Bithumb Exchange: A Comprehensive Guide to Trading and Security

Bithumb Exchange is one of the largest cryptocurrency exchanges in South Korea, founded in 2014 by Lee Jung-Hoon. It's known for its user-friendly interface and wide range of digital assets listed.

Bithumb offers over 190 different cryptocurrencies for trading, including popular coins like Bitcoin, Ethereum, and Litecoin. This variety makes it an attractive option for both beginner and experienced traders.

The exchange is regulated by the Korean government and is required to adhere to strict security protocols to protect user funds. Bithumb has implemented multiple security measures, including cold storage, two-factor authentication, and regular security audits.

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Bithumb is a South Korean cryptocurrency exchange that allows users to buy, sell, and trade various digital assets, including Bitcoin and Ethereum.

Founded in 2014, Bithumb has grown to become one of the largest cryptocurrency exchanges in South Korea, with a large user base and a wide range of trading options.

Bithumb offers a user-friendly interface and a mobile app, making it easy for users to access and manage their accounts on the go.

The exchange supports multiple payment methods, including bank transfers and mobile payments, making it convenient for users to deposit and withdraw funds.

Bithumb also provides a range of security features, including two-factor authentication and encryption, to protect user accounts and assets.

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Bithumb exchange is a great platform for multiple cryptocurrency trading, supporting a variety of cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and more.

This allows users to have a diverse portfolio and invest in a range of different digital assets. With so many options, you can spread your risk and potentially increase your chances of success.

Advanced trading features like margin trading, futures trading, and options trading are also available, allowing experienced traders to take advantage of market volatility and potentially increase their profits.

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Cryptocurrency is a digital or virtual currency that uses cryptography for security and is decentralized, meaning it's not controlled by any government or financial institution.

Cryptocurrency exchanges are platforms that allow traders to buy and sell cryptocurrencies, derivatives, and other crypto-related assets.

These exchanges have different advantages, and it's essential to choose one that suits your investment goals.

Bithumb is a popular cryptocurrency exchange that primarily caters to Korean investors but has gained worldwide recognition for its user-friendly platform and competitive trading fees.

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It's reported to have a daily trading volume of over $1 billion, making it one of the largest exchanges in the world.

Bithumb is known to list new and emerging digital assets before other exchanges, making it an attractive option for investors looking to get in early on new projects.

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Bithumb launched in 2014 as Xcoin, before being renamed to Bithumb in 2015. The exchange's mobile version for Android and iOS was released in 2016.

Bithumb's early years were marked by a significant transformation, first as Xcoin and then as Bithumb. This change in name is a notable event in the exchange's history.

Bithumb's mobile app was a major milestone, making it easier for users to trade cryptocurrencies on-the-go.

Bithumb exchange supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and more. This allows users to have a diverse portfolio and invest in a range of different digital assets.

You can choose from a wide range of cryptocurrencies, which is great for diversifying your investments. This includes some of the most popular cryptocurrencies like Bitcoin and Ethereum.

Some of the cryptocurrencies supported by Bithumb include:

Having a diverse portfolio can help you spread out the risk and potentially increase your profits.

Bithumb Global offers a range of deposit options, including cryptocurrency deposits and bank transfers. Users can deposit funds using Bitcoin, Ethereum, Ripple, Litecoin, and many other cryptocurrencies.

For users who prefer traditional bank transfers, Bithumb Global supports deposits in USD, EUR, KRW, JPY, and many other currencies. This flexibility is a major advantage for users who want to manage their funds in a way that's comfortable for them.

Users can withdraw their crypto assets to an external wallet by providing the destination address. Alternatively, they can withdraw via bank transfer to their linked bank account.

Bithumb Global supports withdrawals in USD, EUR, KRW, JPY, and other currencies. This makes it easy for users to access their funds in a way that suits their needs.

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Deposits and withdrawals at Bithumb are only available through KRW points and cryptocurrencies. KRW points can be purchased through the KB escrow service and are converted on a 1 to 1 basis.

The following cryptocurrencies are supported for deposits and withdrawals at Bithumb:

The price of bitcoin dropped by nearly $200 to a daily low of $6,561 an hour after Bithumb initially published a statement.

This significant price drop was short-lived, as the price had bounced back to $6,640 by press time.

Trading activity on the exchange actually increased since the news broke, with 24-hour trading volume initially seen at around $350 million and later climbing to $380 million around noon local time on Wednesday.

This increase in trading activity may be due to the fact that Bithumb only suspended asset deposits and withdrawals, allowing trading to continue uninterrupted.

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The South Korean government has taken a proactive approach to the crypto industry to improve security and reduce fraud, making the South Korean crypto market more attractive to investors and businesses.

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The government's role in market regulation has been significant. Bithumb, a popular exchange, has also taken strong security measures to protect its users, including two-factor authentication, multi-signature wallets, and regular security audits.

These measures were implemented after a security issue in 2018, where the exchange learned from its experience and added extra security features to prevent hacking attempts. Bithumb also uses SSL encryption and 24/7 monitoring of servers to safeguard the security of the exchange.

To ensure the security of its users, Bithumb requires identity verification for cryptocurrency trading, which includes submitting various verification documents. The authentication process can take up to 48 hours, but in practice, it usually takes only a few hours.

Dae-sik Kim is the South Korean entrepreneur who founded Bithumb and previously served as its CEO.

He left his post in 2018 to join Bezant as Chief Cryptocurrency Officer.

Javier Sim is a key figure at Bithumb, serving as co-founder and managing director at Bithumb Global Holdings.

Sim has a strong background in finance, having worked as an investment banker at HSBC and BOCI (Bank of China International) before joining Bithumb.

Regulation for Security and Fraud Prevention plays a crucial role in protecting investors and businesses. The South Korean government has taken a proactive approach to the crypto industry to improve security and reduce fraud.

The government's role in market regulation has been significant, making the South Korean crypto market more attractive to investors and businesses who are confident their investments are protected.

To improve security, exchanges like Bithumb have implemented strong security measures. These include two-factor authentication, multi-signature wallets, and regular security audits.

Bithumb's security measures are designed to safeguard the exchange against hacking attempts. The exchange uses SSL encryption, 24/7 monitoring of servers, and 2-factor authentication to protect user accounts.

In terms of identity verification, Bithumb requires users to submit various documents, including a copy of their passport and a document verifying their address. This process can take anywhere from a few hours to 48 hours, but it's essential for maintaining the security and integrity of the exchange.

Here are some key security measures implemented by Bithumb:

The government is taking a proactive approach to the crypto industry in South Korea to improve security and reduce fraud.

Bithumb's hack was reported to the Korea Internet & Security Agency (KISA) just an hour before the exchange confirmed the hack on its website and official Twitter account.

A dedicated analysis team at KISA is currently investigating the hack, but no details have been disclosed yet.

Regulators in South Korea have not yet made any concrete move in regards to regulating exchanges in a legal framework, unlike their counterparts in Japan who launched a legal framework in 2017 after the Mt. Gox hack in 2014.

The Financial Services Commission in South Korea may take a similar stance to Japan's regulators, but it remains to be seen what their next move will be.

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Bithumb has a history of refunding users after a hack, having done so in the past with 30,000 users impacted.

The platform repaid each victim with 100,000 Korean won, an amount worth about $85.

Industry experts praised Bithumb's move to cover all losses, with bitcoin pioneer Charlie Shrem calling it a "smart move" for the industry.

Litecoin creator Charlie Lee also commented that it's best to withdraw coins after trading, highlighting the importance of being proactive with security measures.

Bithumb's decision to refund users is a significant step towards rebuilding trust in the industry after a hack.