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  • jwoon
  • Veteran

    • 132

    • October 29, 2010, 01:23:59 pm
    • busan
Bitcoins in Korea
« on: April 19, 2013, 08:30:21 am »
I was wondering if Korea has a market exchange for Bitcoins.  I'm thinking it may possibly be cheaper to send money home converting won into bit coins, sending it to my bitcoin wallet and then coverting it into dollars and then putting it in my american bank account.  I know this all depends on the fees but I know sending bitcoins to other accounts have no or very little fees.

Right now my KEB and American bank account charges around 35 dollars altogether, if not more.  It would be nice to cut down on the transaction fees.


Re: Bitcoins in Korea
« Reply #1 on: April 24, 2013, 04:38:48 pm »
i found a guy in goeje where i will do an in person exchange.  he charges 1%.  not bad.

i really think bitcoin is good for us teachers when it comes to sending home money.


  • jwoon
  • Veteran

    • 132

    • October 29, 2010, 01:23:59 pm
    • busan
Re: Bitcoins in Korea
« Reply #2 on: November 18, 2013, 09:04:09 am »
Korbit.co.kr and buybitcoin.co.kr are both korean exchanges.  I opened a Korbit account but haven't really used it since it's all in korean.  I have some bit coin I may be selling in a few weeks.  I really hope it spreads in Korea.


  • Frodo03
  • Waygookin

    • 20

    • March 14, 2014, 12:02:49 pm
    • USA
Any Bitcoiners here?
« Reply #3 on: July 09, 2014, 06:30:00 am »
Hey all!

Just wanted to see if anyone on these forums or in SK is into Bitcoins. I'll be heading to SK in the fall and I'm definitely looking to get into the Bitcoin scene (very small I know). Are there any other Bitcoin meetups/events outside of Seoul?

To the moon!


  • Korea13
  • Super Waygook

    • 494

    • May 29, 2013, 08:36:18 am
    • korea
Re: Any Bitcoiners here?
« Reply #4 on: July 09, 2014, 07:49:24 am »
There a bitcon meetup in seoul. Usually at the Coex mall. Check it out on meetup.


  • johnyv40
  • Adventurer

    • 51

    • March 10, 2013, 07:55:16 pm
    • Cheonan
Re: Any Bitcoiners here?
« Reply #5 on: July 09, 2014, 10:20:15 am »
I have been going to the bitcoin meetup it's nice


Re: Bitcoins in Korea
« Reply #6 on: July 09, 2014, 10:40:08 am »
How exactly does one get into Bitcoins?
Dropbox is the BEST way to coordinate files between home and school. Click here to get it --> https://db.tt/JSMXsrdm


  • neilg
  • Waygookin

    • 20

    • September 03, 2013, 12:56:56 pm
Re: Bitcoins in Korea
« Reply #7 on: July 09, 2014, 03:09:54 pm »
MTGOX took me down


Re: Bitcoins in Korea
« Reply #8 on: July 09, 2014, 04:59:33 pm »
Quote
Buy a bundle of cheap video cards install them into work computers (free electricity) and profit.

This is false. This may have been true a year or 2 ago, but with ASIC devices flooding the market theres no way to mine bitcoins efficiently anymore. I've switched to mining litecoins currently but there are many other cryptocurrencies on the market. I'm not even breaking even unless litecoin prices increase dramatically since I can only mine about 1 coin per month and electricity costs about 25$ a month.


Re: Bitcoins in Korea
« Reply #9 on: July 09, 2014, 05:33:37 pm »
I was wondering if Korea has a market exchange for Bitcoins.  I'm thinking it may possibly be cheaper to send money home converting won into bit coins, sending it to my bitcoin wallet and then coverting it into dollars and then putting it in my american bank account.  I know this all depends on the fees but I know sending bitcoins to other accounts have no or very little fees.

Right now my KEB and American bank account charges around 35 dollars altogether, if not more.  It would be nice to cut down on the transaction fees.

I don't know anything about bit coins.  One of the questions I would however be asking is, "what are the risks associated with this sort of thing?"
"The people who are crazy enough to think they can change the world are the ones who do."  Steve Jobs


  • Frodo03
  • Waygookin

    • 20

    • March 14, 2014, 12:02:49 pm
    • USA
Re: Bitcoins in Korea
« Reply #10 on: July 09, 2014, 09:40:41 pm »
How exactly does one get into Bitcoins?

Very simple. Go through an exchange, link up your bank account, and buy some Bitcoins. Make sure you read up on how to properly secure your coins first (ex: cold storage, paper wallets, etc.). Where do you live? If you're in the US, Coinbase is a great company to buy Bitcoins through. The UK has some good companies as well, but I don't know them off the top of my head.

If you're not in the US or UK, you can also use https://localbitcoins.com/ to buy Bitcoins from another person in whatever country you're in, or you can try to find a Bitcoin ATM somewhere.

I was wondering if Korea has a market exchange for Bitcoins.  I'm thinking it may possibly be cheaper to send money home converting won into bit coins, sending it to my bitcoin wallet and then coverting it into dollars and then putting it in my american bank account.  I know this all depends on the fees but I know sending bitcoins to other accounts have no or very little fees.

