Bitcoin Forum

I see that price for Bitcoin is in North Korea 50% higher than in Europe. I like travelling and I was thinking to travel to North Korea and sell Bitcoin for cash. Is that possible? I was thinking to arrange a deal with couple of persons. They can exchange North Korean won for $ or € in their bank, I send them bitcoin and they give me cash (for cheaper price as they are paying in their country). Or I can go to money exchange office and exchange North Korean won for Euros. Would be that possible, are there any potential problems about that?

The exchange office will ask you where the money is from and to show proof.

Are you sure you want to go to North Korea or South Korea? They are separated by (DMZ).

Did you know that North Korea is considered as rogue nation by the West? Are you willing to risk your life in a country were they hated Westerners or European?  And I'm sure you are going to stand out among the crowds. And every eyes are on you, if they found out what you are doing, jail time or probably deportation and I don't want to get any further.

I don't know if you are trolling or what. But if you say South Korea then I think your idea could just work. Just maybe.

Well, I think that you're trolling. North Korea is considered as one of the dangerous country in the world. If you go there, I think that you're trying to die. You will see that Korean are keeping their eyes on you, They will try to kick, punch or what they want to do on you. Strangers are not allowed in North Korea. I like your idea if you will say that it is in South Korea. But if it is really North Korea, Your idea is totally rejected for me.

You will get yourself in to real mess. North Korea is not a safe country at all for the foreigners. You will be assigned a local guide who will stay with you all time during your stay in that country and report every single activities to the local authority. So meeting with some local bitcoin dealers won't be an easy task for you.

Secondly, they have a permissible amount of money which you can keep with you. If your amount exceeds that range, you will be detained and questioned. In worst case, you will be arrested and imprisoned for life. Never rake such risk for some percentage of profits.

You mean South Korean (not North Korea) as it is a very dangerous country and not anyone is allowed to enter their country.
Reading some tweets from many people that have a high influence to the audience I've seen that coinmarket cap has removed some exchanges from their "calculator" to determine the price of a coin. Currently the price of bitcoin in south korea is 23.3k while in usa it is $15k, we see a differnce of 8k per bitcoin, I would really see if someone is doing this by traveling there and selling the bitcoins for cash then exchanging these to usd.

This was my mistake, I mean South Korea of course :). Yes there is a lot of difference in price. This is why I would like to know if it is really so easy just go there, sell it for cash and go back.

You can not sell bitcoin in North Korea.
Are you insane?
They won't even allow you into their borders with a device that holds a bitcoin wallet, even if it is empty.
They will hold you at the border or at the customs terminal in the airport and send you back where you came from.

You must mean South Korea.
They haven't ban bitcoin there.
Yet. :D

Cause it looks like Justin Tron wants to have it banned world wide and let his creation take flight!

If you want to end your life go to NOKOR,but if you want some sexy korean girls go to SOKOR,back to the topic it is possible to trade with south koreans with p2p transactions you can exchange it with their currency,just get some travel visa and you are good to go.

It is dangerous as of now to travel at North Korea because of its aggressiveness but if you will go to the South Korea, it possible that you can enter easily.
That's great idea, instead of just a tourist, you will also make a profit in travelling South Korea.

I guess with SK it's possible but how would u get the money back.

I am from South Korea and I have been arbitraging BTC for a while now. Always looking for new sellers, if any of you are flying over or willing to trade that's great.

yes, you'll go to korea when you're over because you're very good at it if you're strenuous and if you want to make it easier then you'll invest money here on bitcoin.

I don't know. I mean, I haven't heard of it. How can bitcoin price be higher in North Korea? Anyhow, North Korea is a strict country. You can go there under guided tours only and there are many restrictions. So I don't thing you go just go around with your own agenda in mind.

There is a growing wariness in South Korea about a possible capital flight from emerging markets, so they implemented some strict regulations to prevent capital flight.

https://news.bitcoin.com/operation-bypass-chinas-capital-controls-bitcoin-south-korean-court/

I would rather look at countries like Zimbabwe, where there are less restrictions and possibly less monitoring. ^hmmmm^

So if I have a relative in Korea (South, lol, not North), we should be able to buy BTC in the US, send it to a korea, sell it there, send back back here, and repeat over and over.  Sounds like easy money or am I missing something?

It seems like you will do that! It is somehow an oppurtunity if you have relatives in South Korea. I think you can earn if you will do that. Specially, the price is 50% above than the price in Europe.
You can gain in that situation, so don't hessitate to do that. There is an advantage to you!
South Korea is a beautiful country and the people are very appreciative and glamorous! Hopefully someday, I can travel to Korea.

Yeah its possible but the only buyer their would be the government of north korea and i doubt that once you go there as a tourist and they find you are selling bitcoin you can get of of north korea alive.

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You can exchange any money at any exchange in the world, the only problem that you will be facing is that, the person you are dealing within the ground of north korea will be the henchmen of kim jung un (aka android 19 DBZ).
You might want to think again of dealing in person within north korea its not really advisable to do, you will just waste you life going there just to have larger profit in bitcoin.

it's too necessary because if going to korea it will cost very much and it is very troublesome to take care and open account in korea, so it's better just follow international price, do not be afraid bitcoin will keep going up and become very expensive in the future.

One issue I thought of is how to I exchange the krw for usd and put it in my account to buy more btc? Anyone know if the US gov't would have issues with repeated transactions like this?

Which part of Korea are you referring to? Do you think the travel costs will be covered by the profits you are making there? And are will you be allowed to bring a huge amount of cash to a foreign country?

Cant go to North Korea buddy, lol. Maybe South Korea, but the hassle is not worth the gains.

I think you may have written the wrong thing. You should mean in Korea, not Korea, North Korea is North Korea. Restricted Korea, there are restrictions on trading, and no one and you have a large deal of bitcoin on the spot, because too much foreign exchange will be questioned in Korea. So even if you have friends or relatives in Korea, it's hard to do.

Hi,bro

Which korea do you wanna go?

South or north korea , As long as i read new uodates about cryptocurrency....  South korea having a big value for bitcoin ...
But, just remember it ... They Having a high tax fee for bitcoin too