Cryptocurrencies like Bitcoin provide a lifeline to countries with severe currency shortages, hyperinflation and prohibit the movement of capital abroad. Venezuela is an example here. Because of cryptocurrencies, they have an alternative way of trading because they cannot rely on their own money, their own central bank and their own government.

Should the average Filipino invest in cryptocurrency?

I think, it is not yet timely. Emphasis my opinion on the word "common man."

My definition of that is people who earn less than a million pesos per month. As I recall, there is no shortage of cash in the Philippines, our inflation is low and we are free to trade in any country we want.

So we do not need a lifeline cryptocurrency.

Should you invest now?

Honestly, it's up to you to decide, not me. In any case, whether cryptocurrencies are rising or falling, the technology behind it — the blockchain — is the real gamechanger.

Safe uses of cryptocurrencies

For me, cryptocurrencies can be used as a way to remit money and not to invest and speculate on increasing its value. It is necessary that when it is used as a remittance platform, the cryptocurrency will be immediately exchanged for the traditional currency once it is received.

You can also use cryptocurrency if you have something you want to buy, which you can not buy with traditional currency. But, you just convert the traditional currency to cryptocurrency, at the equivalent value of what you buy, nothing much.

It is still better to be careful when using cryptocurrencies. Not everyone is ready to understand it and the system is still not that stable to make its value stable.

But I believe that one day, the time will come when this will happen. Let's just wait a moment. Do not be bored and do not send in the excessive excitement it causes.