Cryptocurrencies are slowly taking place globally. With the help of cryptocurrency enthusiasts or devotees and platforms that promote cryptocurrencies, it was adopted and fully understood by people worldwide.
I did some research about cryptocurrencies here in my country and I found this information worth reading and share with you.
But first and foremost, what's 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.
The first widely-known cryptocurrency is Bitcoin. I know a lot of you already know about it. It was introduced in 2009 by a programmer named, Satoshi Nakamoto. He announced that he was able to create a peer-to-peer electronic cash system, a new electronic cash system that uses a peer-to-peer network to prevent double-spending.
Bitcoin runs on a decentralized network, a public ledger, where every single transaction is recorded on a number of nodes.
Who records these transactions? Miners.
They do it by solving strong cryptography puzzles that are needed to confirm and record a transaction. After confirming it, it will then be sent to a network of nodes and add it to its database. Once it is confirmed and recorded, the transaction becomes irreversible.
The Philippines is becoming one of the top countries in the world that offers a good location to build blockchain and cryptocurrency projects.
The country is a great place to build such projects because of its English literacy, its enormous opportunities, and a huge unbanked population, that was according to Mr. Brock Pierce, a blockchain advocate.
Additionally, the country’s regulators are open to the adoption of blockchain and cryptocurrencies.
Currently, the Bangko Sentral ng Pilipinas (BSP) – the country’s Central Bank, and the Securities and Exchange Commission (SEC) are working towards regulating cryptocurrencies to protect the Filipino people.
Cryptocurrency in the Philippines is legal due to Circular No. 944 form, which established guidelines for Virtual Currency exchanges on June 2, 2017. The Philippines control over Bitcoin exchanges is performed by the Central Bank of the Philippines. Crypto assets are a high-risk investment.
Purchasing Bitcoin and other virtual currencies in the country is now created easier through available cryptocurrency wallets such as Coins.ph.
Coins.ph is a free, secure, and trusted mobile wallet that lets you access financial services from your phone - even without a bank account or credit card. (I'm using this wallet for my read cash payments and for my loading business too. )
There are also other options such as buying it through a BTC ATM or even over the counter. These options have a set price per token.
What is Cryptocurrency Exchange
It is a trading platform where users can buy, sell, and trade cryptocurrencies. An online platform where users can exchange cryptocurrency for another cryptocurrency or fiat. These exchanges charge a fee for each transaction.
When you buy cryptocurrencies via an exchange, you purchase the coins themselves. You'll need to create an exchange account, put up the full value of the asset to open a position, and store the cryptocurrency tokens in your own wallet until you're ready to sell.
List of Cryptocurrency Exchange Philippines
Coin Pro
Using your Coins.ph account, you can transfer PHP from the Coins app to Coins Pro. In order to transfer funds from your Coins.ph wallet to your Coins.pro account, you have to go to Coins.ph’s Pay Bills then scroll down up to Exchange. Choose whether to send your PHP, BTC, ETH, BCH, or XRP. Put the amount you’re comfortable with and proceed.
COEX STAR
The recently launched COEX STAR is the trademark of BSP-licensed ABA Global Philippines, opening with 11 Crypto-PHP trading pairs including ENJIN and EOS. There are also crypto trading pairs for BTC, ETH, and KRWC. At the moment COEX STAR is giving out incentives for new users.
Coinvil
Coinvil (Coinville) received its virtual currency license in March 2019. It plans to introduce more blockchain projects to the Philippines and help introduce local projects to its partners abroad, particularly in South Korea. Some of its PHP Trading Pairs include BTC, ETH, XRP, LTC, VRG, and CSMT.
PDAX
The Philippine Digital Asset Exchange (PDAX) recently received its VCE license from the BSP in September 2018. It is now live.
PDAX said it will utilize the same order-matching technology used in stock exchanges to match buyers and sellers.
PDAX users can trade pesos for Bitcoin, Bitcoin Cash, ethereum, ripple, and litecoin. More coins are set to be announced soon. PDAX also listed 7-eleven, GCASH, the SM Store, and partner banks as ways to fund user accounts.
Citadax
Citadax is a crypto trading platform by SCI Ventures, the company behind BuyBitcoin.ph, bitbit.cash, and rebit.ph. Not much is known about Citadax at the moment, but its website currently allows users to join the waitlist.
VHCEX
In 2018, VHCEX (operating under Virtual Currency Philippines Inc) has received the virtual currency license from the BSP. The site has markets for BTC, ETH, VHC, VHW, OSE, HWGL, OVO, XEM, OSV, REVS, as well as PHP trading pairs like BTC/PHP, ETH/PHP, XEM/PHP, etc. It is currently partnered with ECPay to soon allow cash-in and cash-out to ECPay Kiosks nationwide.
Juan Exchange
Juan Exchange (operating under Zybi Tech) has received a license to operate a virtual currency exchange in 2018. The website has PHP, BTC, USDT, and ETH markets. They had a grand launching last May 2019.
B-Express
B-Express already operates an over-the-counter Bitcoin service but recently received a license from the BSP this March 2019. In an interview, B-Express said one of its main focuses is the development of its app to ensure its customers will have a smooth trading experience on mobile phones.
GOW Exchange
GOW stands for Global Overseas Worker. Its subsidiary Etranns received the VC license in 2018. GOW said in interviews that it wants to focus on institutional investors.
Bitan MoneyTech
Bitan MoneyTech received its license in May 2019. According to its website, it guarantees the safekeeping of user funds by putting them in cold storage backed by insurance.
Paylance
Paylance highlights that you can use its service if you want to use cryptocurrency for your employee payrolls, disbursement, and other organizational transactions. Simply put, if you want to pay someone in crypto, and that someone is possible an employee of yours, Paylance is the exchange to get on to. The website is under Bloom Solution’s VCE (Virtual Currency Exchange) license from the BSP.
The future of cryptocurrencies in the Philippines is looking brilliant.
There are many reasons why the Philippines is coming to be crypto-friendly. Not only has its central bank registered more crypto exchanges recently, but the Securities and Exchange Commission has also been actively finalizing crypto guidelines.
The country has an active crypto community, and one of its largest banks has engaged in multiple crypto projects.
Sources:
All Images from: bitPinas.com
Information Sources: https://bitpinas.com/cryptocurrency/list-cryptocurrency-exchanges-philippines/
https://www.ig.com/ae/cryptocurrency-trading/what-is-cryptocurrency-trading-how-does-it-work
https://news.bitcoin.com/philippines-crypto-friendly/
