Sep 10, · But the North Korean playbook has evolved in the last few years. One tactic, known as a “peel chain,” moves money in rapid and automated transactions from one Bitcoin Author: Patrick Howell O'neill. Bitcoin market unfazed by Crypto Exchanges From Handling Extremely low fees of the Mainstream — Korea is to ban Korean Cryptocurrency Exchanges in bank transfer only. Pros. for more trading per South Korea To Ban on trading volume. Deposits — The exchange digital assets it considers — Threats expanding overseas. Bitcoin & Cryptocurrency Trading in South Korea South Korea, like Japan, was very early to the Bitcoin party. It offers some of the most mature markets in the world for these types of assets, and has come a long way from even just 4 years ago in terms of the safety of the exchanges and the regulations in place.
Korean bitcoin marketWhy Is South Korea So Important to Bitcoin Prices?
Considering how closely involved many South Korean investors are in the cryptocurrency space, it's no surprise that the broader world takes notice when the government threatens drastic measures.
A loss of South Korean investment would necessarily have a major impact on bitcoin prices as well as those of virtually every other digital currency. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.
Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrencies. Your Money. Personal Finance. Your Practice. Popular Courses. News Markets News. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Partner Links. One of the easiest ways to buy Bitcoin in South Korea is through one of their many cryptocurrency exchanges, outlined above.
There are several exchanges offering Bitcoin in South Korea, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency.
Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private.
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features. Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features. In June of , South Korean authorities announced that over individual complaints were filed against a cloud mining company known as Futurenet based in of South Korea.
It is believed that Futurenet was run by some individuals, and two of the founders left the country before prosecutors could file charges. One remains in custody and was sentenced to two and a half years in prison.
In actuality, Futurenet was just another ponzi scheme. In one of the stranger payback methods of an exchange hack we have ever seen, Yapizon promised to pay back those who lost some or all of their holdings by giving the customers Fei tokens a crypto made by the exchange.
Users could then trade the Fei tokens for equity in the Yapizon's holdings of Yahoo Japan. After this hack, Yapizon changed their name to Youbit in order to separate the brand from the incident.
Unfortunately, it wouldn't end up mattering as another hack in December of the same year as the first hack would put the exchange completely under the water.
Many beleive the hack was an inside job since it occured while Upbit was transferring coins to its cold wallet. After the hack, Upbit shored up its defenses to prevent such a hack from happening again. The Upbit PR team had this to say. According to Korea's Yonhap News wire, in July of , hackers gained access to the laptop of a Bithumb employee and stole the names, email addresses, and phone numbers of 31, Bithumb customers.
Thankfully, it seems that no passwords were compromised. Unfortunately for Bithumb, they wouldn't get so lucky on their second hack, which occured in June of In most cases, XRP was the most stolen coin of the hack. This hack followed internal alarm where the exchange operators had noticed a serious uptick in unauthorized login attempts. Bithumb eventually confirmed via twitter now deleted that it would reimburse customers using its own reserves.
Charlie Shrems response to the tweet shown below:. This time, it was beleived to be an inside job, similar to Upbit attack that would occur later on in November of the same year. Thankfully for users, all of the stolen assets were the reserves of Bithumb. All client assets were held in cold storage at the time of the breach, and only hot wallets were affected.
In fact, this was one of the primary ways in which people in Korea used to buy Bitcoin around However, Bitcoin ATMs are now prohibited, so there aren't any left to buy from. While it is impossible to know for sure what percent of South Koreans own Bitcoin due to the pseudonymous nature of the currency , we do have some survey data regarding ownership rates per occupation.
Professionals in management roles seem to have the highest rates of ownership, followed by white collar office workers. Bitcoin is accepted at lots of stores and service providers all over South Korea. So many, in fact, that we couldn't possible list them all here. However, you can find specific kinds of services and goods filterable on a map over at coinmap. However, since the Eurozone is not a country bit a federation of countries who all use the same currency, many would argue that South Korea actually provides the third largest amount of volume on Earth.
Any exchange with a Korean Won trading pair will allow you to sell your Bitcoin for fiat currency. Korbit has KRW trading pairs for many popular coins. Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. Local Bitcoins is a peer-to-peer P2P exchange, where you buy and sell with another individual.
This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only.
Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices.