bithumb

On June 7, 2018, South Korean Cryptocurrency Exchange Bithumb released the results of a user survey called, “Cryptographic Investment Trends.” It captured the perspective of 2,507 virtual currency investors over the age of 20. The survey included questions on investment plans and government regulations. A notable finding was that 42.8 percent of those surveyed plan to “hodl” or keep their crypto-investments over the long term. A Bithumb press release authored by “Bitsumm manager” states:

As cipher money continues to be recognized as an asset in major industrialized countries, the perception of cipher money investment is gradually matured by domestic investors.

Bithumb Survey Findings

The Bithumb survey discovered that the older the cryptocurrency buyer, the more likely they are to plan to hodl and make longstanding investments. Here are the percentages of each age range that plan to preserve their holdings:

  • Investors in their 20s: 30.8 percent
  • 30s: 40.3 percent
  • 40s: 45.3 percent
  • 50s and older: 49.1 percent

Bithumb also shares that 39.5 percent of those surveyed plan to keep their investments, even if the government requires them to pay capital gains taxes, or taxes levied on profits from the sale of assets, on cryptocurrency. This is an 11 percent increase over Bithumb survey data from a year ago. About 13.1 percent responded that they would completely stop investing in digital money if this tax is imposed. The exchange concludes, “more and more investors are looking at cryptographic money as assets and looking for stable investments.”

Bithumb was founded in 2015 and is one of one of the largest exchanges in South Korea. The survey was conducted between April 30 and May 6, 2018, through Bithumb Cafe, Bithumb’s official communication channel.

Other South Korean- and Bithumb-related News

South Korea continues its tumultuous journey to establish crypto-trading regulations, which included discussion of a total ban in January 2018.

Bithumb recently made regulatory headlines when it announced it would ban users from 11 countries in late May 2018 as part of its anti-money laundering or AML policies. Specifically, citizens of countries labelled as Non-Cooperative Countries and Territories, or NCCT, were banned as of May 28. NCCT countries are noncompliant with the standards set out by the Financial Action Task Force on Money Laundering, or FATF, an intergovernmental organization established by the G-7 in 1989. This group of countries includes North Korea, Iran, Iraq and Sri Lanka.

Bithumb stated in a related press release:

We will strictly enforce our own rules and protect our investors, and we will actively cooperate with the authorities. We will lead the standards of the Worldwide Codex Exchange with autonomous regulation ahead of schedule.

Earlier in 2018, South Korean exchanges including Bithumb banned anonymous cryptocurrency trading.

As of May 2018, Yoon Suk-heun, the new governor of the country’s Financial Supervisory Service, is reportedly considering relaxing cryptocurrency regulations.

The featured image is a collage featuring the Bithumb logo (credit: Bithumb) and a public domain survey image.

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Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Electrum Pro Site Shuts Down, Citing ‘False Accusations’ As Cause
Following the proof released and verified on may 9th, the site hosting the malware Electrum Pro seems to have been voluntarily shut down. A message on the site states Electrum Pro’s reputation has been ruined due to false accusations from electrum.org. The message further states that the domain is up for sale for 25BTC, and provides a contact email. (BlockExplorer verified that the proof was genuine and Electrum Pro is lying.)

Bitcoin Wallet Mycelium Begins Rolling Out BCH Support
BlockExplorer’s David Murray reports on the popular bitcoin wallet Mycelium rolling out support for bitcoin cash.

More Bitcoin Moved From Mt. Gox Wallet, Possible Sell-Off Affects Bitcoin Price
The Mt. Gox bankruptcy trustee is suspected to have dumped another 8,000 bitcoin on the cryptocurrency market. CCN reports, “Today, on May 11, various reports have suggested that the recent price dip of bitcoin and other cryptocurrencies was triggered by the sell-off of Mt. Gox coins.”

South Korean’s Largest Cryptocurrency Exchange Raided
CoinDesk Korea reports that on May 10 and 11 investigators from Seoul’s prosecutors’ office searched the head office of popular cryptocurrency exchange Upbit. “UPbit is suspected of fraud for allegedly selling cryptocurrency to customers that it does not actually hold”, according to the report.

