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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.
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.