Peer-to-peer (P2P) networking is based on the principle of all
participants being equal and it is on the basis of their digital crypto
exchange, that Bitcoin in South Korea has soared to such great heights. These
new levels were revealed on the charts of Coin Dance,
a similar platform that provides statistics on Bitcoin and is powered by the
community.
The data released shows that the online crypto trading on
Bitcoin reached values of around KRW 219 million which equates to $185 000.
LocalBitcoin
Established in 2012, the LocalBitcoin gives participants the
opportunity of buying Bitcoin for over-the-counter
trading and also local currency trading.
Another crypto trading platform known as The Finnish is more
commonly used and is becoming increasingly popular in Latin America. Trading
volumes in Venezuela, despite a global economic collapse being experienced,
recorded of the highest volume with 85% of LocalBitcoin being traded in
February 2019.
Coinhills provides data on the digital crypto exchanges and
according to their crypto analytics, the use of Bitcoin as a national currency
exchange is most commonly used in South Korea and third only to the USA and
Japan.
Closing Of Digital Crypto Exchanges
Following an extended period of a declining market, one of the major crypto
exchanges in South Korea, Coinest, closed its doors. The
resulting move was an increase in the number of South Koreans using money that
is commonly known as Fiat money. A description of Fiat money is money that
basically has no value but is only worth something when held by the government
which guarantees its worth.
The use of crypto investment showed an increase of 64% in 2018
as opposed to the corresponding period in 2017.
Use Of Localbitcoin Ceased
In mid-May, Iranian residents were denied the opportunity of
using Localbitcoin following an announcement in Finland that these persons had
failed to comply with the financial regulations of Finland. This coupled with
the US imposed sanctions on Iran, resulted in the closure of this digital
crypto exchange to Iranians.
Huge Funding Received For Blockchain-Based Invoice Exchange
Fintech firm Crowdz’ global invoice exchange has received a huge
boost with the funding received from the United Kingdom-based Barclays and
technology speculator, Bold Capital Partners. The funding received, according
to a recent press release, is $5.5 million. There were other participating
funders namely TFX Capital Partners, Techstars Ventures, and First Derivatives.
The purpose of this funding is designed to improve product
development, boost sales and for human resources for Crowdz. The new technology
will improve the efficiency of processing invoices. These processes will be
digitized and automated.
According to the CEO of Crowdz, Payson E. Johnston, this
improved efficiency will assist smaller and medium-sized enterprises by ensuring
that payment is received more promptly which will, in turn, assist with
improved cash flow. With this Crowdz Invoice Exchange, payment is received
within a couple of days at rates more comparable to those available elsewhere.
The testing using blockchain mechanics has also been sued by
Barclays in their efforts to simplify real estate deals and transactions. The
platform used by Instant Property Network on behalf of Barclays was the Corda
platform developed by R3 consortium.
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