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One of the largest markets for cryptocurrencies after Japan and U.S. is South Korea, as it’s believed by many. South Korea’s population is equivalent to Arizona and California if they’re put together. The cryptocurrency speculation looks like it has been overhyped unreasonably and South Korea’s government wants to take some fundamental steps now, to control this cryptocurrency trend in the crypto world.

South Korean’s Crypto-Market – Current Situation

At this time, you can clearly see a lot of chaos in South Korea. It all started when the government of South Korean officially legalized Bitcoin service back in July 2017, which caused a momentous progress in the demand for cryptocurrency trading all around the country.

North Korean hackers targeted South Korean Bitcoin exchanges in August 2017, and by the end of September, there were many rumours that South Korea was planning to execute stricter regulations on cryptocurrencies. These rumours turned out to be more serious by December and based on speculations, it changed into an absolute ban on cryptocurrency exchanges and had a bad impact on the crypto world.

South Korea Influence on the Cryptocurrency Prices

According to an estimation by The Blockchain Industry Association, South Korea has many cryptocurrency exchanges, including;

  • Coinone
  • Bithumb
  • Korbit

This tells us that even with 50 million people in a country, the demand for cryptocurrencies is so high that it has traded at more than a 30 % higher price than other countries.

80% of the investors in South Korea have earned from investments in cryptocurrency and almost one-third of salaried Koreans have an average of $5,000 in cryptocurrency, which is a huge acceptance of an unapproved investment based only on speculation.

How are cryptocurrency traders operating in South Korea?

Many banks including the second largest one in the country, Shinhan Bank, offer local cryptocurrency exchanges with computer-generated bank accounts. Each investor/user can use these virtual bank accounts for depositing or withdrawing huge amounts of Korean Won without using their real bank accounts, which takes a lot of time and is costly at the same time.

The industry is currently under the government’s radar, amid other fears, that illegal funds will be entering the market and management of price of cryptocurrencies will be based on speculative investments.

How’s 2018 been so far for Cryptocurrencies in South Korea?

More regulatory plans have been announced by the government to ban this anonymous cryptocurrency, in order to control cryptocurrency speculation. Meanwhile, after this announcement, several South Korean exchanges were removed by the CoinMarketCap from its website, stating that extreme price divergence is the main reason for this. Around $20 billion was wiped off Ripple’s market cap as a result. After a statement by the Ministry of Justice, news of a whole cryptocurrency ban arose once again.

Is there going to be any ban on the cryptocurrencies?

The government started to notice huge speculation that drove instabilities in the cryptocurrency market since September 2017 and in order to evade money laundering and other crimes related to it, strategies to prohibit anonymous trading on local exchanges were testified in December 2017.

The Prime minister of South Korea, Lee Nak-Yeon, warned about the hazard of cryptocurrencies being an easy way for the younger generation especially students, to get involved with such illegal activities.

Regardless of the media misrepresentation of more stricter rules for cryptocurrencies, at the beginning of 2018, Kim Dong-yeon (the Finance Minister) ensured that there’d be no ban of cryptocurrencies in South Korea. The government also proclaimed that there’ll be tax on cryptocurrency exchanges around 24%. Apart from banning anonymous trading, they’ll be banning foreigners and minors from opening any other new cryptocurrency accounts as well.

How South Korean government will enforce bans?

The south Korean government has restricted the opening of new virtual accounts and cryptocurrency traders won’t be permitted to make any deposits into their virtual currency exchange wallets. They’ll be only able to deposit it only if they’ve the name of their cryptocurrency exchange and it matches that of their bank accounts.

It’s been demanded by financial authorities to the cryptocurrency exchanges to revamp their AML (Anti-Money Laundering) and KYC (Know-Your-Customer).

Are These planned regulations of South Korean affecting the crypto-industry?

Because South Korea has such a huge cryptocurrency market, this means that these regulatory decisions of government will have a huge impact on the crypto market worldwide.

During all these rumoured reports of the government banning cryptocurrency, the total market cap of all coins was declined by 40% in just one day. But shortly afterwards, the market cap started to rise once again.

All the rumours have played a big role in the cryptocurrencies’ price, and any change in the economic decisions or law made in the hubs of major crypto, will always result in such instabilities.

However, there’s always a possibility that it will climb back to the pre-crash levels.

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Best Place to Buy Bitcoins Online is Btcwonder.com

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Are you inspired by those amazing tales where someone bought bitcoin and turned millionaire in no time? Are you planning to start your own Bitcoin venture but don’t know about the best place to buy Bitcoin? Here are few exchanges which offer Bitcoin both in bulk and minority.

