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A woman at a small temple shrine doing three Korean Buddhist style bows.

I found this excellent article on the Jogyesa website:

Why do Buddhists bow or prostrate?

It is a way to practice being humble and so to awaken the Buddha Nature in us. To bow is a way of learning humility and when we are humble, our mind is empty and so we can awaken the Buddha Nature within us. This is a reconfirmation to ourselves of being a lamp to ourselves just as the Buddha taught us and it also enables us to go forward in our bodhisattva practice of helping all beings. In addition, to bow is good for our health as it makes our abdominal muscles strong, and there is control of the breathing while doing a good form of physical exercise. When we bow, we feel our mind becoming modest as well as strong at the same time.

Here is short article written by Won-myong Sunim which explains the Korean point of view of bowing well.

Why we bow to the Buddha

Whenever anyone goes to a Buddhist temple he bows to the Buddha in the Main Hall. Visitors who do not know much about Buddhism think that the people are worshiping idols, that they are bowing to a statue of metal, wood or stone. This is wrong!

Buddhists make and keep statues as reminders. They do not worship the material that the statue is made of. They do not bow to the substance used by the artist to create that inspiring object. They bow in remembrance of the Buddha’s qualities and teachings. They bow out of gratitude for the Buddha’s great kindness in teaching us. They bow to themselves and to all living beings for each and every one has Buddha Nature ‑‑ the potential for enlightenment ‑‑ within: each one is a Buddha.

The Buddha did not teach in order to save us; he taught that we are already saved. Everybody has eternal life and infinite, limitless capacity. So we do not bow because there is an object of wood or stone, we bow to ourselves and look at ourselves as if in a mirror.

Master Chao Chou said:

A gold Buddha cannot pass through a furnace.

A mud Buddha cannot pass through water.

A wood Buddha cannot pass though fire.

In this way the real Buddha doesn’t depend on the material. It depends on our own nature, for Buddha is everywhere. Through the Buddha statue we see ourselves…

Master Hui-neng said, “Let each of us take refuge in the Three Gems, the Buddha, the Dharma and the Sangha within our mind!”

A great Theravada monk, Nyanaponika Thera said, “The Triple Gem… is transformed from an impersonal idea to a personal refuge only to the extent that it is realized in one’s own mind and manifested in one’s own life.”

The first step on this road is to take refuge and the second to accept to try to live according to the five precepts. The five precepts are the foundation of the establishment of morality, indispensable in our quest for happiness. For if the mind is not at peace on this the most basic level, then how can we grow?

The Precepts

The precepts are training rules by which I try to govern my life. Often I fail, I tell yet another little lie, I have to kill a mosquito. Then I look at my failure, I know that I must suffer the consequences. And so I continue to try with a positive mind.

So what are the training rules?

To refrain from killing and to practice Loving-kindness;

To refrain from taking anything not given and to practice Generosity;

To refrain sensual and sexual misconduct and to practice Awareness;

To refrain from lying, gossiping and slander and to practice Wholesome Speech;

To refrain from all intoxicants and to practice Clear-Mindedness.