Are you looking to buy cryptocurrency in Korea? Well, itโs proving to be a highly lucrative venture for small-scale investors. In recent years, South Korea has become one of the worldโs key centers for cryptocurrency.
In 2020, the South Korean government passed a law for regulating cryptocurrency. This goes to show how in-demand the industry has become in the country.
However, the market is still pretty new. Consequently, many people are still understandably wary. After all, although it makes transferring funds easier, it largely depends on online anonymity and privacy protections.ย If youโre looking to invest in cryptocurrency in Korea, you should definitely make an informed decision. Admittedly, there are some disadvantages.
However, here are five reasons you should go for it:
South Korea is The Third Largest Market For Bitcoin
South Korea was one of the worldโs first countries to adopt cryptocurrency markets. In 2017, when cryptocurrency was gaining popularity, more than a third of the workforce began investing in Bitcoin and Ethereum.
In 2018, when Bitcoin had a brief crash, it opened markets for new forms of cryptocurrency. However, Bitcoin quickly regained popularity.
Now, South Korea is the third largest market for Bitcoin. It comes after Japan and the US, which hold the first and second spots.ย
Bitcoin is popular in South Korea largely due to the countryโs diverse digital network.
Most Bitcoin users are in their mid 20s and 30s, the primary earning population. Theyโre also the primary consumers of digital content and technology.
Consequently, bitcoin prices have surged over 30% in other countries. This shows how impactful the South Korean market is in the cryptocurrency world.
The Countryโs Economic Conditions Are Favorable
Now, South Korea has one of the best economies in the world. At 11%, it has one of the lowest unemployment rates in the world.
Itโs no secret how advanced the Korean technological market is. From banks to education, you can access anything online.
Moreover, there are many burgeoning markets. The country dedicates a significant portion of its economy to small-scale entrepreneurs and investors.
In 2017, due to the economyโs favorable conditions, it became easier to make money off cryptocurrency.
Since then, Bitcoin has gained traction as a valid shot towards financial stability.
Consequently, it makes sense that the cryptocurrency market attracts young entrepreneurs and investors. In the countryโs competitive job market, younger people are more likely to take the risk.
There Are Multiple Trading Sources Available
If you want to buy cryptocurrency in Korea, you have access to multiple trading platforms. Coinmama and eToro are just two examples of verified trading sites.
eToro is very popular because itโs user-friendly and convenient. You can easily make quick transfers through your bank, PayPal, SEPA, and NETELLER.
The website also offers copy trading, which adds a layer of security.
Coinmama is accessible worldwide and has one of the highest limits to buying bitcoin. Coinmama also has fast-track verifications. Therefore, you always know where your money is going.ย
Both sites support multiple cryptocurrencies. These include Bitcoin, Litecoin, Ethereum, and Zcash.
Kraken, LocalBitcoins, and Paybis are other trading sites. Theyโre not as popular as the first two. However, theyโre still reliable brokers.
You Can Utilize Micropayment Transactions
What are micropayment transactions? Well, these are small online transactions, usually costing one USD or less.
People usually use micropayments to establish digital rights (paying royalties).
However, with cryptocurrency like Ethereum, people can create a micropayment economy. This makes it easier to transfer and earn money.
Both South Korea and Japan are highly familiar with micropayment economies. Prior to cryptocurrency, people used micropayments for social networking.
Therefore, itโs not a coincidence that both countries are doing so well in the cryptocurrency business.
Micropayments are rewarding because youโre making multiple small investments, increasing your returns.
This method is particularly useful for people in the gaming industry. For example, Hangame increased revenues by $30,000 per day using micropayments.
Cryptocurrency Regulations Are Still Developing
Since itโs still a relatively new field, the South Korean government has only recently passed a bill to regulate cryptocurrency use.
The government views cryptocurrency as both a threat and tool. Several politicians have advocated for cryptocurrency in the past few years. Others have said that it should be strongly regulated.
This has left much uncertainty surrounding cryptocurrency. However, this uncertainty has caused a surge in cryptocurrency use.
People donโt want to miss out, so theyโre getting in while they can. Therefore, market value for cryptocurrencies have also risen.
If youโre looking to buy cryptocurrency in Korea, you should do it sooner rather than later.
Conclusion
In sum, these were four reasons to buy cryptocurrency in Korea. South Korea is clearly a very lucrative market for digital investments. So, if youโre considering getting shares of bitcoin, youโll be better off doing so in Korea.
However, make sure youโre fluent in the language. Many cryptocurrency websites are only available in Korean.
If you need help, these Korean language apps make learning simple and fun
