So yesterday it finally happened: South Korea became dominant in two different cryptocurrencies that I’m involved with: Dash and Steem.
Yesterday morning as I was glancing over my Twitter feed, I ran into an official @dashpay tweet announcing there was more trading in KRW (South Korean Won) on the Korean Bithumb exchange than any other exchange today:
Here's a look at the top Dash trading volume:
As you can see, the Bithumb exchange did over $10 million worth of trading with the South Korean Won. This is impressive. After getting my Twitter fix, I headed over to Steemit.com to catch up on the latest trending articles. And bam!
There it was: Asia has just surpassed the Americas as far as Steemit web traffic.
The Asian flippening has just picked up some serious Steem. A popular Steemian, @gavvet, reported this brand-new development in his post: https://steemit.com/stats/@gavvet/make-way-for-the-new-king-asia-led-by-seoul-and-south-korea
Here are the graphs that show the exponential user growth from Asian Steemians and how they just surpassed the Americas:
And it’s interesting to note that Steemit’s new city capital is Seoul, Korea, with over 9% of total users coming from there:
This flippening seems to have happened in the last few months, and it is worthy of looking into the reasons why. After searching a bit online for information, it appears that the Korean government is particularly friendly towards Bitcoin and other cryptocurrency projects. This friendly attitude is probably the main cause of the recent exponential growth in cryptocurrency volumes in Korea and fintech startup investment.
The thing that other governments, like the US, don’t fully grasp is that tech, blockchain and cryptocurrencies are all inter-connected and part of a bigger story of shifting technology systems.
This shift is manifesting itself in the way the internet itself functions. Most people in law don’t have the time to undergo such a massive amount of research and therefore lack the necessary knowledge to apply regulations. They don’t know what they are dealing with because they don’t see the patterns and the future of money and digital life. It is a big movement of interconnected technological parts, not isolated cogs to try and restrain. Doing so will just result in more people avoiding traveling to the United States. This could definitely further harm economic growth in the United States as digital currency is undergoing some serious expansion in certain parts of the world.
The future of money is linked to cryptocurrencies and digital life and Korea knows it. Bitcoin.com reports that:
The region has also been blossoming with startups dedicated to bitcoin remittance and financial tech advancement. The South Korean government has been very friendly towards digital currencies, and the country is steadily becoming a technology hub. Just recently the government lowered the equity capital requirement for bitcoin companies working with remittances. The new statutes will begin on June 18 with a reduction of required capital to 1 billion KRW in contrast to the prior requirement of 2 billion KRW.
Additionally, researchers from the South Korean central bank recently released a report that detailed that virtual currencies like bitcoin can “coexist with fiat.” -Bitcoin.com
Hello, Korea and thank you!
고맙습니다
Cheers,
Stellabelle
btw, I will pay someone 10 Steem to translate this article into Korean. #steemgig. Please comment below if you are interested in translating it. Update: Steemgig has been filled! Thanks for the offers.
@StellaBelle... Impressive, Intelligent & Insightful Post... REALLY liked the Heads-Up InSight You provided below:
It is a big movement of interconnected technological parts, not isolated cogs to try and restrain. Doing so will just result in more people avoiding traveling to the United States. This could definitely further harm economic growth in the United States as digital currency is undergoing some serious expansion in certain parts of the world.
The future of money is linked to cryptocurrencies and digital life and Korea knows it.
Thank You Stella...ReSteemed... Hope You're having a Good Weekend !!
yeah, pretty good after yesterday's panic. Thanks for liking my article! I was panicked because i read that dumb Senate bill that was introduced.....the only thing that bill will do is scare away people from the USA....I'm so disappointed by our government. They seem quite idiotic. I do speak Japanese, so........honestly, Asia is looking pretty good right now.
You are Most Welcomed...
Global Leadership has followed a Westward progression for centuries (and longer)...it has to do with Our Sun ( and the transmission/transcendence of Light ).
Time, as we currently "comprehend/perceive" it, is ever quickening...
Look 4 India within the next 1-3 years to become a much more dominate Global Leader.
Please consider taking a quick "listen" to my most recent video post & not just because it speaks about LiteCoin, BUT perhaps more importantly it "speaks" about the potential market disruption that could be caused around Aug. 1st with BitCoin issues...
I believe this video is exceptionally balanced, insightful and well founded.
Thanks Again Stella 4 Your Post !!
Stella you have encouraged me to actually put myself out here and LICE my dreams and ITS HAPPENNG ITS HAPENENG and tank u so much for being anearly supporter , i just went and upvoted all ur recent posts since i havent seen u n a while! But the local OKC steemit meetup u just wentto and im guessing orgaized is a SIGN of our success and UNSTPPABL force! I know u might be kidding about moving to Japan but Stella dont give up on North America! Murka will bow to the will of the Crypto Lords! We have ALWAYS respected those with the most money here! Not just bankers but Industrialists and people who run profitable companies, and Crypto currency represents the currency of the future online business! And so since America is destined to remain an internet capital of the world for many centuries, this small bump in the road in teh form of that senate bill will be something we laugh at in the future! ! That senate bill was created by moron senators, it will never go aywhere and noone will be enforcing any laws against crypto! they cant even stoop drugs coming into the country, do you think theyll be able to control crypto currency? haha i know u know they wont ...i just have to remid everyone to realize the governent just likes to make itself LOOK powerful, an puts out this ILLUSIOn that it will somehow "reign in" crypto currencies hahah they are pathetic!