Right now my KEB and American bank account charges around 35 dollars altogether, if not more.  It would be nice to cut down on the transaction fees.

I don't know anything about bit coins.  One of the questions I would however be asking is, "what are the risks associated with this sort of thing?"

I would recommend starting out in the Bitcoin subreddit of Reddit: http://www.reddit.com/r/Bitcoin/

If you look on the right side of the page, there are many helpful links for newbies. The people in that subreddit are very helpful, so feel free to ask any questions.

The biggest risk is probably securing your Bitcoins- but this risk can be greatly minimized if you simply educate yourself on how to properly store your Bitcoins. People only get their Bitcoins stolen if they are very foolish with how they store their Bitcoins, passwords they use, etc. Just be smart. :)


Re: Bitcoins in Korea
« Reply #11 on: July 09, 2014, 10:03:04 pm »
How exactly does one get into Bitcoins?

Very simple. Go through an exchange, link up your bank account, and buy some Bitcoins. Make sure you read up on how to properly secure your coins first (ex: cold storage, paper wallets, etc.). Where do you live? If you're in the US, Coinbase is a great company to buy Bitcoins through. The UK has some good companies as well, but I don't know them off the top of my head.

If you're not in the US or UK, you can also use https://localbitcoins.com/ to buy Bitcoins from another person in whatever country you're in, or you can try to find a Bitcoin ATM somewhere.

I was wondering if Korea has a market exchange for Bitcoins.  I'm thinking it may possibly be cheaper to send money home converting won into bit coins, sending it to my bitcoin wallet and then coverting it into dollars and then putting it in my american bank account.  I know this all depends on the fees but I know sending bitcoins to other accounts have no or very little fees.

Right now my KEB and American bank account charges around 35 dollars altogether, if not more.  It would be nice to cut down on the transaction fees.

I don't know anything about bit coins.  One of the questions I would however be asking is, "what are the risks associated with this sort of thing?"

I would recommend starting out in the Bitcoin subreddit of Reddit: http://www.reddit.com/r/Bitcoin/

If you look on the right side of the page, there are many helpful links for newbies. The people in that subreddit are very helpful, so feel free to ask any questions.

The biggest risk is probably securing your Bitcoins- but this risk can be greatly minimized if you simply educate yourself on how to properly store your Bitcoins. People only get their Bitcoins stolen if they are very foolish with how they store their Bitcoins, passwords they use, etc. Just be smart. :)

Is there a risk that even if someone secures their bit coins really well, that the value of the bit coins may decline dramatically?
"The people who are crazy enough to think they can change the world are the ones who do."  Steve Jobs


  • Frodo03
  • Waygookin

    • 20

    • March 14, 2014, 12:02:49 pm
    • USA
Re: Bitcoins in Korea
« Reply #12 on: July 09, 2014, 11:53:51 pm »
How exactly does one get into Bitcoins?

Very simple. Go through an exchange, link up your bank account, and buy some Bitcoins. Make sure you read up on how to properly secure your coins first (ex: cold storage, paper wallets, etc.). Where do you live? If you're in the US, Coinbase is a great company to buy Bitcoins through. The UK has some good companies as well, but I don't know them off the top of my head.

If you're not in the US or UK, you can also use https://localbitcoins.com/ to buy Bitcoins from another person in whatever country you're in, or you can try to find a Bitcoin ATM somewhere.

I was wondering if Korea has a market exchange for Bitcoins.  I'm thinking it may possibly be cheaper to send money home converting won into bit coins, sending it to my bitcoin wallet and then coverting it into dollars and then putting it in my american bank account.  I know this all depends on the fees but I know sending bitcoins to other accounts have no or very little fees.

Right now my KEB and American bank account charges around 35 dollars altogether, if not more.  It would be nice to cut down on the transaction fees.

I don't know anything about bit coins.  One of the questions I would however be asking is, "what are the risks associated with this sort of thing?"

I would recommend starting out in the Bitcoin subreddit of Reddit: http://www.reddit.com/r/Bitcoin/

If you look on the right side of the page, there are many helpful links for newbies. The people in that subreddit are very helpful, so feel free to ask any questions.

The biggest risk is probably securing your Bitcoins- but this risk can be greatly minimized if you simply educate yourself on how to properly store your Bitcoins. People only get their Bitcoins stolen if they are very foolish with how they store their Bitcoins, passwords they use, etc. Just be smart. :)

Is there a risk that even if someone secures their bit coins really well, that the value of the bit coins may decline dramatically?

This is very unlikely. Yes, the price of Bitcoin is still volatile, but this volatility is decreasing quickly as more and more people and merchants adopt the technology (and for a few other technical reasons).

Keep in mind the bigger picture here. I won't go too in depth, but if you do a little research on Bitcoin (and the technology behind it), you'll find that it is truly revolutionary, and that it is going to profoundly change our world. You may not see it yet, but give it 5-10 years. We're essentially in the "90s phase of the Internet" right now.

