South Korea is one of the world’s most wired societies. The
citizens have near-ubiquitous broadband access and enjoy blazing-fast Internet
speeds. Now the country is slowly becoming a hotbed for crypto-traders. South
Korea, at present, is the world’s 3rd largest e-currency
trading country, only after Japan and the U.S.
The cryptocurrency accounts for about 33 percent of
the country’s total market share.
Earnest mass interest in cryptocurrency in South Korea began in
fall in 2017, according to the trade volume data from Korbit.
The Korean Society
According to the reports, the design of Korean society played a
major role to make the Korean people go crazy about cryptocurrency. Koreans are
extremely obnoxious about their status in society.
A government survey of 2016 presented an alarming report. Even the
employed youngsters are absolute pessimists when their economic prospects are
questioned. Not even 15 percent of young Koreans don’t have trust that they
will surpass their parents’ generation economically.
Fall in traditional ways
Almost all young Koreans
today inherit some property from their ancestors and thus have some disposable
funds. But, unfortunately, the investment opportunities are not abundant
enough. Real estate had been playing an important role for the last few decades
to add up to one’s fortune in Korea.
However, in the recent years, the sector witnessed
price hike at an exponential rate. Now not even upper-middle-class people can
afford to invest in it. And interest rates for savings accounts in banks or
elsewhere are hardly some few percentage points a year.
Thus cryptocurrency seems to be an escape from this stagnant economic
condition.
The hyper-connective Koreans
Koreans’
hyper-connectivity helped spur cryptocurrencies’ popularity. The country’s
teens and young adults spend almost four hours a day at mobile phones. The
government had ensured high-speed internet connection in nearly every Korean
home and 88 percent of the adult population owns a smartphone, the highest
percentage globally. Such an abundant connectivity allowed several traders with
potent from all age groups to get interested in learning about this sudden
frenzies and soon heard about the insane amount of money one can make by
investing on Korean Cryptocurrencies. Unknown
to many people around the globe, several Korean universities have Cryptotrading
clubs, where you can meet like-minded traders and share trading strategies and
tips.
Son of rich Koreans
The children of the Korean upper class having discovered the
potential massive profits from crypto trading, popularized it a lot in the
beginning days. The country holds a lot
of millennials and being born into wealthy Korean business families, they are
simply investing and trading with their parents' money. When you look deeply at
average Ethereum trades in the Stared, they hardly range from $100 to maximum
something around $10,000 per trade. But in Korea, even investments of $100,000
are not rare.
The decrease in other
local investments
The domestic stock market has always been a preferable and safe
option for investment to South Koreans. But the Korean stock markets are now
seeing its darkest days, they have lost both of their stability and popularity.
Even gambling, which is another way to give a chance to fortune making for many
Asian risk-takers, has become declared illegal. Those who are now
currently in cryptocurrencies were risk-taking gamblers of the time due to
their high volatility. When they were looking for other assets with high
volatility, Bitcoin seemed to be the perfect one. So high-risk traders invested
their money into the Korean Cryptocurrency market and luckily, it went up like
crazy. Once people got the taste of the e-currency they kept on pouring more
and more money in.
Other digital currencies you can use:
XcelTrip tokens are a digital currency that can be used to pay
for hotels, restaurants, spas, flight tickets, and bars. The token is so
designed that it can flow easily within the hospitality and tourism industry.
By paying with XcelTrip tokens, travelers can suddenly make a
handsome discount while booking with certain partner providers. XcelTrip has already made steps by launching mobile apps
for both Android and iOS platforms. It’s a well-designed app to provide full
service from a single online travel platform. It makes booking accommodations,
secure rides and buys flights quite easy for the users, through one convenient mobile
software.
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