After discussing this with some users recently it seems to have passed by many, so I decided to post some more info on this.
What is upbit?
Upbit is a new Korean exchange collaborating with Bittrex. It is launched by Korea's biggest messaging app developer, Kakao. The exchange was announced around the same time Korea passed China in trading volume so this makes it a pretty big deal.
The Kakao Corporation is pretty big in Korea as its messaging app, Kakao Talk, is the most popular messaging app there and they have the second most popular search engine, Daum. Not only can people use the app as a payment system and buy stocks via the Kakao Stock platform, but it also offers other services similar to Uber, music streaming, video sharing and a popular mobile gaming network.
What does this mean for Steem?
Not only can users now buy cryptocurrencies through their mobile app, but Upbit is now one of the first to allow direct purchase of Steem through fiat currency.
It was not such big news when they added STEEM-BTC and SBD-BTC at first, since they collaborate with Bittrex, it meant that all orders executed on Bittrex were exactly the same as on Upbit. Now that they allow for fiat trades with only a few clicks on your phone, this is the results so far.
Remember the recent SBD and Steem pump? Check out what the mini charts on Upbit look like for SBD and Steem:
As you can clearly tell, the same day SBD and STEEM started trading for the fiat currency KRW, the volume and prices spiked on both.
The goal of upbit is to become the largest exchange in South Korea, this would mean they would have to surpass exchanges such as Bithumb which lately has been in top 3 worldwide in volume and others such as Coinone and Korbit.
With the rising activity of South Korean users here on Steemit lately, proven by these traffic stats from steemittraffic:
I am glad that they have an easy way to purchase and sell Steem into fiat and I hope more exchanges will add Steem in 2018 to make it easier for the rest of us.
What are your thoughts on this?
Thanks for reading!
Do you know the EU based Uquid crypto debit card? They have integrated 75 different crypto currencies, STEEM and SBD being two of them.
I don't actually, need to check it up!
Heard Steem and SBD were added to Payza as well!
Mahh man! Awsome! Oh yes! Its actually 89 altcoins :))
@acidyo, good reminder here. Have you noticed that Bittrex is now requiring "advanced verification" from its users? This includes submitting a photo of your passport and a Selfie. Just curious about your take on this. As Bittrex is in partnership with Kakao, i imagine similar requirements will become mandatory.
Yeah, hadn't used Bittrex in a while and was surprised they required that all of a sudden, could also be a cause to the unresponsiveness users have been noticing lately with Bittrex which I talked about in my last post, maybe they just have a lot of stuff on their plate with recent developments and the flood of new users storming in.
I hope we will be seeing some more decentralized exchanges in the future, or at least some that are better than open.ledger :P
At least it's not a large amount i have tied up there. I hope you're right that they're dealing with a flood of new users so they're unable to address some issues people are having atm.
Yes, we NEED some decentralized exchanges!
Openledger's biggest problem is the dark UI and the way prices are shown. I really don't like it when prices show 0.8 Open.Steem/USD. They should show the other way, that is 1.25USD/Steem.
I have to calculate the price everytime I put an order.
Update:
After the recent update of openledger from .info domain to .io domain, I have been having problems with transfer confirmations. The page loads properly but when I click confirm, it says an error has occured. Overall it is much better than other costly services like blocktrades.
What are your favorite exchanges at the moment?
I like binance at the moment, 0.05% trading fees are sweet! I only keep a small amount on exchanges though.
Nice, I haven't tried Binance before. Appreciate the recommendation :)
Nicely Discussion. .
Just click that landing screen away. It’s a trap but it isn’t compulsory (not with my local IP anyway).
Works perfectly without submitting but you are limited to only 100BTC/day with the normal lvl1 verification. Which... oh crap, only $1.1m/day.
THIS IS SO IMPORTANT
FIORST Fiat Pair for STeem/SBD and it is SERIOUSLY pumping SBD price!
I guess the people using this Korean Exchange are not aware that SBD is pegged to $1 and is not supposed to keep going up like this?
Hah We should tell peopleabout this, be honest let the,m know that SBD pump only helps steem usres LOL
we should be pushing EOS more and more!
Explains a lot on the recent events, thanks for the clarification man. Korea is getting quite into all of this steem it seems!
That explains a lot of the recent upwards pressure on SBD. This is great news and hope more will follow so that people can transform their fiat into rest currency = Steem and SBD ;)
This would be great, so you don't need a detour with bitcoin or other cryptocurrencies to buy steem or SBD
Exactly. This detour sucks as a lot of money is eaten up in the exchange process
Thank you 😊
Good News. .
Best of luck
@dandesign86
Nice!
Thanks for the explanation. It still seems crazy for the Koreans to be pumping SBD like this when it was designed to return to $1. It has even pumped harder than STEEM itself so it just doesn't make sense.
today it feels like when you have one day off , you miss big news , a bull or a dip market..everything goes so fast. I think in this case its the best to stay calm and not make emotional moves
wow this is amazing no doubt about it since many korean are using steemit too.. Some exchange platforms doesn't have steem and sbd this one is winner for me. koreans must be happy about it.
Love your acid drop on the social media giants @acidyo they are going to melt down for sure as more and more people start to use blockchain this way. Steem is the one showing the way.
Can highly recommend him!Steemian @overkillcoin made the logo :)
oh yes I follow @overkillcoin great work and fun design.
That’s nice! Is there something like Upbit here in the Philippines?
