Bitcoin getting huge in South Korea

[lionheart78]

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

It seems that most elites of South Korea are buying bitcoin.  As stated on the previous post, trading is somehow close loops making it difficult to do arbitrage trading that is why price of bitcoin in that country goes that high.  More demand and less supply means inflated price.  Even our country's number one bitcoin exchange has a crazy price, taking advantage of South Korean price as their selling price and taking the lower priced reference as their buying price. 

[Juggy777]

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 see it more as a manipulation rather than anything at it's best. Bitcoins are not legal in North Korea and South is making such a amazing use of it, that only makes me wonder whose money is it? Is it the rich white folks or big businessman who have put their money and making a kill, the difference is always manipulated, I don't know what will happen in future but such manipulation is not at all good for the Bitcoin industry.

[jc89]

South Korea would be a great player/asset in the world of Bitcoin. It will contribute to the huge demand for bitcoin, thus, making the price higher. With this type of acceptance, it will not be avoided that the neighboring countries around it will later on accepts bitcoin (if they are not yet, fully). This type of acceptance has always a good impact globally, concerning bitcoin, regardless of what the specific country is.

[Blitzboy]

The demand for bitcoin in Korea must higher than other regions. people there might not know hot to buy bitcoin by credit cards so that they can not buy Bitcoin from the USA or the EU. Therefore, they have to buy bitcoin with the higher price than usual

[Takuul]

Indeed, I guess the most promising growing nations in eastern asia have shown tremendous support for BTC -not the governments, but the people-, Japan was always a stronghold for BTC even before MTGOX, China was a leading reason for the improvement of price and the increased buying for years and now in addition South Korea is doing the same. I am curious though if the possibilities of war is one of the reasons in South Korea and people saving in an international currency...

[algernonen]

South Korea is a closed market
No impact on international markets

[culuuton]

The demand for bitcoin in Korea must higher than other regions. people there might not know hot to buy bitcoin by credit cards so that they can not buy Bitcoin from the USA or the EU. Therefore, they have to buy bitcoin with the higher price than usual

That just means whatever their currency is is worth about 60% less than the official exchange rates say it is.

[GXHPP]

Korea is extremely promising I think and can be a utopia for BTC if things go down positively, The demand is high for a reliable international currency for the citizens in preparation for future issues with neighbors, also being a high-well educated community, knowing about technical aspects of BTC wouldn't be hard.

[imeetup]

It's because the selling percentage there is very low and they need to adjust the buying percentage and that's why 1 bitcoin to them is equals to $3k+ and with this movement of Korean exchange it made others follow because of the arbitrage that can be taken the advantage of a lot of traders but that's really a lot.

How would you take advantage through arbitrage though if you're not in South Korea. Maybe sell your BTC for USDT (Tether) on a Korean Exchange and then move it to cash out in fiat of your country's origin.

[Schuyler]

South Korea, being among the more progressive Asian countries always have this mindset of not being want to be left behind by their negihboring countries, Japan and China, so they are always in step, if not advanced in some aspects. So it is really no surprise that as the bitcoin trend in Japan is slowly being felt, chances are South Korea wouldn’t be far behind.

[jonosutio]

I just heard that south korea has a lot of bitcoin demand and now it's big

[ScorpionKing]

Finally, Korea is joining the bandwagon of BTC heavily, surprised it took them wrong considering Japan was one of the best bitcoin related countries while China was the cause of the previous $1000 peak, Finally SK entering the market..

[KRWcoin]

Its very difficult to buy bitcoin in Korea through a non-korean exchange... if anyone wanna collaborate and make some arbitrage, I'm in Korea and very interested in jumping on this before the gap closes

[Amph]

Mt gox inc?
Looks similar for sure.

nah they don't have enough liquidity to do that, mtgox was an exchange that basically held all the funds, in one single spot, here they have their own exchange and they are trading with their own value for bitcoin

Can't understand why bitcoin price in South Korea is very high since they could buy at international/foreign exchange with lower price, but it's great to see another country have active bitcoin exchange with big volume.
Looks like we will see another country in asia will legalize/more friendly with bitcoin activity and see actual bitcoin trading/usage activity.

could be that they have some restrictions to buy abroad from other country and receive money in their bank account, could also be that is more expensive for them to buy abroad for wire transfer and all

[Kakmakr]

Some people are saying the population totals for South Korea is too low to have a significant impact. I differ from them, because it is all about percentages. China might have the highest population in the world, but they might also have the lowest adoption percentage.

If mass adoption takes place in a small country, it will have a bigger impact than when a country with a high population use Bitcoin is small percentages. So this is still good news, if their government is Bitcoin friendly. ^smile^

[btcney]

Some people are saying the population totals for South Korea is too low to have a significant impact. I differ from them, because it is all about percentages. China might have the highest population in the world, but they might also have the lowest adoption percentage.

If mass adoption takes place in a small country, it will have a bigger impact than when a country with a high population use Bitcoin is small percentages. So this is still good news, if their government is Bitcoin friendly. ^smile^

I agree with you.

However the case with South Korea isn't that they have a lot of adopters - i think it's more likely because there are strict controls on money flowing out of the country which is why the price seems so inflated.

China is in a similar situation, if you look at its prices on localbitcoins you'll see the price of bitcoin in USD terms around 100-200 USD higher than the average USD/BTC exchange rate. This is why some people think that BTC reflects the true price of CNY.

[naughty1]

Some people are saying the population totals for South Korea is too low to have a significant impact. I differ from them, because it is all about percentages. China might have the highest population in the world, but they might also have the lowest adoption percentage.

If mass adoption takes place in a small country, it will have a bigger impact than when a country with a high population use Bitcoin is small percentages. So this is still good news, if their government is Bitcoin friendly. ^smile^

That's exactly the right thought, despite the high demand for bitcoin in Korea, which pushed the bitcoin value up to a record $ 4,000, but it was completely unlikely to impact the world bitcoin market. , Because they are a small country.

[Periodik]

Some people are saying the population totals for South Korea is too low to have a significant impact. I differ from them, because it is all about percentages. China might have the highest population in the world, but they might also have the lowest adoption percentage.

If mass adoption takes place in a small country, it will have a bigger impact than when a country with a high population use Bitcoin is small percentages. So this is still good news, if their government is Bitcoin friendly. ^smile^

That's exactly the right thought, despite the high demand for bitcoin in Korea, which pushed the bitcoin value up to a record $ 4,000, but it was completely unlikely to impact the world bitcoin market. , Because they are a small country.

You didn't get the point. Small country or not for as long as their volume is high enough they can influence the world market. They are even probably the main reason bitcoin reached 4,000 few days ago. Plus you have to consider South Korea is a very rich country with probably no poor citizens unlike China and US.

[Tyrantt]

I've never doubted that South Korea will get into the bitcoin story, it is a very technology developed country, tho that price difference is interesting. So I must ask, is the price of around 3800 on their exchanges for buying and selling bitcoin? If it was for selling too, then would I be able to sell the bitcoin there for a higher profit? I mean, is there anything to prevent someone for buying a bitcoin here for 2200$ and selling there for 3800$?

[markjamrobin]

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 never thought that Korea would be the most bitcoin country in the world, it never even mentioned in the forum, but as soon as it was accepted by the government, people tried trying to own bitcoin, this has pushed bitcoin prices soaring.