Join 73,950 users and earn money for participation

Situation of Cryptocurrency in Philippines

25 36 exc boost
Avatar for Codename_Chikakiku
Written by   158
1 month ago
Sponsors of Codename_Chikakiku

Let me clear first that all the things I write here are all opinions, I'm not giving a statistical data or any number related resources in order to prove my opinion. Its base on what I read, what I see and my own opinion. I realize to write this topic when I read an article about what future holds for cryptocurrency. Without further a do let's discuss what cryptocurrency is, on my opinion, cryptocurrency is a digital money in which it's value changes based on movement of market. Unlike, real currency in which it changes depends on exchange of other foreign currency like dollars, Rial, Yen, etc. It all starts on 2010 when a person or a group of people named Satoshi Nakamoto, developed a computer software called Bitcoin. I don't know the exact detail how this software works but according to what I read, Bitcoin is a software that anyone can mine it as long as you have the proper tool to use in mining. At first released of Bitcoin, miners get 50 Bitcoin and every four years it's value halves. We all know that mining Bitcoin is very expensive because mining Bitcoin consumes lots of electricity. I think bitcoin contributed lots of harm on our environment due to lots of miners who using large amount of electricity to mine Bitcoin. I've also read that mining activities of Bitcoin will end at 2140 at that moment super computer called quantum computers is already invented and there's a possibility that it can help or destroy all the cryptocurrency but that's not our topic, maybe I'll research about it's possibilities. From the moment that Bitcoin had value, there are lots of other crypto exist on the market such as Ethereum, Ripple, Bitcoin Cash, Litecoin, etc. I think those cryptocurrency are lighter and easier to obtain rather than Bitcoin, I don't know how other cryptocurrency works but I think it has a market cap in which users can buy those cryptocurrency at early stage then HODL them until its value rises.

The best example I can give to you is the crypto that I'm familiar right now which is BCH. I'm familiar with this crypto due to this platform. I'm not engage on trading, buying and selling this crypto but I own a little amount of it because I earn BCH on this platform. As I can see, almost half of users on this platform are Filipinos, therefore I can conclude that lots of Filipinos are familiar into cryptocurrency and they are engage on trading, buying and selling their assets. There are also kind hearted Filipinos who spreading awareness about cryptocurrency so that other Filipinos can learn about it and how to use it. I've read lots of articles here about their way on spreading awareness about BCH. There are lots of famous and rich people who already engage on trading crypto, some of them are buying large amount of assets to become their investment in the future. For an instance, a famous actress Angel Locsin who shared to public how she earned a lot of money in trading. Unfortunately, the government warns the public about what Angel spreading because there's a possibility that it is part of a scam and the money invested to those cryptocurrency will lose. I think the real reason behind it is, the government of Philippines don't want to adapt on cryptocurrency for the reason that cryptocurrency is a digital money in which Holder have freedom to control their money and there's no tax into it. We all know that real currency is circulating on our economy and there's a tax needed to pay. If Filipinos are using cryptocurrency to buy goods and use in transaction, it became big loose for the government. It's just my opinion but I think I have the same opinion to others, as today crypto became popular and many people are using digital money for transaction.

Does Filipinos ready to Adapt on Cryptocurrency?

Like what I've said, Cryptocurrency became popular here on Philippines and many Filipinos are using it but not all Filipinos are knowledgeable about this thing. Philippines belong to third world country which means we are on stage of development. Unlike countries on First world like US, Japan, China, United Kingdom, etc. they have the capability to engage on Cryptocurrency because people already knew the circulation of this digital money. They have also advance technology that can be used in engaging on trading activities. Like what I've said, Philippines is not yet ready to accept this digital money specially for those people from far places that are relying on real currency which is Peso. But in the future, I know that Cryptocurrency will become rampant on this country and many Filipinos will use it. It can also resolve lots of environmental issues specially in deforestation, we all know that money is made of paper and paper are raw materials came from trees and hectares of woods are being cut each year in order to make money, also for coins, manufacturers are using different elements such as copper, silver and gold to create coins but if cryptocurrency became a digital money for everyone, it can make people life easier and the production of money became lesser it means less harm to our environment.

Author's Message:

That's my opinion about situation of cryptocurrency here on Philippines. I know my opinion is not valid and accurate but I think that's the real thing. Maybe Philippines is not yet ready to accept the new digital money due to different circumstances but if we spread awareness about cryptocurrency, they can gain knowledge about it and they may try.

9
$ 22.15
$ 21.81 from @TheRandomRewarder
$ 0.10 from @Jane
$ 0.10 from @dziefem
+ 4
Sponsors of Codename_Chikakiku
Avatar for Codename_Chikakiku
Written by   158
1 month ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

Yes if people decide to use Bitcoin Cash to pay for goods and services and others get their salary in the same currency soon enough the government won't be able to tax anyone that uses BCH. And that is exactly what governments fear the fact that if citizens use it to buy and sell goods they can't tax it but if people use exchanges the government will always be able not just to print more fiat devaluing what you hold but also tax the competition because exchanges will give your data to your government in a heartbeat. The same thing will happen with custodian services as well.

