The bitcoin market is worth over $19 billion yet if you ask the common Korean person on the street and they would say they have never heard of bitcoin. While bitcoin has come a long way it has ways to go until it is recognized by the mass market. As 2017 begins will bitcoin finally start to take off in Korea?
Well this will depend on many factors. The first being whether investment fund will look to invest in bitcoin startups and technologies. As more venture capital firms in Korea invest in bitcoin, the social stigma of bitcoin will start to disappear. What is great about bitcoin is that it is free from government control. As more and more Koreans have less and less trust in the Korean government, they should be more open to investing in something the government can’t control.
Bitcoin developers recently introduced Segregated Witness which makes it easier to develop better wallet software and permits off-chain transactions, which will lead to faster processing. With Korean businesses and people looking for cheaper and faster ways to send payments abroad, bitcoin could end up being a great option. Currently, Bitcoin costs about 1,000,000 won per Bitcoin. The outlook for Bitcoin seems strong. If and when Bitcoin becomes a mainstream product the price of Bitcoin could very easily skyrocket. As more and more people use Bitcoin the more value Bitcoin has.
China has been heavily involved with Bitcoin and it is reported that over 80% of the Bitcoin is being used in China. This could work well for Korea as many Korean companies and startups have partnerships in China. Bitcoin could be the bridge for payments and business deals.
The Korean government has started to bitcoin seriously and even have started to invest in blockchain technologies. Once one main blockchain platform rises in Korea, people will begin using Bitcoins.