And all you have to do when you come in to the country when they ask you to "declare" bitcoins, is just make sure your phone doesnt have any walllet apps! thats it!
A private key for a wallet can still be stored on a phne, that doesnt "count" as a bitcoin, hah, plus you can always memorize a brain key if it ever gets extreme
but yeah i know what u mean how it scares people away, but we are strong here in the US, the rest of the world and deve;;oping world needs this money, and honestly the more for us!
We will be like crypto lords of the maner, in our armored redouts and underground bunkers, neofuedal in a way, blockchain neofuedlaism, but we will be good dictators, i promise!
uh oh, is steemit just super high tech fuedalism? LOL I still support it now that im working my way up to a fuedal lord, I mean Dolphin,
I will be more surprise if North Korea did this.
Please follow me @Yehey
Followed...
Hope You're having a Good Weekend !!
Hi, I'm interested in translating your article in Korean. Let me know if you still need it to be translated.
yes! Ok, go for it. Thanks!
I'll send you the 10 Steem after it is translated, ok? And you can post it as a regular post from your account, and keep the rewards, ok? That way, you could make more from me paying you + posting it in Korean language.
Thank you! I'll try my best. :)
When I finished translating and posting it, I'll let you know.
great! 고맙습니다
Hi, I just finished translating and posting it. You can find it here. https://steemit.com/kr/@bree1042/1
I included steemgig as one of the tags. Thank you for allowing me to translate your article, even though you don't know me.
Have a great day. :)
thank you! I just sent you the 10 SBD
Thank You! :)
i can tell you're a bookworm! Which is a great thing
Yes, I love books. You can never be bored with books. :)
did u know chainBB also has this reward sharing feature now where u can add someones name into the post and set 1 or 10 or 20 percet or whatever u want to give to someoen else in potential reewards for that post! It might come in handy for the future if u can get a regular translator, u can offer them a portion of a post, it coul end up saving money!
oh that is cool. i didn't know!
one more thing when you post the translation: please use the tag 'steemgig' in your translated post.
Great detailed post @stellabelle. The Korean community is doing rather well on Steemit. I hope others follow. 🌞
yes
I can translate your post in Korean for 10steem
Let me know
I can send it to you by steemit chat messages
Regards Andrei
ah, someone else already answered this steemgig. I'll probably have others in the future though...
No worries thank you
I wil gladly do it at any time
I am you new follower so I will surely see your new posts
ok, fantastic. Thanks for your comment.
You are welcome
Was that was berry unexpected.. Prob.. The leader of south Korea will force everybody to stream and transfer taxes to an account :A we will see how that goes.
Much love
Goldie
Probably Asia might become dominant in many more cryptocurrencies due to the fast adoption. Also have the feeling that the mining power of the major cryptocurrencies is already concentrated in Asia but that is only a gut feeling though.
yeah, and having lived in Japan, they are also ready for mass adoption because technology is like king over there.
Yup think so too, also since many Japanese companies are starting to accept Bitcoin payments and in China there are huge mining farms :-)
i like it . very good information .
Well I like the sound of this. Ofcourse banks don't want to be ousted from power and this is what this technology can potentially do in the future so I wonder how they are thinking long term. Probably for them all to get in themselves as they understand what is truly happening!
10 Million $ trading in Won certainly shows active Korean interest. Was wondering about the amount of Korean language posts we are seeing on Steemit. This certainly explains it. Thanks for shedding the light. Upvoted.
A request - I have posted a Baboon post today with a message on deforrestation. I am not looking for upvotes but if you can resteem it if you like, it will help to spread the message. Thanks in advance. The link is https://steemit.com/portraitcontest/@vm2904/portraitcontest-baboon-reflecting-on-life-entry-1
Steemit, as far as users are concerned is more Seoul Korea than any other city. The fact is that Steemit will be adopted by those who see it as useful, no matter what country that is.
Thanks @stellabelle for sharing these amazing statistics... i was amazed to know that Seoul is leading in terms of Steemit traffic....I feel that other major world cities are yet to find and dominate Steemit....Incredible growth can be expected in future.
South Korea will probably continue to dominate for some time, because their rate of adoption is exponential right now.
I predict that much of Asia will follow this trend and the USA will continue to lag behind. Just take a look at the proposed Senate bill. We are the most unfriendly towards Bitcoin.
Quote: The thing that other governments, like the US, don’t fully grasp is that tech, blockchain and cryptocurrencies are all inter-connected and part of a bigger story of shifting technology systems. End Quote.
I think they get it now and the U.S. Government is going to do all it can to undermine and quietly kill non-central bank sponsored/approved cryptocurrencies. Bank created Ripple and JP Morgan supported Ethereum will likely not be targeted, however expect a WAR on the rest, rolled out in slow increments.
