Why Cryptocurrency is Taking Over the Philippines
The world is becoming more digital thanks to technological advancements, and they have impacted many industries. The topic of cryptocurrency is very hot globally, and different predictions and opinions surround it. Once dismissed as a fad, crypto is getting more popular, and an increased number of people started to trust it.
Cryptocurrency is well embraced in the Philippines, and both people and authorities believe it can bring a lot of benefits. Therefore, the Philippines have become one of the Asian crypto hubs since they have encouraged cryptocurrencies. It is not strange that the Philippines are among the top countries for crypto adoption, and that trend is about to continue.
Cryptocurrencies have penetrated many industries, from the financial to entertainment. People can perform transactions via crypto even when playing their favorite casino games at Stake.com casino, which is reviewed by experts and recommended for this type of gaming.
In this article, we will investigate the circumstances that had a positive impact on crypto adoption in the Philippines.
What is Cryptocurrency?
Cryptocurrency represents digital money that is decentralized and used on the internet. It is decentralized since no government or central authority controls it. On the other hand, peer-to-peer networks manage crypto, and it’s open to everyone who wants to participate. But, newbies always have one question: if any government does not control crypto, how secure is it?
Thanks to blockchain technology, cryptocurrencies have reached a very high level of security. It is a breakthrough technology that is ongoing and constantly re-verified. Blockchain enables online transfers without a middleman like a payment processor or bank. Any transaction can be triggered 24/7 and get processed almost instantly.
Therefore, crypto users can control their assets and perform transactions globally at any time they want. It is an alternative to the traditional banking system that is gaining more users and bigger popularity. Everything started in 2008 when the first cryptocurrency – Bitcoin – was launched. Bitcoin is still the world’s most popular crypto, but users can find numerous digital coins on the market.
Generally, several concepts are common for most cryptocurrencies. They can be transferred seamlessly across the globe, and their usage is getting more expanded. Cryptos don’t include your sensitive information for value transfers, and they provide a great level of privacy.
We have already mentioned that cryptos are secure thanks to blockchain, while they are also portable since they are not tied to any financial institution. All transactions are transparent, and payments cannot be reversed.
Crypto Regulations and Domestic Support
We have already said that cryptocurrencies are very popular in the Philippines, and the government has provided a framework for their acceptance. Thanks to the Bangko Sentral ag Pilipinas Circular No. 944, which serves as a guideline for virtual currency exchanges, the Philippines have become one of the first Asian countries to adopt crypto.
Unlike some other countries in the region, such as China or India, who have taken certain actions to discourage crypto acceptance, the Philippines have a completely opposite approach. Bangko Sentral ng Pilipinas (BSP) and the Philippine Stock Exchange (PSE) have expressed a lot of interest in cryptocurrencies, and they intend to facilitate crypto integration in society.
PSE also has an interest in embracing crypto trading, which is another positive signal for cryptocurrencies in this Southeast Asian country. Of course, local people should learn more about this technology, and the authorities try to encourage them. Therefore, a big Bitcoin event took place in Manila in 2018, which confirms the country’s intention to embrace crypto even more.
Investment Possibilities
The number of crypto investors is continuously increasing since the traditional ones have also entered this area. Filipino crypto enthusiasts hope that they can become new digital currency millionaires thanks to crypto investments. In the next five years, experts predict that investors will hold around 5% of their assets in crypto. Several factors will contribute to this growth, and here are the most important ones.
Safety is always crucial when it comes to transactions, and if you make it with cryptocurrencies, they are very safe. There are no intermediaries, and they are fast and direct. Blockchain technology provides a secure environment, and nobody can get sensitive information about your transactions. No central authority monitors transactions, and every participant has full control of their assets.
Many investors believe crypto will gain more value in the long term, especially those cryptocurrencies that are limited. Although their market is still volatile, cryptos can be more resilient to inflation or political impact, making them a more stable investment. Traditional economic fluctuations, bank failures, and other negative events wouldn’t have a high effect on cryptos’ value.
Thanks to these factors, investors can diversify their assets and stop being dependent on stocks, bonds, and other traditional financial instruments. Currently, early crypto adopters in the Philippines could enjoy big rewards.
Crypto Accessibility in the Philippines
Filipinos are very curious about crypto, and they have become more strategic about investments and finances. Although there is still a long way to go to embrace crypto fully, Filipinos have different possibilities to access cryptocurrencies. PDAX is perhaps the biggest gateway to crypto for the Philippines’ users.
It is a homegrown cryptocurrency trading platform, and Filipinos can use it to perform different types of crypto transactions, including buying, selling, and trading. PDAX is licensed by BSP, and this platform has brought many Filipinos to the crypto world.
PDAX has launched a service suitable for crypto investors in the Philippines called PDAX Prime. It covers the major investors’ needs. Thanks to PDAX Prime, they can have direct access to the crypto market and trade with competitive prices much faster. Customers can have 21 digital assets at their disposal and perform operations via the mobile app or web exchange.
Besides the operational features, PDAX Prime has knowledgeable customer support that can help investors during their crypto journey. Customers can get personal assistance, and a dedicated team is there to guide them in the right direction. Apart from that, investors that use PDAX Prime can stay ahead in the crypto market thanks to the up-to-date learning content.
They can find different kinds of information, from basic overviews to insightful roundtables with crypto experts and extensive discussions on trading.
Conclusion
Cryptocurrencies can be the next big thing in the Philippines, and they can help the people and the country experience financial well-being. More than four million Filipinos hold cryptocurrencies, and this Southeast Asian country is one of the world’s hottest crypto hubs.
The authorities have seen the potential benefits that crypto can bring, and they have provided the necessary frameworks. Investors can also exploit their chances and make their assets more diversified.
