What is cryptocurrency and how's cryptocurrency in the Philippines?

 Crypto has been around for more than a decade and it revolutionized a lot of things on how money works, like today we have e-wallets, digital banks etc. A lot of things are becoming digital right now including money. Cryptocurrency is basically a digital currency. The first cryptocurrency in this world is the one that you probably hear almost every now and then which is called bitcoin.

Bitcoin was created by Satoshi Nakamoto and the fun fact is that until now Satoshi Nakamoto’s identity is still unknown.

It is hard or almost impossible to hack bitcoin because a transaction needs to be verified in all computers and not just one.

There are lot of existing cryptocurrencies in the world now and some of this are trying to revolutionize real world problems. For example, bitcoin, it was created as a way for people to send money over the internet and the digital currency was basically intended to provide an alternative payment system that would basically operate free of central control.

Some of our fellow Filipino are already transact cryptocurrency like encashment of bitcoin into fiat currency through the digital wallet in convenient store kiosk like 7/11. This convenient store doesn’t accept bitcoin payment yet but we can’t tell maybe in years now bitcoin payment in convenient store will be legalized.

BSP admits it is handling cryptocurrencies, the money of the future with caution. Open to the Idea of virtual currency the BSP said it is too soon for it or the government to experiment on creating its own kind.

Several central banks have given into the cryptocurrency boom, like the bank of Japan and the European Central banks. Even the Dutch Central Banks have created its own for internal circulation. Russia too had shown interest in Ethereum, which is another kind of cryptocurrency. China which use to allow bitcoin trading has been cracking down on the digital currency.

According to coinmarketcap.com the value of a 20 biggest cryptocurrencies is around 20 billion dollars.

In Philippines, Last August the Bangko Central gave 2 bitcoin exchange licensed to operate in the Philippine.

Some investors said, if you want to use it as a means of exchange, well in good that’s really what is supposed to be for but if you’re looking at it as an asset in a sense and you’re going to played the rise and fall of the price, you must invest your time to stay focus on it because it is highly volatile. It is not an investment scheme, it’s not something you want to put more than you are willing to lose.