South Korea joined the countries which now regulate the crypto assets such as cryptocurrencies. This essentially means that the South Koreans have come closer to benefit from the cryptocurrency than before.
The recent amendment to the Act on Use and Reporting of Specific Financial information in March signified the inclusion of the holding and trading of cryptocurrency into the legal system for the South Korean Authorities.
Although the amendment has paved the way for the widespread use of the cryptocurrency in South Korea, it also brought the strict rules and regulations regarding how to transact cryptocurrency.
The Financial Action Task Force or FATF issued guidelines on the cryptocurrencies in June last year to prevent terror financing and money laundering activities through cryptocurrencies.
These amendments are made in light of those guidelines to comply with the FATF. Despite all the regulations, the cryptocurrency remains tax-free in South Korea as of now, so it is a good idea to deal with the crypto assets if you want to benefit from this.
Due to their eccentric and unique nature, the cryptocurrency provides some implicit advantages to transact through it. Unlike fiat currencies, the cryptocurrency is backed with the blockchain technology means that there is no central authority for controlling the currency.
The cryptocurrency transactions are processed through private networks of computers that are linked through a ledger. The complex design and operation of the blockchain technology make sure that the ledger isn’t tempered and the currency remains decentralized and safe.
There is a number of benefits associated with the use of cryptocurrency for online payment, some of which are being covered in this article.
Non-Existence of Transaction Fee:
Cryptocurrency is decentralized so it does not require a third party to complete the transaction which makes the transactions virtually free of any transaction fee. The account is maintained over a decentralized blockchain and there aren’t any account maintenance fees. This provides the user the freedom to make as many transactions as they want without the need to worry about financial charges. Contrary to this, if you pay your online bills through credit card or debit card, you will be paying a reasonable sum to your bank or credit card provider.
The transactions can also be done irrespective of the physical location of the holder. International transactions are also treated in almost the same way as domestic transactions.
The Cryptocurrency is stored in the digital wallet and it can be accessed across the devices. The cryptocurrency can be accessed across the globe. You can also store your cryptocurrency of the hardware wallet i.e. a kind of USB stick.
The holders of the crypto currency don’t need to transfer their money into any foreign currency in order to spend it.
A Bitcoin is equal to a Bitcoin everywhere so it can be a good travel companion. The long-established mediums used for online payments like cards need to be with you if you want to carry out the transactions through them.
The transaction made in the cryptocurrency is discrete and nobody can know your personal identity unless you share it publically. The address associated with every transaction is anonymous and changes with each transaction. The financial privacy associated with the cryptocurrency is unprecedented. The traditional options are too risky in this regard and every day there are numbers of scams and frauds using the credit cards because if you pay on the non-trusted platform using your credit card, your money can be a huge risk.
The cryptocurrency provides the holder with the unique power over the usage of their money, unlike the fiat currency which is regulated and can be spent only as per the rules set by the regulator. On the other hand, you are always dependent on your card provider for transacting through it and your transaction history is saved at the bank’s server.
Each and every transaction within the blockchain is verifiable. All the transactions are time-stamped and linked to the chain of previous transactions.
This eliminates the possibility of manipulation or reversibility of cryptocurrency transactions.
But in order to trace a specific transaction in the blockchain, you need to have the exact same unique key which is issued to and saved with the person who made the transaction.
If someone needs to trace specific transactions, they need to know the password of the account from which the transaction is carried out.
Transactions made through debit or credit cards are most traceable among all as they are carried out online from one account to another leaving a trail of money.
How to get Cryptocurrency in South Korea:
If you want to start using the cryptocurrency but don’t know where to start, we got you covered. People mostly fear that they don’t know how the cryptocurrency functions, hence they hesitate to buy it even though they are intrigued. Truth is that you don’t need to know how the digital currency works just like you don’t necessarily know how fiat currency works. You just need to know that the blockchain is the most secure and encrypted technology that the world has seen.
Here is a simplified guide on how to buy cryptocurrency in South Korea and or worldwide:
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• In order to buy a cryptocurrency from options like Bitcoin, Ethereum, you have to register yourself with an exchange like Korbit.
• Upon registration, you will need to provide the 2-factor authentication as per the FATF guidelines.
• After verification, you can deposit your KRW money into the exchange account.
• Search for Buy/Sell option and select your desired cryptocurrency from the list.
• Enter the amount of cryptocurrency you want to buy and review your transaction.
• You will receive the purchased amount of cryptocurrency upon final confirmation.
There are a large number of exchanges from which you can buy the cryptocurrency.
Each has its own benefits and drawbacks depending upon the services they provide or lack of. eToro, CEX.IO, Paybis, Coinmama, Coinbase, Coinswitch, and Paxful P2P are the most trusted exchanges to buy the cryptocurrency from your credit card or debit card.
If you buy the digital currency using your Paypal account, eToro and Paxful are god choices to go with. A number of cryptocurrencies available to choose from at the crypto exchange is the most important factor while choosing any particular platform.
The exchanges like Coinswitch offer 300 plus cryptocurrencies to buyers while exchanges like Binance, BC Bitcoin, Bitfinex, and KuCoin also deal with more than 100 cryptocurrencies.
As the cryptocurrencies are just at the beginning of their era, you can buy the more recent ones to get an advantage as the early buyers but if you just want to use cryptocurrencies for online payments and transacting online then we advise you to go with the more trusted and well-established cryptocurrencies like Bitcoin and Ethereum.