{"id":2430,"date":"2017-06-05T19:11:09","date_gmt":"2017-06-05T19:11:09","guid":{"rendered":"https:\/\/holytransaction.com\/blog\/?p=2430"},"modified":"2022-02-25T20:47:05","modified_gmt":"2022-02-25T18:47:05","slug":"bitcoin-demand","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/06\/bitcoin-demand.html","title":{"rendered":"Bitcoin demand in Asia is more active than in the US"},"content":{"rendered":"

Back on May 31st, one the major\u00a0Bitcoin exchanges in China<\/a>\u00a0called OKCoin<\/strong>\u00a0returned to help improving the Bitcoin demand withing the Chinese exchanges after a period of suspension of transactions.<\/p>\n

As a result, more bitcoin investors are recovering their interest in bitcoin and they are driving the demand for the digital currency.<\/p>\n

So, thanks to the activation of\u00a0withdrawals<\/a>, bitcoin is now trading at a premium rate in China.<\/p>\n

Also, the Chinese press that talks about bitcoin as digital gold<\/strong> is pushing the recent growth of the bitcoin demand for local traders.<\/p>\n

<\/h2>\n

On Friday, bitcoin price was about $2,340 in China. A value that was $50 higher than the US rate.<\/p>\n

Of course, there are several other major factors that are driving bitcoin price. For example the\u00a0legalization of the digital currency in Japan<\/a>, and the use of ICOs in raising funds.<\/p>\n

Experts believe that the increasing demand in Asia is pushing the recent growth in the bitcoin price.<\/p>\n

South Korea<\/h2>\n

In South Korea, Bitcoin price increases up to $3,100 when the price on the US exchanges was about $2,400, so $300 higher<\/a> than the US.<\/p>\n

A few startups are also using bitcoin for sending remittances<\/a> since it works better and faster than traditional money.<\/p>\n

For example, one of these startups is called Bluepan, located in\u00a0South Korea. This company provides an easy way to send money from\u00a0overseas workers<\/a>\u00a0to their families.<\/p>\n

In 2 years, Bluepan has processed payments worth $65 mln and for the past year, they recorded a five-time increase in transactions.<\/p>\n

Why in Asia?<\/h2>\n

That said, it is clear that Bitcoin demand in Asia is increasing and its driving prices, while North America shares only a small amount of all users in any sector.<\/p>\n

For example, there are fewer customers in\u00a0North America who use money transfers than in Asia.<\/p>\n

This is maybe due to the fact that the worldwide financial system is based on the US dollar, so remittance transactions are easier between dollars and non-dollar currencies compared with transactions that involve two non-dollar currencies.<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

Back on May 31st, one the major\u00a0Bitcoin exchanges in China\u00a0called OKCoin\u00a0returned to help improving the Bitcoin demand withing the Chinese exchanges after a period of suspension of transactions. As a result, more bitcoin investors are recovering their interest in bitcoin and they are driving the demand for the digital currency. So, thanks to the activation […]<\/p>\n","protected":false},"author":2,"featured_media":2285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,76,83,542],"tags":[1419,840,1042,1418,1256],"yoast_head":"\nBitcoin demand in Asia is more active than in the US -<\/title>\n<meta name=\"description\" content=\"Bitcoin demand in Asia is driving the digital currency price. 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