I won't list all the reasons why and how it is going to change our world, but as for the value of coins potentially declining, keep in mind Bitcoin's "network effect". Bitcoin currently has an 8 billion dollar market cap, its use is spreading rapidly all over the planet (because of the utility it provides to individuals- it essentially allows people to be their own bank and not have to trust a third party when transacting with someone), and there are hundreds of millions of dollars in investments from very smart people going into the space.

Personally, I believe Bitcoin's network effect (and the rate at which it is progressing) is simply too big at this point to lose a massive amount of value.

EDIT: If you're interested, I definitely recommend educating yourself before converting some of your fiat to Bitcoin. I'm not even that huge of a technology person, and I find Bitcoin (and the technology's implications) absolutely fascinating.
« Last Edit: July 09, 2014, 11:56:09 pm by Frodo03 »


Re: Bitcoins in Korea
« Reply #13 on: July 10, 2014, 12:33:58 pm »
I am very curious to see where the whole bit coin thing goes in the next 5-10 years.  I don't foresee myself getting involved with it.
"The people who are crazy enough to think they can change the world are the ones who do."  Steve Jobs


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  • Expert Waygook

    • 783

    • March 20, 2012, 07:50:46 am
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Re: Bitcoins in Korea
« Reply #14 on: July 10, 2014, 01:17:13 pm »
"Stuff You Should Know" has a great podcast on bitcoins, it's whole history and how it works. It's quite fascinating, and a great intro to see if it's something you'd be interested in.

http://www.stuffyoushouldknow.com/podcasts/bitcoin-works


Re: Bitcoins in Korea
« Reply #15 on: July 10, 2014, 02:39:35 pm »

I don't know anything about bit coins.  One of the questions I would however be asking is, "what are the risks associated with this sort of thing?"

It's a highly volatile with prices going up and down.  I've also head it can be a bit problematic to "cash out" sometimes but obviously someone else will be better for stuff on that.


  • Frodo03
  • Waygookin

    • 20

    • March 14, 2014, 12:02:49 pm
    • USA
Re: Bitcoins in Korea
« Reply #16 on: July 10, 2014, 08:51:42 pm »
I am very curious to see where the whole bit coin thing goes in the next 5-10 years.  I don't foresee myself getting involved with it.

I am very curious as well. I don't expect many people to get involved at this point- particularly people in more developed countries and since the technology still has some hurdles to go through.

For people in developing countries though, there are millions upon millions that are completely unbanked or are pretty much at the mercy of their government's currencies (there are many currencies in the world that are very unstable/unreliable). Not to mention remittances- unfortunately, financial services companies (ex: Western Union) take a large cut of money transfers if a person from say, Ghana, is transferring money to the USA. Bitcoin makes it possible to completely cut out the middle man, and by doing so has the potential to lift many people out of poverty. Really amazing stuff.


  • forasong
  • Adventurer

    • 33

    • November 09, 2012, 10:01:01 am
    • Gyeonggi-do
Re: Bitcoins in Korea
« Reply #17 on: July 16, 2014, 12:56:17 pm »
unfortunately, financial services companies (ex: Western Union) take a large cut of money transfers if a person from say, Ghana, is transferring money to the USA. Bitcoin makes it possible to completely cut out the middle man, and by doing so has the potential to lift many people out of poverty. Really amazing stuff.

Right, because Ghanaians are lining up to send money to America. :P

I'm just being a tool. No offense intended.

What I don't get is...if Bitcoin is mined through computing power and we know computing power grows exponentially, doesn't that make bitcoin just about the worst investment one could ever make?

Too lazy to do the research, but hopefully by poking fun at a stranger I can get all my answers. :P


  • Ms.Smith
  • Waygookin

    • 23

    • December 15, 2009, 10:07:27 am
    • Seoul
Re: Bitcoins in Korea
« Reply #18 on: July 16, 2014, 03:30:33 pm »
Quote
Buy a bundle of cheap video cards install them into work computers (free electricity) and profit.

This is false. This may have been true a year or 2 ago, but with ASIC devices flooding the market theres no way to mine bitcoins efficiently anymore. I've switched to mining litecoins currently but there are many other cryptocurrencies on the market. I'm not even breaking even unless litecoin prices increase dramatically since I can only mine about 1 coin per month and electricity costs about 25$ a month.

As an investor, I must ask a simple question here.  Why would you pay more to mine these things yourself versus just taking that $25 a month and buying it on the open market and getting 3 coins instead of 1?


Re: Bitcoins in Korea
« Reply #19 on: July 16, 2014, 04:32:39 pm »
Quote
As an investor, I must ask a simple question here.  Why would you pay more to mine these things yourself versus just taking that $25 a month and buying it on the open market and getting 3 coins instead of 1?

My computer's going to be on no matter what. Its just what I do so I might as well mine some litecoins and generate some extra revenue. I think that in maybe 2 or 3 years or so litecoins might be worth 50$ but who knows? Personally, I wouldn't trade money for coins at this stage because its just too volatile and unpredictable. I'm sure anybody who knew about bitcoins when they were worth only 4$ each are probably hating themselves for not investing in them at that stage. Should've would've could've.