Bitcoin is getting to be popular in Asia. I prefer that Bitcoin can spread all over the world rather than be monopolized by China.

The issue I have seen is that crypto presents opportunity for all and if one person is being sluggish about such opportunity, others  will step in and exploit that to their own advantage which is a good thing to everyone. The Chinese have their day by being in the position of determining the direction of the price by any news from their end but they blew it and now others are springing up which I am happy about that no country will have monopoly over bitcoin.

i think its a good news that japan and south korea involving in bitcoin price because i think they can control chinese to not playing with bitcoin price and can prevent from any of dump or pump from others. although we all know that chinese still the most country that have biggest bitcoin, but with japan and south korea exist, i think chinese will not make any stupid movements.

Good find. I think South Korean's are also into bitcoin for the longest time its that the Chinese has dominating the scene last couple of years until they are caught by PBoC. And now, its Japan's turn to get the attention because they have embrace the technology. I hope South Korean's put up a lot of exchangers so that Asia (Japan,China,Korea and India) will be leader in the global bitcoin movement.

This just goes to show how much cryptocurrency is starting to spread in other countries and not just China and Western countries. South Koreans and the Japs are known to embrace innovation and new things with arms wide open (e.g. South Koreans are so eager to eat in a fastfood chain called Jollibee and the reception of the first Jollibee in SoKor is very positive). Also, it allows for a much faster global adoption which isn't confined to the Western countries and China anymore.

I think koreans are new but bitcoin was listed by Japanese exchanges quite sometime ago and yes volume on this new south korean exchanges look impressive. Chinese have monopoly on bitcoin mining along with trading volume and yes this monopoly should be broken to limit price manipulation.

This is great because bitcoin is getting so much attention and also adoption from the different asian countries and south korea is one of the latest country that adopted and established exchanger for bitcoin. If this attention will be maintained for bitcoin then  there is no impossible thing and bitcoin can be fully implemented in asian countries before 2020.

I was also amazed to see huge trading volume on this korean exchange platform but it is good sign that bitcoin is growing across the globe. Even in third world countries like African countries, demand for bitcoin is growing.

I believe the asian countries always supported Bitcoin and not only now... What happens is that the chinese exchanges were being used, so we had the impression who was using that were chineses, but not, many other around countries were using it as well.

Asian countries are famous for their relationship with technology and it wouldn't be different with Bitcoins. They are old adopters and had a good advantage compared to another countries people that just adopted Bitcoin later.

I've seen South Korean​ exchanges back to few months ago and they had reached more than $2000. I don't take it so serious at that time and just think probably they have highest exchange rate. I don't know how bitcoiners in there could achieve such trading volume or what they are doing, how much adapters, merchants or companies accept bitcoin transaction, but it is a great deal which caused bitcoin price increases and worth slightly more as time goes on.

Just wait until the next Olympics in Japan, bitcoin will be huge by then. Asia is at the forefront of bitcoin's development, success & future mainstream adoption.

If they unify with the North Koreans, bitcoin price could explode. Or if N korea attacks the South on response to a US attack, well that would be bad.

As for japanese, i have red interesting fresh article yesterday. It says that exactly japanese  traders now Inflate a bubble of altcoins.  They truly believe in XRP и XEM coins, because of there internal policy reasons, also japans now actively invest in other coins, that will be swing their course in nearest future.

Japan has really into with cryptocurrency world. That's nice really and also following Australia's legalization towards Bitcoin and other coins would be a good thing for everyone like as you said it will make the Bitcoin scatter rather than stay in one place that can't be controlled easily and put the mind of the users at ease thinking that China has been controlling the market.

Monopoly of any type is anti-social and with country like China, it can get even worse. It bears good tidings for Bitcoin and the entire cryptocurrency world to have other major players in Asia besides, China and we shall likely be seeing less maddening volatility and indirect market manipulations by the government through the exchanges they now control because Asia volume is now split.

 South Korea is following suit as the country officially legalized international transfers and will soon have regulations regarding digital currency.

Earlier in July, Democratic Party of Korea Representative Park Yong-jin submitted three revisions of the Electronic Financial Transactions Act for Bitcoin users and businesses to further increase the growth of the market in South Korea.

Cointelegraph reported that one of Rep. Park’s proposals to the financial regulators of South Korea requested Bitcoin businesses and trading platforms to retain capital of around $436,000.

The revision of the Act also ordered data processing facilities for Know Your Customer (KYC) and Anti-Money Laundering (AML) purposes.

The Bitcoin industry in South Korea has yet to be fully regulated, but the government officially legalized cryptocurrency service providers to facilitate payments, transfers, and trades.

The revised bill has also started allowing financial tech companies to be approved by the Financial Supervisory Service (FSS), the nation’s financial regulator, enabling transfers of up to $20,000 worth of South Korean won in Bitcoin.