$ 0.00
1 month ago

I think we can adapt the value of cryptocurrency but our main problem as of the moment is the government. I infinity pa nga lang, pinapakialaman na ng BIR eh haha

$ 0.00
1 month ago

I think the Philippines is on its way to crypto adoption. Though our fiat is getting strong yet the economy is still undermining, I think that the mere fact that more people have been showing interest in crypto will gear the interest of many to use it as a value of exchange. As for mining, I think a renewable source like the ones being implemented in the US will help.

However, as for decentralization, I think we're unable to do so :<

$ 0.00
1 month ago

hindi ko po nagets sinabi niyo haha di pa po ako maalam sa crypto. Pero halata ko po na magaling ka po pag dating sa cryptocurrency, I hope you could teach me something, how cryptocurrency works.❤

$ 0.00
1 month ago

Hala po hindi naman masyado. Ibig ko lang po sabihin eh may possibility that crypto adoption is possible but still limited in some ways.

Salamat sa appreciation, I like your work too!

$ 0.00
1 month ago

Sa totoo lang iilan lang naman ang nakakaalam ng Crypto sa bansa natin ee. Pero unti unit ng syang dumadami pero marami pa ring nag iisip na scam ang Crypto. Palibhasa di pa nila talaga na experience, at siguro karanasan na rin ng iba. Mas mapapadala ang pang adopt sa bansa natin. It will be a big convenient din, sana naman talaga.

$ 0.00
1 month ago

If and only if kapag papayag ang gobyerno, I'm sure papayag ang gobyerno jan lalo na democratic country tayo na kung saan may kalayaan na gawin at piliin kung ano ang gusto ng nakakarami.

$ 0.00
1 month ago

With the right knowledge, we will be ready. So we have to raise awareness and invite more people here in read or noise so they will have an idea about crypto.

$ 0.00
1 month ago

We are ready to adopt but the government isn't 🤣🤣 So all effort will be useless if they will ban crypto there..

$ 0.00
1 month ago

I think Philippines will never Ban crypto but they will control it. The fact that crypto holder have freedom to handle and invest their money is a threat for the government since government are depending on tax that Filipinos pay, if cryptocurrency implement here on Philippines. It means that there's no tax that people's will pay. That's the main reason why, the government wants to control the flow of crypto in order to gain taxes to those crypto holders that has huge assets.

$ 0.00
1 month ago

I think the govenrment will adopt into it but they will implement control to flow of cryptocurrency in our country, it means that they will get taxes to those holder that had huge amount of assets.

$ 0.00
1 month ago

I think PH is now ready, the Banko Sentral ng Pilipinas had been issued an article I read and can't forget. At the year of 2025, they wanted to adopt the idea of Japan as being coinless society. Who knows Ph. Has lot of smart people and powerful individual maybe someday one Pinoy will create another crypto token that will supported by government in the near future.. That'sjust view too lol

https://www.pna.gov.ph/articles/1127347

$ 0.00
1 month ago

If cryptocurrency will implement as a digital money that can be used by Filipinos then it can change many people's life. Also it can lessen corruption because digital money can't be stolen.🤣🤣Just a thought

$ 0.00
1 month ago

Yeah that's the problem so they will abolish it for they don't had the kickback 😂

$ 0.00
1 month ago

Sad to say, I've read an article saying that Government from different nations will accept cryptocurrency but the government will handle those companies that handle crypto investors and holders, it means that crypto holders have no privacy anymore. Sad to say that condition will implement in US this upcoming October and I'm sure all countries will follow.

$ 0.00
1 month ago

naka depende lang kasi yan sa mga merong resources eh..mostly kasi sa pinoy ayaw mag take nang risk and mabibilang lang ang gusto mag search about crypto

$ 0.00
1 month ago

That's true po but if Filipinos shall learn about cryptocurrency maybe they will engage into it. It has the same concept on gcash in which Filipinos soon adapt on it.

$ 0.00
1 month ago

true naman pero ewan din.yung mga kakilala ko I introduce bitcoin cash to them pero di sila interested

$ 0.00
1 month ago

Alam niyo naman po mga pinoy, may kasabihan po na To see is to believe, maniniwala lamang kapag nasa harapan na mismo nila ang proof. Maybe lagi lng po silang naloloko kaya hindi na po agad sila naniniwala.

$ 0.00
1 month ago

baka nga din naman..

$ 0.00
1 month ago

I agree with you. Our country is not yet ready with digital currency.

$ 0.05
1 month ago

But I think with the proper literacy and spreading awareness about cryptocurrency, maybe Filipinos will learn how to use it as a new digital money.

$ 0.00
1 month ago

Yeah, you're right. Parang ang cool nito if magkaroon ng subject na about crypto ang ituturo. Hahaha. Wala naisip ko lang 🤣

$ 0.00
1 month ago

hahaha tapos malay mo ikaw ung magiging teacher. Owshieee

$ 0.00
1 month ago

Hahaha tekaaa kailangan ko pa mag-aral ng mabuti kung sakali man 🤣

$ 0.00
1 month ago