Korean Market Analysis on Their Adoption to Blockchain
By Luke Flowers – Crypto Speculator
In the analysis from Cindicator, it has been estimated that 30% of total cryptocurrency trading around the world is in South Korea, with 30% of their salaried workers buying and selling crypto. The country has become a blockchain enthusiast and with their historic records of innovation, they may lead when it comes to replacing crypto for cash.
After 1953 when the war had ended, South Korea was in a sorry economical state. It was one of the poorest countries and relied heavily on agriculture. The country had refused to have foreigners directly invest in their economy for most of this, although it did agree to access technological goods. With the well-educated population, they were able to assemble the goods and understand how they worked. In 1982, this awareness helped them launch a research and development programme and eventually they were assimilating foreign technologies into their new indigenous technologies – all of which benefitted their economic growth.
As the country is known for adopting new technologies, it comes as no surprise that they may lead the way with how to sell Bitcoin and promote blockchain technology. Although the data shows that Koreans exchange Bitcoin with more volatility compared to the Top 10 index, it might be because they still at an early phase which can make it more vulnerable to price swings.
With a country being so open to new technologies it could be a safe place to buy and sell cryptocurrency. There is always a risk that nefarious schemes may compromise the safety with people selling Bitcoin in a negative way; undermining blockchain technology and not helping the reputation of using Bitcoin for cash.
In the conclusion of the report, it suggested that if blockchain becomes a future success, then South Korea will be playing a major part in adopting it.
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