Koreans are 'crazy' with Bitcoin | AllFixs
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In many places, cryptocurrency is seen as a game of chance, but in Korea, it is seen as the mainstream. The country is one of the three countries with the largest volume of Bitcoin transactions in the world. One day, Korea accounts for 20% of all Bitcoin purchases and sales globally.
Isacc Chung said that “the Bitcoin market is very similar to securities but 100 times faster.
"Before it was only for tech-savvy people but now everyone is interested in Bitcoin," said Isacc Chung, a college student who made thousands of dollars from exchanging digital currency. number, share.
Bitcoin price has risen 1,500% this year, peaking at $ 17,000 as more and more people want to own the cryptocurrency.
High demand in the Korean market causes people here to pay 15% to 20% higher than global prices. Local businesses refer to it as "fine kimchi", a famous sauerkraut dish in this country.
Many small and mid-sized investors are willing to pay a higher price for the price of Bitcoin to continue to skyrocket. "They see it as a form of gambling and try to make more money by buying and selling them," said Kim Duyoung, Bitcoin brokerage manager at Coinplug.
Bitcoin exchanges like Bithumb (Korea's largest) have grown far beyond its inception. This company has opened a direct store, not just online transactions, and developed a team of customer care to make buying and selling cryptocurrencies more convenient.
I'm Mi-ae, a middle-aged woman, came to the Bithumb store to learn about the online trading tool. "I've been in this field for a month," she said. "Some of my friends said I should give it a try and I did."
Korea's Bithumb is currently the number one cryptocurrency exchange in the world. Photo: Coinmarketcap.
With the participation of many small investors, South Korean authorities are concerned about the potential impact of cryptocurrencies. The Korean government is setting up a dedicated team to study 'cryptocurrencies'.
The country bans a number of crypto-related activities, including Bitcoin futures trading. South Korea is also considering taxing profits and collecting cryptocurrency transaction fees.
Moreover, the Korean government is concerned that cryptocurrencies will become the new "weapon" for North Korea, making it easier to steal and launder money. South Korea also warned of the risk that North Korea will strike heavily on cryptocurrency transactions in the future.
Despite all the concerns, Isacc Chung is optimistic about this market. He predicts there will be more opportunities to increase profits from Bitcoin's volatility. "Fear and greed come at the same time," he said.
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