Venture Capitalist Tim Draper: “Bitcoin Is The Most Secure Place To Put Your Money”
Tim Draper joined CNBC’s Closing Bell to discuss bitcoin. Draper was bullish on bitcoin stating, “It is a far better currency than the fiat currency. I mean, right now, your banks are being attacked all the time. The hackers are poking holes in your banks and going after your fiat money. And… the bankers are pounding away, trying to keep the hacks away but they’re getting hacked all of the time. No one has ever hacked the bitcoin blockchain. It is the most secure place to put your money.”

Image courtesy of Carty Sewill, http://cartyisme.com/

coin renders

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

New Head Of South Korean Financial Regulator Considers Relaxing Cryptocurrency Regulations

The Korea Times is reporting new Financial Supervisory Service Governor Yoon Suk-heun said the country will consider relaxing cryptocurrency regulations. An official from one of South Korea’s four major cryptocurrency exchange operators, Upbit, said, “We don’t oppose regulations. But you can’t entirely kill the markets by simply imposing regulations. What the new FSS chief should think about is how the regulators should provide remedies to help crypto trading and blockchain technology get better.”

Monero Cryptojacker Using NSA exploit EternalBlue

BlockExplorer’s Armin Davis reports that following the use of the NSA developed EternalBlue exploit in the now infamous ransomware WannaCry, a new malware known as WannaMine has surfaced.

Iceland’s 600 Missing Bitcoin Mining Machines Reported To Be in China

Earlier this year 600 Bitcoin mining machines were stolen from Iceland, a case generally chalked up to unsolvable until a few days ago when Icelandic media outlet RUV reported the machines are likely in Tianjin, China. Cointelegraph reports, “In Tianjin, it was precisely a pattern of highly irregular electricity usage that is reported to have attracted the attention of a local grid operator, leading to the authorities’ confiscation of the suspect mining hardware.”

Bitmain to Begin Shipping Equihash ASIC Miners in June

Chinese mining rig manufacturer Bitmain has unveiled the first Equihash ASIC miners, BlockExplorer’s David Murray reports, “making it likely that it will soon be unprofitable to mine Zcash using GPU-powered devices.”

BlockShow Europe 2018 Coming Up May 27-28

BlockExplorer’s Isaac Rocket reports, “After an eventful two months of hosting blockchain meetups across Europe, Blockshow is bringing their journey to a close with the featured conference, BlockShow Europe 2018.” This will be a big event with over 80 blockchain experts presenting, on the most pressing issues of today’s blockchain community.

Bitstamp, the world’s oldest currently-operating cryptocurrency exchange, is set to be purchased by a South Korean gaming firm that is looking to carve out a central role in the nascent blockchain industry.

Nexon, whose headquarters are now located in Japan, will likely acquire Bitstamp for $350 million, reports Business Insider, who cites three sources involved with the discussions.

The Luxembourg-based Bitstamp was founded in 2011, and it currently holds the distinction of being Europe’s only licensed cryptocurrency exchange. The firm regularly ranks among the world’s 10-15 largest exchanges as measured by daily trading volume, in part because it is one of a relatively low number of trading platforms equipped to offer fiat trading pairs.

In January, Bitstamp CEO said that the exchange had 3 million registered accounts and 500,000 active users, though this latter number may have declined over the past several months due to the lull in the market.

Nexon, meanwhile, released its first PC game in 1995 and remains a major player in the South Korean and Japanese PC and mobile gaming markets, though the firm also has offices in the US, Taiwan, and Thailand.

Some of the company’s better-known titles include South Korean and Japanese versions of Counter-Strike and FIFA Online, as well as Riders of Icarus and the MapleStory franchise.

Assuming the two parties ink the deal, Bitstamp will be the second cryptocurrency exchange Nexon has purchased in the past year alone. In September, the firm acquired a majority stake in Korbit, which at one time was South Korea’s second-largest cryptocurrency trading platform, at a $150 million valuation.

It will also be the industry’s third major cryptocurrency exchange acquisition in 2018.

In February, Circle acquired US cryptocurrency exchange Poloniex, which posts lower daily trading volumes than Bitstamp but nevertheless managed to command a reported $400 million from the Goldman Sachs-backed fintech startup.

