South Korea is Rising in the Cryptocurrency Market
Korean Won (KRW) is in the 3rd national currency traded for Bitcoin, based on Cryptocurrency Market, CoinHills, which reported more than 36,662 BTC traded in KRW by the 24-hour volume.
Image source: Wikimedia Commons
면책 조항 : 이것은 균형 잡힌 조항입니다. 한국에 대한 의도적 인 편견은 없으며, 오늘날 한국의 암호 해독 시장에서 한국이 어떻게 이름을 정립하고 있는지에 대해 더 많이 이해하고 있습니다. 나는 또한 Google 번역을 제공하기 위해 Google 번역을 사용하고 있습니다. 고마워 내 기사를 즐기십시오.
**Disclaimer: This is a balanced article. There are no deliberate biases for Korea, I am here to understand more about how Korea is establishing a name for themselves in today's cryptocurrency markets. I am also using Google Translate to provide Korean interpretation. Thank you and please enjoy my article.
What makes Korea a good place for the cryptocurrency boom?
With Korea's recent boom in technological advances, it is difficult to ignore the fact that major tech companies such as Samsung, LG, and Hyundai have already gained global recognition. Tech-savvy millennials are proving to trend-set technology for the upcoming years. Technological resilience is what every country has to learn to strive for and Korea has become our role-models. Innovation in blockchain technology is just one for their ongoing projects so far.
What may seem simple on the surface is how well Korea's education system is equipping the next generation of technical engineers, modern-day Koreans face economical struggles like everyone else. Based on the article published on The Verge titled: "South Korean millennials are reeling from the Bitcoin bust" by Rachel Premack, high costs of living and stiff job competition are some of the issues faced by young adults in their 20s. Cryptocurrency was a means to become self-sufficient without a 9-to-5 job. In Korea, the situation is much worse as the limit for working hours is 52 although it has been already been reduced from the existing 68 hour work week (Source: The Guardian).
Image source: pixabay.com
How is the South Korean government responding to cryptocurrency?
Investment in cryptocurrency has always been a fine line between the dark market, scams and uncertainty. Government regulations seeks to curb "money laundering, tax evasion and excessive speculation", "Prime Minister Lee Nak-yon has even gone as far as to say that cryptocurrencies might corrupt the nation’s youth." as reported by Bloomberg - Kyungji Cho.
These excessive regulations may hamper the Koreans ability to trade cryptocurrency on exchanges. We know that regulation as far as they go, have failed to 'curb' any mainstream sentiments, but only broadcasted the rise in popularity of Bitcoin and other cryptocurrencies. Governmental bodies that restrict and over-regulate their population is no longer favored as this affects the stability of their economy. South Koreans are petitioning for the elimination of policies that prevent companies in the blockchain industry (Source: The Merkle). There are 3,682 signatures in the petition right now, which expires on 9th May. Petition Page: https://www1.president.go.kr/petitions/192485
Image source: pixabay.com
cryptocurrency가 새로운 세대의 기술에 정통한 밀레니엄 세대의 삶을 개선하기를 계속하면서, 이미 분배되어야하는 모든 부를 털어 놓는 연금 수급자 퇴직자가있는 오래된 대기업을 진화시키고 제거하기를 바랍니다.
I hope that cryptocurrency will continue to improve the lives of the new generation of tech-savvy millennials while we evolve and remove obsolete large companies with pension-paid retirees siphoning all the wealth that should already be distributed.
I'm always interested in how outsiders view South Korea, so thanks for providing this view.
Like you mentioned, South Korean people's enthusiasm for cryptocurrency is more out of desperation than the advanced technology and education.
Many people in their 20-30's call Korea "a country without hope". The social and economic structure is becoming more rigid and folks see a caste system where people's status is based on the parents' wealth. Even compared to 20 years ago, it's becoming harder to climb the corporate ladder.
Meanwhile, the cost of living is surging while wages are being suppressed and good jobs are hard to come by. Even those "good" jobs require more than 60 hours of work and provide not much job security.
In this kind of situation, the advent of bitcoin and the block chain was almost Godsend. It provides a new hope to "destroy" the old regime and march into a "new" one, similar to the hope that Internet brought to the Silicon Valley long time ago.
Only time will tell whether the block chain technology will free the Korean people from their own chains. I am personally hopeful.
As it is said in the movie "The Dark Knight": The night is darkest before the dawn. And I promise you the dawn is coming.
P.S.: FYI the "KR" community is generally negative towards the use of voting bots. You might want to be mindful if you are going to post using the "KR" tag going forward. The choice is yours of course.
Thank you for adding so much value to my article. Yes, from the outside view, it is not easy to understand your country's situation. I will continue to write quality articles on cryptocurrency and help everyone make good decisions on investing in Bitcoin. Hope the kr community is forgiving about my use for voting bots. I use it only to what I think my article is worth.
This post, with over $50.00 in bidbot payouts, has received votes from the following:
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For a total calculated bidbot upvote value in the amount of $81 USD.
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Frankly, I really enjoy google translation humor. no offence. I agree this good point of view article.
I can't read the translations so funny or correct I wouldn't know :) Thanks for reading. I can find a translator to help next time. Maybe you can help?
Many Koreans could understand your post in English. If you write simple sentences and in easy words, it is good enough to get Korean readers. also you may get much better result from the google translation.
Thank you for the advice :)
Thank you for your article :)
NICE BABY