Bitcoin getting huge in South Korea

[Xester]

The price of btc in South Korea is over $1000 the global average. It has been stated that the price per BTC in the region has reached upwards of $3500-3800 across the country’s top three exchanges and a lot of traders are finding significant arbitrage opportunities due to this trend in S/Korea. Also, these 3 popular trading platforms are processing roughly $200 million USD worth of Korean Won-KRW/BTC trades daily, and from all indications, the central bank’s and government’s friendly attitude in bitcoin community in South Korea is thriving greatly.

Apparently with this development, this country is one to watch with respect to bitcoin. What do you think about this explosion in the bitcoin world in South Korea and its global impact?

Reference: https://news.bitcoin.com/south-korea-bitcoin-1000-global/

We cannot see anymore the thriving price in south korea and almost all exchanges of bitcoin around the world has experienced a one hell of a dump in the market. But we are still lucky since it did not went down below 2000$. I just hope that south korea will not panic over this dump and will continue to buy more bitcoins and will see the dump as an opportunity to buy more bitcoins.

[nativehasher]

I read that korean exchanges have long term withdrawal limits (like you have to wait 2-4 months before you can get to a higher tier).

Plus, their govt. has strict AML/forex policies.

[naughty1]

The price of btc in South Korea is over $1000 the global average. It has been stated that the price per BTC in the region has reached upwards of $3500-3800 across the country’s top three exchanges and a lot of traders are finding significant arbitrage opportunities due to this trend in S/Korea. Also, these 3 popular trading platforms are processing roughly $200 million USD worth of Korean Won-KRW/BTC trades daily, and from all indications, the central bank’s and government’s friendly attitude in bitcoin community in South Korea is thriving greatly.

Apparently with this development, this country is one to watch with respect to bitcoin. What do you think about this explosion in the bitcoin world in South Korea and its global impact?

Reference: https://news.bitcoin.com/south-korea-bitcoin-1000-global/

I have heard some information about it, and I find it hard to understand, I'm curious and I want to know why the value of bitcoin here is higher than in other parts of the world, and the difference up To $ 1000. Despite the high market demand, the bitcoin value will increase rapidly, but it is hard to believe that the difference is too great.

[Inkdatar]

This shows that Korea has high demands of bitcoin apart from other country. Bitcoin is really big that many investors are into use of it. This is also an advantage for them since Btc price is high truly they can save and sell when exchange available.

[xskl0]

BTC will recover to 3000 easily.. Koreans bought them at 4000, they have strong hands 

Changelly was selling 1 BTC for more than 4000 USD yesterday.

[Minecache]

BTC will recover to 3000 easily.. Koreans bought them at 4000, they have strong hands 

Changelly was selling 1 BTC for more than 4000 USD yesterday.

So how come the price here is so far down?

[foxbat]

This shows that Korea has high demands of bitcoin apart from other country. Bitcoin is really big that many investors are into use of it. This is also an advantage for them since Btc price is high truly they can save and sell when exchange available.

I understand this problem, the need of everyone high will lead to the value of bitcoin surge. But with a $ 1,000 difference, this is a horrific and surprising number. Why can this difference exist, and is it still going on? Clearly they can buy bitcoin from anywhere in the world, and they do not need competition.

[DoublerHunter]

The price of bitcoin in korea is very crazy because it is almost x2 from the average price of all the exchangers in the market and i think one of the bubble price creator are most in the asian countries but now the price of bitcoin is dumping and adjusting for the real value and soon we will able to buy cheaper bitcoins and hold them for long term .

[Nivir]

The price of bitcoin in korea is very crazy because it is almost x2 from the average price of all the exchangers in the market and i think one of the bubble price creator are most in the asian countries but now the price of bitcoin is dumping and adjusting for the real value and soon we will able to buy cheaper bitcoins and hold them for long term .

Hopefully Korean high price can push bitcoin to move up again. Well if not let the alts move up then. Weird thing is everything is full of red blood.

[celested]

The price of bitcoin in korea is very crazy because it is almost x2 from the average price of all the exchangers in the market and i think one of the bubble price creator are most in the asian countries but now the price of bitcoin is dumping and adjusting for the real value and soon we will able to buy cheaper bitcoins and hold them for long term .

Hopefully Korean high price can push bitcoin to move up again. Well if not let the alts move up then. Weird thing is everything is full of red blood.

I think it can not, the needs of korea though high, but it is very small compared to the world.

[fanita]

South korea began to join bitcoin and other crypto, and therefore I would be surprised to see and hear it.
It turns out south korea is starting to find the future with bitcoin and other crypto.

[AjithBtc]

Asian countries have been into bitcoin usage long ago, but the user scale is very low. Now slowly this too has started to change with more investment coming into bitcoin from investors around the world as well governments have started supporting it. As a part south Korea is already into the plans of generating their own coin. Now recent days price might have attracted a huge user base.

