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Crypto in South Korea: A History & What’s Next

South Korea is one of them. The Asian country emerged as one of the top markets if you had 200 to invest in crypto cryptocurrencies last year. South Koreans were responsible for a third of all bitcoin trades occurring in cryptocurrencies by the end of last year.

Customers for cryptocurrencies spanned a broad age range and profile. Their influence in crypto markets was such that, at one point of time, they accounted for as much as 17 percent of all ethereum trades occurring in cryptocurrency markets last December. The price of Ripple, another virtual currency popular there, crashed at the beginning of this year after a popular pro tools trading cryptocurrency that aggregates crypto exchange what is the profit from bitcoin did not include trading data from South Trading cryptocurrency on leverage. Several newspaper articles and reports have analyzed the affinity of South Koreans for cryptocurrencies and come up with theories for their popularity.

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Broadly those theories can be condensed into three. The first reason for the popularity of cryptocurrencies is prevailing economic conditions in the country.

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Even though it is a fairly large and prosperous one, the South Korean economy suffers from a youth unemployment problem. The youth unemployment rate last year was 9. In response to the high numbers, the government has is it too late to invest in cryptocurrency 2020 unveiled a program to provide incentives to small and medium-sized enterprises to hire young workers. A hierarchical societal configuration, expensive living costs, and a fiercely competitive employment market also do not help matters. The same article investing in south korean crypto a something journalist as saying that cryptocurrency investments are also a means for a largely homogenous and well-educated workforce to distinguish themselves from peers. Familiarity with micropayment transactions is another reason for the popularity of cryptocurrencies. South Koreans have long been early adopters of technological innovation, whether it is social networks or video games. Japan, another nation top coins to invest in 2020 is big on cryptocurrency trading, has a similar story.

A robust gaming industry has made South Koreans comfortable best binary option broker in malaysia electronic micropayments, an idea that is yet to take hold in the West. Businesses had cropped up around its games, including black markets. While cryptocurrency-related businesses have yet to see similar revenue, it would not be a stretch to imagine these figures in the future once the If you had 200 to invest in crypto Korean government puts appropriate regulations in place. The third reason for the popularity of cryptocurrencies is political uncertainty.

As part of the legalization process, however, new ICOs would

A combination of political uncertainty, familiarity with micropayment systems, and economic problems has made cryptocurrencies an attractive option for South Korean investors. The country has always been an early adopter of key world-transforming technologies. It may be the case that the country may lead the way once again by incorporating cryptocurrencies into mainstream trading.

To leave a comment, please sign in. As young people struggled to find jobs, many were excited to turn to cryptocurrency as a way to make money.

Investing in cryptocurrencies and other Initial Coin Offerings trendxpert binary options is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.

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South Korean authorities have warned the public against attending cryptocurrency

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But before any regulation happens, I think the government needs to research more about blockchain technology and the virtual currency market.

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International Markets North Korean vs. South Korean Economies: What's the Difference? Bitcoin Top 5 Bitcoin Investors. Partner Links. Related Terms Kimchi Premium Definition Kimchi premium is the gap in cryptocurrency prices, notably bitcoin, in South Korean exchanges compared to foreign exchanges. Bitcoin Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments. It follows the big institutions investing in cryptocurrency set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Investopedia is part of the Dotdash publishing family.

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