Why Korean buy expensive Bitcoin?

in bitcoin •  8 years ago  (edited)

5.jpg

I am Korean and living in United States. When I buy Bitcoin or Ethereum , I use Coinbase. I can use Kraken, but they required too many things like scanning documents that I have to fill it up. Coinbase is easy to use, but I think they take too much commissions. When they show me the price at $89.45, but it is actually $89.93 when I try to buy it. I've heard if I use Gdax, I can set the price that I want to buy, but Coinbase on app or website, I can only buy at the market price; however, in Korea, you only can buy Bitcoin or Ethereum on the Korean exchanges. Top three Korean exchanges, Korbit, coinone, and Bithumb are well distributed, so prices are various every moment at each exchange. The high competitions among these three exchanges stabilizes the price. Unlike Coinbase, Korean exchanges have extremely fast deposit & withdrawals system. After you sell your Bitcoin, you can withdrawal Korean fiat money to your bank account within 30 mins, usually less than 10 mins. If you know the fact that it takes 7 days to deposit on Coinbase and 2-3days to withdraw from Coinbase, taking 10 - 30mins is enough to make you surprise. The thing is the price at each exchange can be firmed although it is a bit high due to easy deposit and withdrawals. If the Bitcoin price is more expensive at one exchange, you will sell it and buy it at other exchange that sell Bitcoin in cheaper price. High competition and easy deposit &withdrawals make higher price of any other concurrency such as Ethereum, Ether classic, Litecoin, and Ripple. These are major coins that three exchanges deal with, and all of them set up at higher price. If you buy bitcoin in US and sell it in Korea, it is arbitrage trading. The problem is Korean exchanges require your Korean phone number that must match with your name and Korean bank account. This barrier lets Korean exchanges separate from the price of other countries'.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

As crypto market grows in Korea, the greater its influence will be in the whole market. Now really is a goodtime to buy btc! Pali, pali! =^_^=

The influence will keep bitcoin up :) buy pali pali!

Ne, 'AHJUSSI'! hahaha kidding :)

Ne, 'ajumma' :)

Arasso, halabeoji. Ktnxbye! Hahaha

hello I'm korean in korea.
If you interested in financial transactions (arbitrage) contact me
skype : thehowl1

EtherDelta is a Goldmine, insane arbitrage opportunity https://steemit.com/gifto/@fifelue/tips-be-a-millionaire-using-arbitrage

Very good blog. I was about to post a similair post. Buy low, sell high, it seems so simple but most investors still don't seem to get it :-) Besides coinmarketcap.com there is: https://www.coincheckup.com I'm really enthusiastic about this site, they let you analyze every single coin out there. On: https://www.coincheckup.com/coins/Bitcoin#analysis For a complete Bitcoin Analysis

The problem is Korean exchanges require your Korean phone number that must match with your name and Korean bank account. Indeed, an arbitrage need a korean bank card.

I've been trying to do an arbitrage between China and Korea, with a friend's help, here is my experience.

https://steemit.com/bitcoin/@chiangqiqi/bitcoin-arbitrage-between-korean-and-china

Yes, Coinbase also require SSN when I withdrawals quite of money. how about Chinese exchange?

It is expensive, but I bought inevitably.

I know.. I hope there is a way to buy the other exchanges. I feel interesting but weird that one product has so many different prices.

In my country I can have cash from bitcoin in less than 30 minutes too but without bank intervention.

Oh, that's interesting. Then how do you get the cash out without bank account?

In the philippines we have so many remittance center and some of them are affiliated with my wallet.

I got it. Then if international ppl travel to philippines, is it easy to take money out there with bitcoin or ethereum?

Yes definitely.

that is so convenient! Thanks for letting me know. I will go there without fiat money :)

Youre welcome. In case you need assistance, you know where to find me.

They are more convenient and accessible only for Koreans which makes them more legit and valuable.

I remember that MtGox had higher than other markets prices because thay had KYC policy and long pay out times.

I hope that Koreans will be buying BTC for 2300$ soon so the bitcoin price will rise to 2000$ on other markets :)

Oh I didn't know mtGox had higher price. I hope Korean exchanges do not follow mtGox :)
I don't think it will take too long to get $2000 on the other markets

Hi guys! Why don't you just create an account at a Western market (e.g. Coinbase?) Or is that not possible for Korean people? If so, why? Are Korean people allowed to buy crypto's at several markets, or one market only? How does the government monitor this?

Hello

I am looking for a Korean partner to trade bitcoin. I am based in Manila. I will sell bitcoin cheaper than Korean price.

I plan to do continuous trading with you. We can start at 0.05btc and work our way to 1btc in 20 cycles, while alternating who first sends money or btc to equalize both our risks.

I can also trade with you via face to face meeting in Seoul or in Philippines.

I am doing this business for long term so our business relationship is important to me.

If you are interested please email me at [email protected].

여보세요

나는 비트 코인을 거래하는 한국 파트너를 찾고 있습니다. 저는 마닐라에 있습니다. 나는 비트 코인을 한국의 가격보다 더 싸게 팔 것이다.

나는 너와의 지속적인 거래를 계획하고있다. 우리는 0.05btc에서 시작하여 20주기 동안 1btc로 나아갈 수 있습니다. 누가 먼저 교대로 돈이나 btc를 보내면 두 가지 위험이 같아 질 수 있습니다.

나는 또한 서울이나 필리핀에서 직접 대면하여 당신과 거래 할 수 있습니다.

나는이 사업을 장기적으로하고 있으므로 사업 관계가 중요합니다.

관심이 있으시면 [email protected]으로 이메일을 보내주십시오.

Well, I guess it makes sense. I used to trade on Coinbase, but just like you said, it takes too much commissions, and it takes too much to withdraw. Of course, I'm not in Korea, so I can't use these trading platforms, but British Bitcoin Profit works just as well as Korean exchanges, so I think it's a great alternative for people from other countries.