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South Korea overtakes China in Bitcoin trading



After the massive turmoil in the Bitcoin market in recent weeks due to negative news from China, Bitcoin's transaction volume seems to have come out of China.



22.Sep.17 2:04 AM
By Daria Zaytseva
Photo Toinnov.com

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South Korea overtakes China in Bitcoin trading
In a move that should not be surprising, South Korea surpassed China in total trade volume of Bitcoin today (21/09), according to the traders via Twitter.

The change in transaction processing shows that traders moved to South Korea. The largest exchange of South Korea has processed more deals than Bitfinex and Bittrex.

Displacement is a significant movement of the Bitcoin community from China, where regulators have confirmed that all Chinese exchanges will be closed soon.

The transition to South Korea indicates the response to the legalization of Bitcoin in the country in recent months. General transition from China, as a rule, occurred even when the country has began to tighten control over the cryptocurrency market.

The transition to South Korea is a simple indicator that the Bitcoin community is flexible. Since Bitcoin is a decentralized cryptocurrency, no government can really "ban" it, let alone control it at all. Countries are beginning to see that the best route forward is embracing the currency.

Although many saw the negative news about China as bad thing for Bitcoin, the reality is that this news just proves that cryptophiles have believed from the very beginning in Bitcoin. It is extremely flexible and multifaceted.



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