CoinBase:

Coinbase is one of the world’s biggest Bitcoin exchanges. Clients in the United States, Canada, the vast majority of Europe, and Singapore can purchase bitcoins with an associated bank account or SEPA exchange.

European clients can buy bitcoins with 3D secure credit/debit cards.

CoinMama:

CoinMama is a bitcoin exchange that offers bitcoins with credit or debit cards. The fee is around 10% with the limit of about $5,000/day and $20,000 every month. After verification, bitcoins are transferred inside a couple of minutes. CoinMama is accessible only in some US states.

BitPanda:

BitPanda is an Austrian Bitcoin exchange that offers bitcoins with credit and debit cards. Charges are low; around 3-4% but not shown separately.

Many individuals ask: is it conceivable to purchase bitcoins with PayPal? Since PayPal bans its dealers from accepting PayPal payments for bitcoins, it is impractical to purchase bitcoins with PayPal directly.

So, these three are the top three exchanges which sell bitcoins. Next time someone asks about the best place to buy bitcoins, you know what to tell them.

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Why Is Bitcoin Gaining Worldwide Popularity?

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Bitcoin is a digital currency that first came in markets in 2009. The start was slow, but the whole business world moving to the internet has helped it gain worldwide recognition at a rapid speed. There are numerous reasons behind its growing popularity and all of them cannot be compiled in one post. Some of the primary reasons as to why Bitcoin is suddenly gaining worldwide recognition are discussed below.

Reasons Behind Bitcoin’s Popularity:

Bitcoin Is Stored on Virtual Wallet:

The bitcoin wallet serves the same purpose as a bank account for the traditional money. Once a user has successfully mined coins, they are stored in a virtual wallet – also known as Bitcoin wallet address. Each user is allocated a wallet to store coins. The wallet is then used to send or receive coins.

Bitcoins Are Becoming Mainstream:

During its early days, Bitcoin worldwide popularity was considered to be some kind of internet oddity. But this not the case anymore.

With several leading banks, business corporations and retail stores accepting it as a method of payment; the trend amongst the general public is shifting and the number of people buying/selling their favorite items is increasing each day.

Bitcoin Is Immune to Counterfeiting:

The currency is autonomous to third party influence and is created purely through cryptographic techniques. The code used in Bitcoin generation is impossible to replicate, which ultimately makes it immune to counterfeiting.

In addition to cryptographic features, gain Bitcoin gives its user complete anonymity. The anonymity, as a result, gives the users the freedom to transfer coins across the internet without regulators, censor or nosey authorities.

A network of Miners:

The backbone of this entire system is the network of miners. A miner is a high-end computer user who supplies the Bitcoin network with the processing power. The power is then used to maintain a tally of all transactions.

Maintaining a transparent tally is essential as it helps prevent fraud. The miners, in return, are awarded brand new bitcoins for their services.

Acceptance as A Form of Payment on Global Scale:

Bitcoin has often caused an argument over the reliability of its design. For years, the Cryptographers argued whether the digital currency is well-designed and can it be used to buy anything?

Luckily, Bitcoin is erasing all the doubts over its authenticity. Now you can buy a car, real estate, toys for your kids, yacht, and nearly everything using bitcoins.

Running a small/large business? Learn how to accept Bitcoin payments here.

Trades Through Bitcoin Are the Easiest and Cheapest:

Another reason as to why Bitcoin is gaining worldwide recognition is its simple and easy transfer. Whether you want to send coins to a friend next door or someone living in distant parts of the globe, all it takes is a few minutes to complete the transaction. And since the currency does not need to go through any clearing house (government, The central bank, Visa card, master card, etc.) the transactions are cheaper than those of traditional currency.

These are some of the reasons as to why Bitcoin is gaining popularity throughout the world. In conclusion, the currency is easy and cheaper in terms of making transactions, cannot be counterfeited and is accepted on a worldwide scale. Considering all these factors, Bitcoin is only going to hit the new heights in the future.

Read our guide on what are the best Bitcoin exchanges to safely transact the coins.

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Easiest And Fastest Way To Buy Bitcoin Online From Btcwonder.com

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Bitcoin is a cryptocurrency without any delegates or banks required to direct transactions. It was built as open-source software in 2009 by an individual or a group referred to as Satoshi Nakamoto with the idea to limit transaction costs and deregulate money. There are many ways of buying Bitcoin. Here we are going to discuss the easiest way to buy Bitcoin.

Buy Bitcoin Through Wallets:

The easiest way to buy bitcoins is through digital wallets. CoinBase is the most renowned wallet. All you need to use this wallet is sign up for an account and link your bank account.