[radjie]

If it is true the price of bitcoin in south korea can soar as high as the value mentioned,  This makes a lot of people believe it or not with the high price increase in korea.
Which is the question why why only in korea that experience price increase while in other country is not like that.

[abubakrrali]

it's quite interesting indeed, Also in addition to SK, China also shown great interest in bitcoin and altcoins before and are one of the major players (in bitcoin world population), Considering how these nations are technically innovated Bitcoin and virtual currencies won't be like a riddle to them.

[bitcoin199]

I don't really get it as to why the price in Korea is far much higher than what the rest of the world is. It is like a thousand dollars than what it should like for an example the trade for BTC to USD is 1BTC=$2600 while in Korea its 1BTC=$3600 (this is not the actual more like an example). Anyway, it's good that Korea had joined the world of Bitcoin and other cryptocurrencies.

That's my idea too, perhaps exchange don't offer korean currency to USD or the like, anyway the cheap and more acceptable method is to go to a bank and exchange it before transferring since the fees are just a small percentage.. Also Korea isn't china so that's probably have no legal issues linked.

[btcjoin14]

I don't really get it as to why the price in Korea is far much higher than what the rest of the world is. It is like a thousand dollars than what it should like for an example the trade for BTC to USD is 1BTC=$2600 while in Korea its 1BTC=$3600 (this is not the actual more like an example). Anyway, it's good that Korea had joined the world of Bitcoin and other cryptocurrencies.

Perhaps it involves the KYC approval within the Korea district. I think that the people over there have an issue with Bitcoin because of their banking system so that is why the premium of Bitcoin is really high over there.
Some people also state that the price of Bitcoin is high in Korea due to their credit system, I am not too sure how that works. Bitcoin is the same wherever though 1 btc is pretty much just 1 btc.

[posternat]

The price of btc in South Korea is over $1000 the global average. It has been stated that the price per BTC in the region has reached upwards of $3500-3800 across the country’s top three exchanges and a lot of traders are finding significant arbitrage opportunities due to this trend in S/Korea. Also, these 3 popular trading platforms are processing roughly $200 million USD worth of Korean Won-KRW/BTC trades daily, and from all indications, the central bank’s and government’s friendly attitude in bitcoin community in South Korea is thriving greatly.

Apparently with this development, this country is one to watch with respect to bitcoin. What do you think about this explosion in the bitcoin world in South Korea and its global impact?

Reference: https://news.bitcoin.com/south-korea-bitcoin-1000-global/

We cannot see anymore the thriving price in south korea and almost all exchanges of bitcoin around the world has experienced a one hell of a dump in the market. But we are still lucky since it did not went down below 2000$. I just hope that south korea will not panic over this dump and will continue to buy more bitcoins and will see the dump as an opportunity to buy more bitcoins.

Yes, everywhere including south korea has faced a dump in bitcoin prices but what we dont see is bitcoin prices flew from 2000$ to 2800$ In a matter of few days, which was not natural behavior. Its good we are still over 2000$ and now we will move naturally towards 3000$ which i think is more favorable for all the bitcoin holders as we all need a steady bitcoin price increase and not a high pump followed a by high dump.

[jovs]

It's really a huge spread, the traders can make much more money if they do arbitrage, and of pretty high amounts if they do it properly.

I think that one of the big caveats for this is that Korea may or may not have a way for foreigners to get their money out of those exchanges, and that's why there aren't people pouncing on the opportunities offered by the Korean markets. I don't know their financial systems so I'm essentially speaking out of my ass, but I think that's the only reason for that happening. They should be seeing way cheaper prices otherwise, since the spread between their exchanges and western exchanges is, as you said, insane.

Yes i also think that korea is a small country compare to other countries like america and china so the people or the community of the bitcoin users is much smaller. So the moved of the stock of bitcoin on the market is not that fat making it value to become stable on that its movement and users is much equal to each other. Korea does not have the capacity to also accept foreign transaction because its currency has a low value so making people to used exchanges is way more low. But the move of making a specific country have bitcoin a impact is a great news to the development of bitcoin on its transaction and price.

[iamTom123]

As someone else said it may be hard for foreigners to get their money out as well. I believe there is a maximum someone is able to wire out of the country. So even if you can make the arb the money would be stuck there until you figure an alternative way to get it out.

Arbitrage in South Korea for foreigners can be virtually impossible not unless you can be in South Korea yourself and you have people helping you. Anyway, this whole thing shows that S.Korea is a place to watch for when it comes to Bitcoin transactions and soon this country can be a big player in the cryptocurrency market. Countries who chose to ignore Bitcoin can be salivating when they learned of the many advantages for an early adopter of this new revolution.

[Nahl]

south korea isn't the country with huge populations but $200 million daily transactions for bitcoin is huge for me and probably these amount still possible to increase soon however i'm so glad to see another country consider bitcoin as valuable but i could not figure out why bitcoin price so high in this country