What Is Cryptocurrency ?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.
When and Why cryptocurrency was created ?
It was created in the wake of the 2008 global financial crisis as a way for people to control their money themselves, without having to rely on companies, banks, or governments and their fees and controls.
Is CryptoCurrency Legal here in the Philippines ?
Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines (Bangko Sentral ng Pilipinas) under Circular 944; however bitcoin and other "virtual currencies" are not recognized by the BSP as currency.
Who regulates Cryptocurrency here in the Philippines ?
The one who regulates cryptocurrency in the philippines is The Philippine Securities and Exchange Commission it is developing rules pertaining to the registration of initial coin offerings, which will include pertinent rules on the topic of the regulation of cryptocurrencies as financial securities.
How to buy Cryptocurrency in the philippines ?
One of the easiest ways to buy bitcoin in the Philippines is through Coins.ph, the first cryptocurrency exchange to be licensed by the central bank.
To buy cryptocurrency on Coins.ph, follow the steps below.
Step 1: Create a free account.
Step 2: Fund your account.
Step 3: Start buying cryptocurrency such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum(ETH) and Ripple (XRP).