Earlier this month, Japanese brokerage firm Monex acquired Tokyo-based exchange Coincheck — which in January succumbed to the largest cryptocurrency exchange theft in history — for approximately $34 million.

Featured Image from Pixabay

Founded in 2013 by Kangmo Kim, Louis Jinhwa Kim, and Tony Lyu, and located in Seoul, Korbit is a large Korean cryptocurrency exchange that finds itself at #13 on BlockExplorer’s top 25 exchanges of 2017 list.

Korbit has 11 trading pairs that are all crypto against KRW. Combined with its $100M+ USD trading activity, this makes it an excellent exchange for anyone looking to trade KRW against cryptocurrencies. Korbit also offers a trading API for automated trading.

 

https://buff.ly/2oHJh83 #crypto #cryptocurrency #cryptoexchange #korbit #exchangereviews #bitcoin #ethereum @KorbitBTC

Korbit

korbit cryptoURL: korbit.co.kr
Total trading pairs: 11
Deposit fees: No
Withdrawal fees: Yes, differing per currency
Trading fees:Yes, 0.0% – 0.2%
Verification: Yes, Five levels

Registration

Registration with Korbit requires you to enter your email address and a password, followed by a ‘Purpose for registering’ dropdown. And finally, there are three separate EULA-like text and checkboxes, where the first two are mandatory and the third is a copy of the second, with some slight changes. Once you have submitted the registration form, you will receive a confirmation email written entirely in Korean.

Fees

Korbit breaks its fees into the standard maker/taker scheme. Fees are determined based on your total traded in the last 30 days, calculated daily at 3 AM Korean Standard Time (UTC+9). The lowest fee tier is for traders with 100 Million KRW and below traded, with the fees being 0.08% for makers and 0.2% for takers. And the highest fee tier is for those who have traded 100 Billion KRW or more in the last 30 days, in this tier makers pay 0.0% and takers pay 0.01%.

For withdrawals, the fee is specified per currency and can be seen by hovering over an I symbol at the top right of the withdrawal page. There are no fees on deposits.

Interface

The interface is a stark white with blue highlights and black text. And interestingly, a more subtle blue has replaced the usual green used to mark a strengthening market.

The trading page lacks a chart of the currently selected cryptocurrency but has an order placement form front and center. Featured is a ‘use all currency’ button that is of questionable usability and safety. Proceeding down the page from the order form is an order book and trade history. Next is a list of your currently open orders. Balances are displayed at the top of the page, conveniently with their equivalent KRW worth slightly below them.

Verification

Korbit offers 6 verification levels, levels 0 through 5. Level ‘0’ is assigned to all new accounts. Each level grants progressively larger daily deposit and withdrawal limits and requires progressively more personal information. Trading currencies other than BTC, BCH, BTG, ETH, ETC, and XRP requires you to have obtained level 3.

You can find the requirements and benefits to each level below.

  • Level 1 and 2: 1 requires a phone number, 2 requires SMS based verification of that number.
    • Deposit: 0 KRW and an unlimited amount of crypto.
    • Withdrawal: 0 KRW and 5 million KRW equivalent on the below cryptocurrencies.
    • Trade: BTC, BCH, BTG, ETH, ETC, and XRP.
  • Level 3: Requires an address and a Korean bank account.
    • Deposit: Unlimited for KRW and cryptocurrencies.
    • Withdrawal: 300 million for KRW, 5 million KRW for some cryptocurrencies, 2 million KRW for the rest of the cryptocurrencies.
    • Trade: All currencies.
  • Level 4: An undisclosed approval process
    • Deposit: Same as level 3.
    • Withdrawal: 300 million KRW for Won and some cryptocurrencies, 15 million KRW for the rest of the cryptocurrencies.
    • Trade: All currencies.
  • Level 5: Another approval process, with the rule that your account must be at least three months old
    • Deposit: Same as level 4.
    • Withdrawal: 500 million KRW for Won and some cryptocurrencies, 20 million KRW for the rest of the cryptocurrencies/
    • Trade: All currencies.

Security

Aside from basic password authentication, Korbit does not provide any additional security features. While there is a security section to the account configuration page, it simply contains a setting to change where you land after logging in. You can select either your wallet page or the trading page.