No, and currently nothing is in the works either AFAIK. Satoshi Citadel have a crypto exchange (application) had approved by the BSP, but have not made any intentions to launch known yet. It is also not known whether they will have any integrations with bank accounts (beyond the usual slow gateways existing).
At this point, Coins.ph has no concrete pans either. Although I recently hooked up its CEO and Ned. But, of course, that can take months.
While we may think the PH community on Steemit is big, from the point of view of a business that may be seen differently. Especially if a service has 500k users. Additionally, we also have to remember that if those services offer a direct SBD-fiat, and vice versa, option they effectively cannibalise part of their revenue stream which now depends on not always interesting BTC conversion rates.
Nothing I've heard of yet!
So is this the first service in the world to offer direct trades between Fiat and Steem? If so that's a massive step and I'd hope to see other exchanges follow suit
@acidyo this news about steem and sbd being exchanged for fiat is crazy. Never imagined this would happen so fast, and it is incredible news. There is too much happening with the big 3 (steem, eos and bitshares). The crypto world is an explotion now, and things will get more surprising for steem in a few months.
The vision of @dan for freedom and empowering people, giving the people the control again that is were it belongs too (very well presented by @teamsteem in his post welcome to steemit), is becoming more true every day, when we see lots of people in different regions of the world, making a living here on steemit.
It is incredible all what is going on here. A great development and disruption that was launched on the steem blockchain recentrly is the @utopian-io by @elear that is bringing lots of smart and creative people to the steem blockchain. @utopian-io is a clear disruption on how open source projects are funded, and its great for both: sponsors and developers. Sponsors can delegate SP (steem power) to fund opensource projects, and to do that they need to buy steem and powerup. A new economy/market has been generated here to bring inflows of steem to the blockchain. Also, delevopers get rewarded on steem and sbd for their contributions. No more words than saying amazing things are comming.
Upvoted and Resteemed.
@gold84
How deep do you think the Korean pockets are in regards to Steem? Do you think they are investors or speculators who recognise the undervaluation?
Hopefully both, not sure how deep they are for Steem but the currency should be quite popular there considering the traffic we have.
This might not be for 100% certain, but something I noticed was that before and after Eth was added to the other Korean exchanges it was only hovering over $10 and it didn't take long til it was pushed above $100. ;)
This is really good news for Steem and SBD.. We need more cryptocurrency exchanges like Upbit where people can direct purchase of Steem through fiat currency.. And by this more people will learn about steem and more people will be interested about this..
To clarify, Upbit is not made by Kakao itself, but it is made by Dunamu who developed Kakao stock app. And Upbit(Dunamu) is collaborating with Kakao platform for social login, 2FA and etc.
Great news for the steem ecosystem. I hope it will make its price to increase.
Great News thanks for sharing...steem is going to explode soon. We had the same situation in last may till june where sbd was rising first and steem moved upwards just later on.
Bitfinex and Binance should add STEEM, they have some junkcoin/shitcoins traded. What could be the reasons STEEM not yet added?
That would be massive news for us because we can easily steem selling and purchasing through this. Also will be hope more exchangeable features coming up next. Steem grow up very earlier this season and will be future. Thank you again for giving grand profitable thing.That's most valuable steem exchange topic @acidyo. you always update most beneficiary steps. Nicely explained about Steem-KRW and SBD-KRW use with perfect analysis mini charts for both modules.
I'm happy to see the expansion of cryptocurrencies ( especially steem) as it will lead to greater awareness of the possibilities of a decentralized society
This is great news!? Hope so ! Will there be a link afterwards transform their fiat into rest currency!? Keep up the great work !
Thats why we witnessed such move in market
Good to Hear it....Steem and SBD need exposure...Thanks for updating the forum
Kindly visit my blog it is under rated;
https://steemit.com/health/@naseerbhat/diabetic-macular-edema-dme-health-1-fbf691a9de9b2
muy interesante muchas gracias
HEY so
When do you think i will be able to withdraw on bittrex? @acidyo
Thanks for explaning, and props for the nice gif!
Verey important information. up bit is working as say with Bittrex and the news of them hey will exchange directly that is great news everyone is for who working on steemit thank you.
Nice post brother
Great news for steemit. It feels really happy to be a part of something that is growing globally! Thanks for the insight.
Something good for the currency market I hope to upgrade this service and facilitate the process of conversion more and more
Thanks for the info. We will wait for further growth in prices for steem and sbd.
Pretty much a post many important to me many important that have been thank you so beautiful is an important a post have I a lot to learn how to have been able to and got it
It's really good news, thanks a lot for sharing...
That's nice steem and steem dollars in this blockchain. Steem and SBD was huge pumping past time. Now I can understand why was that. I think KRW is korean same steemit. How important this without Korean peoples?
It's a good news for Steem and steemIT members also.
good informaion
Nice information
great news !
hi friend, i felt proud when read this, excellent post and this is an awesome research.
i followed you, please follow me and up-vote my post being a friend
good wooooooow (:
Good Explain. ..
Nicely. .
Best of luck
@acidyo
The development of steam and SBD is very remarkable. I pray that we may be in the Lord's favor.
Just wish to congratulate all Korean people especially Cocoa Corporation for all its success.
thanks for this information. really helps a lot, SBD is on its way to competing with other crypto..
Oh wow thank you for being this to my attention , I didn’t know steem and SBD were being listed so soon . As always you keep me up to date on the latest news have a wond
CoinNest is also a crypto exchange who is operated by Kakao. Upbit is new for me thanks for sharing have to check it out and that they have Steem and SBD listed is just great :)
I got your post full and I could not find some
things here, would you tell me the details?