The reason why it is considered the easiest way to get bitcoins is because it allows the option of buying bitcoin through Visa and Master Card.

Other Ways to Purchase Bitcoin:

Another fastest way to buy Bitcoin is buying it through local bitcoins. Here you go to localbitcoins.com and setup a meetup with a local Bitcoin seller in your area. Make sure that the meetup is kept at a public area or somewhere you are completely familiar with. Local Bitcoin deals have a history of taking unpleasant turns so you must take every precaution before making the transaction.

Bitcoin faucets are also considered the fastest way to buy bitcoins. Bitcoin faucets are programs that are designed to distribute bitcoins in fractions to the visitors to claim. There is a time interval between each Bitcoin batch that is released and the visitors must wait through it.

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European Union Official Says Blockchain is “Going Mainstream”

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According to the latest blockchain news 2018, the vice president of a European Commission has officially asked the EU nations to commit to blockchain-technology; which, according to him, is going mainstream. The vice president of the European Commission said this in a speech on “digitization,” and highlighted the blockchain technology as an area that EU nations must be committing to. European Commission vice-president, Andrus Ansip highlighted blockchain technology amid the parts where Europe is top-positioned and is playing a leading role along with AI (Artificial Intelligence).

EU’s Opening Remarks

The official offered the “opening remarks” of the annual ‘Digital Day’ of European Union, which was initially held in Brussels this year, where Ansip stated:

“I would like to see EU countries make a similar commitment (as with AI) to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.”

In order to achieve their aim, the European Commission’s official called on national governments as well as private sectors to subsidize the cause and stated the EU’s own “public purse only goes so far”, demonstrating almost 1% of the yearly-wealth produced by economies of EU and added, that they need a hard crash.

The remarks were quite noteworthy as they came up just within weeks, earlier in the month of February, when EU launched its own “Blockchain Observatory.” The EU blockchain establishment was first announced by the EC last year and was a response to an European Parliament mandate to reinforce the technical proficiency of EU in innovative technologies.

European Blockchain Partnership

According to the European Commission, it will be investing €300 million in projects that are linked to the use of blockchain technology directly. The EU also unveiled that it is placing the groundwork which is required to create a “European Blockchain Partnership” for promoting interoperable-infrastructures, amid EU nations, to boost and stand-in trusted digital services. In the meantime, the officials of EC previously hinted that they’d be presenting a regulatory framework for cryptocurrencies.

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7 Shocking Things You Can Purchase with Bitcoin Right Now

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Bitcoin has been on a roll ever since the hard fork incident took place. The digital currency climbed to many new heights within the past month but, the most recent one was it hitting a record of $5000 per coin on Saturday, last week.  Let’s not forget, the value did fall by $1000 within three days before it made a speedy recovery. Bitcoin right now is hovering above $4,200 per coin.

We’re all aware that the rapid fluctuations of the cryptocurrency make it difficult to price products. But even with that continuing, there are still some exciting and wild purchases you can make with bitcoin.

Here are 7 of the most shocking things you can buy with bitcoin.

  1. Airline Ticket

    Back in the summer of 2014, Air Baltic was announced to be the first airline to accept bitcoin as a means of payment for airline tickets.

  2. Pizza

    In 2013, ForCoinsLLC was launched by two bitcoin enthusiasts. Their aim was to make it simpler for consumers to purchase items with bitcoin. PizzaForCoins is their website that allows you to pay with bitcoin at local franchises of Papa Johns, Pizza Hut and Dominoes.

  3. A college degree

    You can get a master’s degree in digital currency from the University of Nicosia, in Cyprus. They accept tuition payments in bitcoin through a bitcoin exchange but, their first class is free online. The degree costs $14,500 however, if you pay in bitcoin, you get a 5% discount.

  4. An apartment in Dubai

    Looking for a new pad? Well, the Aston Plaza and Residences in Dubai newly announced that the developers would be accepting bitcoin as a payment for studios, one and two-bedroom apartments. Prices begin at around $127,800 which is 27.55 bitcoins.

  5. Date night

    In Berlin, a restaurant owner claimed that about 10% of his customers pay using cryptocurrencies.

  6. A brandy distillery

    Presently, a distillery in Nemesvamos, Hungary, is selling its building along with the equipments for a little above 73 bitcoins.

  7. A funeral

    One funeral home in the U.S., Crescent Tide Cremation Services in Twin Cities, Minnesota is known to accept bitcoin as a means of payment. They even offer 3% discount if you pay in crypto-cash.

 

Story Credits: mic.com

Image Credits: techrepublic.com

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