Bitcoin Forum

I'm looking for feedback, pro or con, before pulling the trigger on airline tickets. Plan is to leave Jan. 8th

Given the current spread in bitcoin price between the US and Korea ($16K vs. $18.5K), I am planning a trip to Korea in order to set up an account at Korbit. From everything I have read, there isn't a way to do this remotely. The steps, as I understand them are:

1) Secure a local address: Fully furnished rooms for rent range in price from $380 to over $500 a month. I'm in contact with a landlord

2) Get cell phone w/ local number

3) Go to Immigration to get Alien Registration Card

4) Visit Korea Exchange Bank. Show passport, Alien Registration Card, Proof of Address, and local cell number to set up an account. There is also the possibility of establishing an account with a Bank of American in Korea. However, my preference is Korea Exchange Bank.

5) Set up account with Korbit

6) Start Trading

Ia this an absolutely crazy idea??

Firstly to answer your question, yes it's completely insane but it could be brilliant at the same time. How do you plan to sell the bitcoin outside of Korea, can you do that while in Korea? Are you 100% sure that the steps you've outlined will allow you to set up an account and trade? What about transferring funds to Korea, how do you plan to comply with laws around that?

Actually what I don't understand is why people with family in Korea aren't already doing this (maybe they are?), the arbitrage shouldn't be so high and are there low limits to what you can deposit/withdraw on Korbit?

If you are sure of the process it's not that insane of an idea, especially seeing as it could make you really rich.

It seems to me that more crazy idea I have not heard. Lol. Why do you need such complexity? I think you will be easier to find a companion in Korea. I do not know whether this idea of having financial feasibility. You are going to handle large amounts of bitcoins? I'm not talking about the language barrier.

Are there any other countries besides korea that its possible to do something like this?

I would say so. The steps are clear, but I don't think it's going to go that simple. You will have to go through a lot of red tape, and I expect a lot of it in each step. There's also no way of knowing if the prices are going to stay that way. Lots of things can happen within a month, especially when Bitcoin is concerned. There are way too many moving pieces.

But hey, you seem to have a solid plan, and you only live once. If you get this to work, then it's going to pay off big time. If you fail, well, I hear South Korea is beautiful in winter. It's a crazy idea for sure, but the most worthwhile adventures begin from one.

But why is BTC trading so much higher in Korea??

Wouldn't the easiest way to do this be somehow know someone in korea?  Thus they can create an account... you buy btc in a us exchange... then send btc to him for him to sell on the korean exchange.  Then he sends you portion of the profit back via bank transfer/wire or something similar?  Or even bitcoin?  And then you can keep doing that?  However, arent there regulations like they can only sell up to a certain amount in terms of fiat before there is government intervention?

Thanks for all the feedback...

Quick Update: I have purchased my airline tickets. I am flying out of SF into Seoul Korea on Jan. 8th...

To answer a few of the questions asked:

1) The steps are clear, but I don't think it's going to go that simple.: I've found nothing is as simple as it may appear. However, being able to creatively solve issues/roadblocks as they arise will be very important. And, there may be some issues I will not be able to overcome.

2) Wouldn't the easiest way to do this somehow know someone in korea?: I've made a couple connections with a couple crypto geeks (like me) who live in Korea. I will be meeting them when I arrive. However, when dealing with decent amounts of coins, I would trust anyone enough to facilitate these things for me.

3) But why is BTC trading so much higher in Korea??: From what I have read so far there are approx. 4500 shops/companies accepting BTC for payment. I will verify this while in Korea but is seems they are fully embracing digital currencies.

4) There's also no way of knowing if the prices are going to stay that way. Lots of things can happen within a month, especially when Bitcoin is concerned.: That is absolutely true...no guarantees at all. Over the past few days, BTC in Korea has been as much as $4,500 more expensive than the US. And, it has also been the same. I spot checked pricing over the past year and there have been a number of times when the Korean market has been much higher than the US. All that being said, the only way I can take advantage of the price differential is if I have an account set up. I'm willing to spend a few thousand to at least give me that opportunity, nothing ventured/nothing gained.

5) How do you plan to sell the bitcoin outside of Korea, can you do that while in Korea?: The Korean exchange "Korbit" accepts direct deposit of bitcoin from your external wallet at no cost. So, transfer bitcoin from local exchange into my external wallet, then transfer it into my Korbit account, then sell...It sounds too straightforward to be true. I'm spending time every day to find reasons why this won't work. I haven't found any yet...if I am missing something, I hope someone here will let me know. If nothing else, I love traveling and this will be a lot of fun!!

This Weeks Gameplan: BofA, Citigroup, and Chase all have branches in Korea. I will talk to them directly to see if I set up an account with them here, will I have full access to resources while in Korea.

I will keep you posted on progress...thanks again.

HAHA dam you are crazy but that's awesome ..  any way I promise you are no way in hell going to be able to
1) get an alien card as a tourist here ( this is for residents only such as myself)
2) Open a bank account in Korea - that you are able to setup with virtual bank account for withdrawal of fiat from the exchanges - why because you wont be able to get a mobile phone because no Alien card etc  etc...

^^ its difficult even for expats that have lived here for years to correctly setup online banking and verifying on those exchanges !!!

BUT as you have bought your flight anyway I'm sure you will still have a Good time here in Seoul., and I will be able to help you if you need - you should consider how you plan to carry
the cash out of Korea when you live its only 10k USD carry and you can only wire 50k USD in one year.  - ( there are a few ways i could share with you)

I am a business owner working in Seoul for almost 10 years, feel to message me can drop by my offices for a beer,  Cheers Marc.

