South Korea is considered as the center of cryptocurrency trading in Southeast Asia. It is responsible for such a massive level of cryptocurrency transactions corresponding to its economic scale. Its local currency, Won, is one of the top currencies used in virtual currency transactions. Additionally, it is subjected to more than half of transactions that engages various cryptocurrencies, based on a study.
The study also suggests that the cryptocurrency exchange in several countries could not be justified by economic scale or degree of economic development. This adds the incidence of immediate price rise and fall and capitalist freaks out in new commercial markets commends appropriate procedures are necessary.
According to Korea Insurance Research Institute senior research Im Joon-hwan, the cryptocurrency market of South Korea is comparatively bigger in scope than the local financial market or digital currency exchange in other nations while Bitcoin transactions percentage is the least in the world.
The need for bitcoin and other kinds of cryptocurrencies has grown rapidly in the South Korean cryptocurrency exchange, as “Kimchi Premium” reemerged on dominant cryptocurrency exchanges. The nation is a crucial market for alternative cryptocurrencies including Ethereum and Ripple to name a few. Its digital currency exchange market is roughly 6% of the world’s bitcoin exchanges. However, these trades are for altcoins, but South Korea is still one of the biggest markets.
New altcoins or alternative coins will emerge in the South Korean market and one is Spice. It is the appreciating currency of Decenternet and its essence of trade and commerce. Decenternet is the all-powerful, extensive hyper-speed P2P decentralized internet infrastructure framework that blockchain technology can develop. It means that it does not belong or account for any third-party organization aside from its users.
With Decenternet’s blockchain technology Anubis OS, users need not worry from surveillance and will have absolute control of their computing assets. The mining potential of Decenternet’s appreciating currency called Spice can be maximized.
Considering the cryptocurrency market major adjustment in January, a majority of analysts in the South Korean exchange didn’t anticipate its resurgence phase in February. However, the demand is already increasing in the domestic market and experts assume it to be mirrored consequent to the global market in the coming weeks.