South Korea’s complete adoption of Bitcoin regulations have propelled the exponential growth rate of the digital currency.

South Korean Bitcoin traders faced asking prices of $4,500 at the end of May as the digital currency’s price continues to go up.

The South Korean Bitcoin exchange market already accounts for over 14% of Bitcoin trades around the world, making it the third largest behind Japan and the U.S.

The region has also seen the rise of startups devoted to Bitcoin remittance and the advancement of fintech, according to Bitcoin.com.

That's sounds nice for those Korean people out there and I really appreciated their government system, because of their good and profitable industry. I think it will even more expand and boom their economy especially they provide high quality products with their cosmetics and food. Their lifestyle is also trendy the more with their fashion. If they allow bitcoin to enter to their economy it will become bigger,closer to American's economic status. As we all know Korea is known for their cute stuff and good k-pop stars or celebrities. Since their movies or dramas are so popular, if bitcoin is one of the sources for their income, for sure they will always have top rated films and be very successful in their career.

This may be due to the rising tensions in the Korean peninsula. The Southerners are afraid that their national currency (South Korean Won) might get devalued, if the Americans attack North Korea. Purchasing Bitcoins may be an attempt to shield their wealth from this potential devaluation.

well that is interesting fact to hear, I fear that Korea have enough money to buy all bitcoin and then they suddenly collapse the bitcoin market, is there a backup plan for bitcoin? Well everything we predict is not possible but well we have to make our safe prepare for such things, but I believe bitcoin have some polices about that, South Korea will never be able to do that.

Last week, South Korean lawmakers were very clear in issuing the ban on all Initial Coverage Bids (ICOs). However, taking into account that the measure has not yet been implemented, multiple startups are expressing their disagreement.
In this way, numerous leaders of Blockchain companies operating in the country say that the ban has no legal basis. As reported in a Forbes article: "Local industry representatives based on the block chain argue that high ICOs are legally unfounded. Right now, business owners fear that excessive regulation will scare away national talent to more welcoming jurisdictions like Switzerland and Japan. " The members of the community remain very surprised, because although they knew that a negative announcement about the ICOs was on the way, they did not anticipate the implementation of a ban at its best.

Well for me, it really doesn’t matter who advances than the other. As long as they aren’t scamming people who work hard for what they have. And besides, any advances of whatever country in terms of crypto is nothing short of a good thing. Because it will benefit not just them but all of in in the crypto world.

This will be very interesting during this time, since a lot of people will be betting in sports and I am too thinking to do same thing.
It's tough to say anything since these all Govt have only one decision and they want huge taxes.

bitcoin is now allowed by many countries let alone asia country but I do not know with small country whether or not it is allowed.

What you say is absolutely correct and there are grounds when the government prohibits Bitcoin that Bitcoin source here will be transferred to new markets, including Korea. Korea is considered one of the most developed countries in Asia, as it is home to many major electronic media conglomerates in the world. So Bitcoin's arrival in Korea is a good sign for Bitcoin participants as the Bitcoin market is expanding and expanding.

South Korea’s Central Bank Chief: Bitcoin is a Commodity, Not a Currency.
 Bitcoin will be recognized and regulated as a commodity rather than a currency,
the head of Korea’s central bank told lawmakers at a parliamentary audit.
So be ready for pay the of bitcoin for users come from south Korea.
 https://t.co/ofsj6I3y21

That is good news for bitcoin in this wide world. More exchanges just step up regarding the chinese issue.
Its good to see bitcoin will grow more and more in exchanger

If this news is true then Bitcoin will be a great news for users.There are many big countries that accept Bitcoin.Among them South Korea is one.

https://news.bitcoin.com/worlds-top-10-bitcoin-friendly-countries/

These are the World’s Top 10 Bitcoin-Friendly Countries.

the government always calls bitcoin a commodity instead of a currency for tax purposes, it has something to do with their tax laws which are different from other countries that is why they take a different approach.

you can see US did the same, but Japan called bitcoin a currency, takes taxes from investors and removes taxes from those who use it as a currency.

with more adoption i do believe more  countries will do what Japan and a couple of others did.

Yes just there are two choice for the government of countries related the law of bitcoin and other digital coins,
bitcoin and other digital coins be considered as assets or properties,
 then the government can takes the benefit due to getting taxes from the investors of the digital coins
Or they can consider bitcoin and other digital coins as currency everything depending on the rules of countries.

for me maybe , i think because asians country know about bitcoin , there is no problem is south korea is going to join bitcoin, there is no ilegal in joining bitcoin, south korea has a strong internet connection to enter the website of forum, maybe some of the south korea people are also playing bitcoin.

I think yhat it is great for people to realize that China is not the only big fish in the sea and with south korea it just proves that everything there is can also be made and manufactured kn other companies. ESPEcially that south korea like china is also an up and coming country if not already at the top