In recent years, South Korea has become a country known for a lot of things. First, the country was famous for its advanced technology, culture, and lifestyle. And now, it is also a well-known hub for cryptocurrency trade in Asia. As a result, Bitcoin and other cryptos have gained influence over the general Korean public and organizations for a few years. In this article we shall read about Bitcoin and South Korea.
One of the best things about the country’s people is that they quickly adapt to new things. Thus, Bitcoin was also acknowledged when it first came there. Today, Bitcoin is accepted in several stores and outlets all over Korea.
Platforms that accept Crypto as a payment option
When companies like PayPal and Microsoft announced accepting Bitcoin as a payment option, it opened a new era in the crypto world. Danal Fintech, a company primarily engaged in mobile payment services, introduced Paycoin, a cryptocurrency made for their online payment program Paybase in Korea. Their main aim was to become a domineering payment wallet in the country. They are also the first crypto wallet to accept payments in South Korea. It accepts Bitcoin as a payment option in Korea at over 60,000 online and offline stores like 7-Eleven, KFC, Domino’s Pizza, Kyobo Book Centre, and coffee shops.
Bithumb, another cryptocurrency exchange, introduced Bithumb cash as a convenient crypto payment gateway. Its members can transfer Bitcoin individually within themselves. It is also a crypto payment method for several online and offline stores. As payments can be made by just scanning a bar or QR code, they are popular in most movie theaters, convenience stores, and places that require a quick business transaction.
Where to buy Bitcoin in South Korea?
Wallets
There are three types of cryptocurrency wallets:
- Hardware crypto wallets are a device that stores the private keys of the individual on a USB. These are portable and highly secure from hacking. They can also deal with multiple blockchains simultaneously.
- Software crypto wallets: often known as a digital cryptocurrency exchanges, these are one of the best ways to buy bitcoin in South Korea. You can exchange bitcoins through your smartphone or PC. Since Bitcoin became popular in Korea, several digital Crypto wallets have been introduced.
- Paper wallets: these are traditional and the oldest type of crypto wallet. They are paper with two QR codes and a public and private key. These also are immune to hacking as they are just papers. But a paper wallet is an unsafe way to secure Crypto as a paper can get damaged or can be stolen.
Growth of bitcoin in Korea
The following can be considered as the reasons for the growth in South Korea’s Bitcoin market:
- Investors: Although South Korea might seem technically advanced, high profile, and developed, the cost of living, surviving, and staying in the country was probably high. So, many citizens thought of investing in Crypto as they thought of it as an easy and straightforward way of earning money. It is said that every 1 out of 3 people from the working class has bought Bitcoin or exchanged bitcoin at some point. It is estimated that approximately 3.8% of the total population has invested in Crypto. The prominent people that invested in Bitcoin were:
–the economic class of people that think of Crypto as a good way for investment in the future.
–youngsters wanting to earn more money to live a more lavishing lifestyle.
–people are saving money for their retirement.
–jobless people with low wages think of Bitcoin as an easy way to earn money.
- Government: when the bitcoin’s price kept increasing since 2017, the government decided to impose laws to govern and manage their exchange and trading. But even laws weren’t able to stop the increasing exchanges. Koreans could care less about such regulations, which only increased the people’s morale to buy Crypto.
Conclusion
In conclusion, Bitcoin is accepted and used as a replacement for real currency in South Korea by several stores and retail outlets. So, even though it isn’t a legal currency, it might be in the future. And then, we can say that South Korea is a Bitcoin-friendly country.
Frequently Asked Questions
- Is Cryptocurrency a legal currency in South Korea?
Cryptocurrency is NOT a legal currency in South Korea. It is considered a legal exchange, not a legal tender.
- Is there a Bitcoin ATM in South Korea?
No, there is no Bitcoin ATM in South Korea as of now.
- Can foreigners buy Bitcoin in Korea?
If you are not a legal resident of Korea, then you cannot buy any Crypto or Bitcoin there. However, if you are a legal resident of Korea, then you may try buying.
Bitcoins in some exchanges that allow foreigners to buy Crypto.
- Are Bitcoin prices higher in Korea?
Bitcoin prices may differ in the country as Cryptocurrency is a decentralized asset.