U.S. Power and Financial Solvency is at stake.
They know whats good for them ^^
interesting post. its nice to know
Thanks for the useful and informative information stellabelle
Great to see Korea are investing so heavily into cryptocurrencies.
They know it's the future.
When will the rest of the world?
Well, I do have a prediction. Considering the South Korean government is friendly towards Bitcoin, and Bitcoin was made a legal currency in Japan, these two countries will lead the way to the future. I think East Asia will dominate Asia, and other countries will follow. Singapore, Hong Kong and others will adopt fast. China will be slower, I guess because of gov. control. I think Australia will follow this trend, and also many parts of Europe. I see USA lagging behind, and adoption will be later than Asia. Once USA realizes it's late to the party, I think it will start then. Just look at what Tesla has to come up against as far as the auto industry cartels that don't want to give up their power. This will be the same thing I believe for cryptocurrency and blockchains.... This is my prediction though!
The US seem to hate cryptocurrencies and how they can't monitor them
Those koreans are visionaires 😎
hope other countries follow the suit soon...otherwise it will be difficult to chase the crypto movement.
Internationalization of Steem/Steemit shows that they have huge potential.
our government needs to follow their lead. We are really behind in many respects.
Так они там делом занимаются,а не хвалят только друг друга..))
?
interesting post
Cool !! When you have the support from Korea you know the project is going to succeed worldwide. Its just a matter of time, but its a great indicator of a bright future.
Go Steemit!
I am very grateful for Korea, because honestly, back in March, I was thinking that Steemit could fade away......it was that bad, only a few months ago! Thank god for friendly governments!!!!
well this is exciting news! thx for sharing it
great post..upvoted:))
I'm interested in~
Thank you!! you are very kind :) this post is very good :)
First of all, totally agree to your opinion about South Korea Government's positive attitude for Bitcoin.
As one of South Korean, in my thoughts, Hidden Reasons of that kind of government's attitude are the confidence for the best&efficient infrastructures of internet of South Korea in the world, and the passion of Korean for any brand new things which are software or hardware.
Thanks a lot~:) @stellabelle~
It's about time! Crypto makes the world go round!!!
@stellabelle Thank you for your interest in Korea.
I look forward to your continued interest.
If I need a translation for this article, can I do it?
You do not have to give 10 Steem.
I can be willing for Korea community.
If you need to translate in the future, please ask me.
ok thank you for your offer. I will follow you. Thanks
ok. thanks.
Let's develop the kr community together :)
Indian Government is also thinking to give legal permission to bitcoin once this bill is passed their will be huge impact on all cryptocurrencies.
great interresting post ! I vote you
The Korean government's idea of virtual currency is not favorable.
However, it is true that Koreans' interest in the virtual currency has increased sharply
what is the Korean's idea of virtual currency? I thought they are friendly towards it?
So while the rest of the world is adopting the crypto age our government is trying to pass bills to stifle its growth!
Can someone tell me why European countries are not engaged in crypto currency like Asian countries?
because Asia is not scared of robots and high tech. I lived in Japan, there's no fear at all of robots!
I am Korean, and the idea that our government is favorable to cryptocurrency is very imprudent. The activation of cryptocurrency trade in Korea is only a social factor.
Yes, and I must say that I am a bit jealous of South Koreans at the moment.
If the mountain is high, the valley is also deep. You do not have to envy us. lol
Great article. thanks for sharing..
check out my story thanks on the 2002 world cup in korea https://steemit.com/korea/@newmarket65/2002-world-cup-korea-it-was-great
follow me and i will follow you thanks
how you guyz earn so much money by posting ? please teach me.
i'd love to have the connectivity that the people of seoul. fastest internet in the world i believe in rankings. in terms of value distribution having a good network to accomodate lots of shunting of value around is certainly useful. and yes, i know steemit transaction is very fast. one day i'll make it to seoul to have a good look around!
Why don't you use google translate
please send me that girl
hey stellabelle.. loved ur post again check out mine https://steemit.com/cryptocurrency/@danlupi/bitcoin-bubble-or-are-we-in-the-next-evolution
whoa. very nice news. :-)
Wow, upvoted and resteemed!
@StellaBelle, thanks for this well-written article.
I do have a question/concern - I read something you wrote regarding the alleged fraud committed by Jeff Berwick, and after doing more research it seems to me that this individual has scammed a lot of people out of tons of money. I'm wondering why the Steemit community overwhelmingly praises him... he seems like a liability to the entire steemit platform. Imagine if an article came out saying "Steemit supports and pays millionaire scam artist"... that would be terrible for everyone on Steemit. Do you have any thoughts on this?
I have voiced my concerns about this for as long as I can remember. I don't have control over others.
Of course, we only have control over ourselves. But personally, whenever I mention it I seem to get down voted and my reputation goes down even though all I did was ask about the reports of fraud. It's like a taboo subject Steemians are just supposed to ignore I guess. Disappointing... thanks for your response stellabelle