Bitcoin getting huge in South Korea - page 4.

Xester

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Quote from: tosmartak on May 26, 2017, 06:14:20 AM

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.

Seville

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

SingAlong

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Quote from: xypos on May 26, 2017, 05:53:25 PM

Quote from: SingAlong on May 26, 2017, 08:00:32 AM

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.

The reason is that they have restrictions on moving funds around and that results in a lack of arbitrage opportunities for traders out there. When there is a lack of arbitrage opportunity traders can't take advantage of exchange rates between different exchanges and that means the price will stay up there on Korea's exchange as nobody is able to take adavantege of it.

I wouldn't say that bitcoin is getting huge in South Korea, just like india when the cash crunch hit the btc price also rose a lot on indian markets. It's just regulations taking place in South Korea that's driving this spike without any other exchange following.

Now I get it. I feel satisfied now with your answer. So the market of Bitcoin differs from one country to another but Korea is too much that's why because of the lack of arbitrage. It is a good opportunity for Koreans to start saving up Bitcoin and sell it when the arbitrage have found its way to their country. Surely they will earn a good profit from that.

otrkid70

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Supply and demand. The demand is so high there is not enough BTC to cover it.

xuan87

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Bitcoin is really a big things, it got a good investment value and it got a good potential that can be implemented in any sectors, and now South Korea realize it and got a huge advantage from bitcoin, I also surprises when I see the price is higher than other country, but I think it is the same thing happened in China where the price is higher than any place but the trader can't take advantage of it because the trade got difficulty to withdraw the fund

xypos

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Quote from: SingAlong on May 26, 2017, 08:00:32 AM

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.

The reason is that they have restrictions on moving funds around and that results in a lack of arbitrage opportunities for traders out there. When there is a lack of arbitrage opportunity traders can't take advantage of exchange rates between different exchanges and that means the price will stay up there on Korea's exchange as nobody is able to take adavantege of it.

I wouldn't say that bitcoin is getting huge in South Korea, just like india when the cash crunch hit the btc price also rose a lot on indian markets. It's just regulations taking place in South Korea that's driving this spike without any other exchange following.

maydna

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Enterapp Pre-Sale Live - bit.ly/3UrMCWI

i see in the news that people in south korea have using bitcoin too and i see that they give a good support for bitcoin itself and maybe they make a good affect for the price. i think the price getting high is because supply and demand is not balance and this make bitcoin is too expensive to buy. we hope that in the future, there will be many country and many people that will followed south korea and japan to using bitcoin so bitcoin will be spread in many place.

staceyoh

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That's nice. This only shows that South korea
has joined the countries who accepts bitcoin.

Yuuto

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Quote from: tosmartak on May 26, 2017, 06:14:20 AM

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/

When an exchange has that kind of a price differential to the rest of the exchanges it means that something is up. Traders are not able to arbitrage between exchanges easily. As European Central Bank said the market is basically closed right now, capital controls are still existent in s. korea. It's not easy for money to flow in an out, thus resulting in an abnormally inflated price of btc.

But this just proves that btc is superior the fiat as it is global, you don't need to worry about capital controls from the government. And south koreans probably are starting to realize that and getting into btc fast.

European Central Bank

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there may be demand but that price is down to its market being a closed loop. they have capital controls and not much bitcoin. i don't think people should be paying much attention to it unless it opens up.

shillfudder

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Before there was no Korean or Japanese demand, and now there is.

gleeedle

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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.

batang_bitcoin

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Quote from: SingAlong on May 26, 2017, 08:00:32 AM

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.

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.

OROBTC

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...

(South) Korea is a country of some 45,000,000 people, so not THAT large (even though they are very technologically sophisticated). Korea will be a significant player, but probably not a HUGE one in BTC. Should SAMSUNG (for example) decide to make mining equipment, however, THAT would be a major signal.

It may be that it is HARD to buy BTC there in Korea. Koreans are welcome to PM me should they want to buy some (we do business, buying auto parts for Peru, with Korean companies). *References could be provided*

MingLee

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Quote from: Viviyang on May 26, 2017, 02:15:26 PM

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.

Barbarian

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Quote from: SingAlong on May 26, 2017, 08:00:32 AM

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.

Maybe there is simply not enough bitcoin to cover the demand and this has create momentarily a market that is trying to do their best to get as much bitcoin as possible regardless of the price, maybe something is happening in South Korea like political instability or something.

Viviyang

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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.

criptix

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Mt gox inc?
Looks similar for sure.

yogaantoni

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This shows that Korea has joined the world of Bitcoin and other crypto. And I am very surprised by the high values and differences
I think that value will be the value that I meet in the future
.

SingAlong

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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.

Topic: Bitcoin getting huge in South Korea - page 4. (Read 4036 times)