Please update on your progress, and what problems you encountered in Korea. Best of luck, hope everything goes your way

Crazy but interesting plan~
Best wishes to you! :D

Hey bro !

I have the same project and I just find this topic
I m french, but I live in Canada
I want to go in South Korea during the spring for doing that

for Alien Card, you cant have this one if you are tourist: Its for international students or working visa

in France we have a program for young people 18-35, the working holiday visa, you can try to see if this program exist in USA
you need to go to the korean embassy in Paris, I dont know where is it in USA

A lot of bank in Korea speak in english, I will choose HSBC because international transfer are totally free and the website is in english
I have a south korean friend and a recommodation letter so its gonna be easy
Now Im looking for the accomodation, if your are interesting, we can share a airbnb or something like that
you can send me a pm , I will give you my facebook

have a nice day

Sounds interesting how About going to Zimbabwe too hehe.  Much better to consult a crypto trader in Korea first.  Dont waste your time, make someone do the arbitrage first. If everything is ok then do the plan.

it's better to go directly to zimbabwe  ;D. with very high bitcoin prices there you will get bigger profits.btw this great idea that people never think about this.i hope you 'll give an update here.

Thanks for the offer. I will definitely get in touch. The cash issue is pretty big, however there may be an alternative way or two that we can talk about. I'll connect with you via pm.

I would love to know how to transfer investment out of Korea legally too...
do i need to keep some sort of record from US how much I initially brought in?

It is interesting plan, but according to my experience arbitrage never worth trying in crypto unless you are specially and professionally working for arbitrage cases. There are many people who are trading crypto, but generally if you see such difference as you did there is some hidden reasons for that.

Hi, I am also thinking to fly to Seoul from New York to arbitrage (30-45% gains) on BTC/BCH/ETH/XRP etc.
Are you able to open BANK ACCOUNT (Citi/Chase/BoFA) in Korea without ARC as US citizen? What challenges did you face?
Please let me know your experience.
Thanks.

I'm Kevin. Been in this for 8 months now.
I am Korean, and I have working bithumb and upbit accounts.

Currently, foreigners are unable to open up accounts on Korean exchanges.
And a lot of people do not know that, the Korean exchanges have a lot of problems with depositing and withdrawing.
Within Korean community, it's like hell calling the call center and visiting the offices of exchanges to solve any problems.
Your account gets on hold for sending bitcoins to another account, lol.
Yea seriously...

It's good that you have met some friends in Korea to work with.
I am looking to meet someone like you.

Here's my situation,
https://www.reddit.com/r/btc/comments/7or3q9/genuine_question_about_korean_exchange_arbitrage/

So I am stuck here.
I am willing to work with any traders from outside Korea who is able to receive USD from me and
buy from non-Korean exchange and send it to me through wallet. Then, I cash out here in Korean exchange and
split the profit and send it back to you. Repeatedly. I own a company here in Korea with open addresses.
I have no intentions of scam or cheat or any sort of those crap. Just a dude who wants to spread the crypto and
win together. Also, I am not looking to do this with

Shoot me an email if you are interested: j.haesun@yahoo.com

yep, maniac idea but very interesting. It's absolutely possible. Just go for it. I will waiting for your report.

I am sure that you can work with any traders from out of korea but I think before you make cooperation with another trader, it is better if you can meet directly with your guess so you can create a trust between you and him. I think every people don't want to get scam and I believe that you are a good person and if you and your friend from out of korea could build trust, then you can continue to do cooperation and I hope that you can get your success with your friend.

I think the Korean side market is extremely hard to predict, so the Korean politician has introduced laws related to bitcoin and bitocin taxation. I also know that the price of a bitcoin in Korea is higher than other regions up to $ 2,000 a small number. It can be said that good trade in Korea is extremely difficult.

Did this guy reach the Korea already ?

I'm sure that it's not a good idea now to visit Korea. Lolz. After the breakout of Korean government like crazy bull this has become more illegal and harder to trade in the Korea.

On the other hand that was really bad idea anyway. I mean imagined the cost to go there and get the registration done plus what if foreign inquiries are set on you for financial laundering. Seems bad to me.

Going south Korea to Arbitrage is crazy for me. It may make sense if you are going on a sightseeing trip, it is a good idea to combine sightseeing and business. I do not suggest changing locations just to make Arbitrage, you can find yourself a partner from South Korea.

You def. have the right idea, although a lot of the details are often overlooked in profiting from arbitrage. That's why I believe in this ICO bc they are aiming to make crypto easier to enter for all with their novice friendly UI and the first ever arbitrage exchange that will allow for less market volatility which keeps so many inexperienced and afraid people on the sidelines. Arbitrage with a legit company will provide a greater opportunity to profit in this economy.

https://bitcointalk.org/index.php?topic=3085831.msg31823480#msg31823480

I know that the Korean government is currently working on drafting orders related to bitcoin trading and management, so it is unlikely we will trade bitcoin in Korea. I also know that the bitcoin price in Korea is higher than in other areas of $ 2000, which is also a huge barrier from the Korean government to limit the speculator bitcoin in this country.

It really sounds a bit crazy but people are different and some ideas are normal for some people while for others it is crazy) As for me, I would better just find a companion from Korea.