Do Filipinos think they know Cryptocurrency? Read this first!

August 23, 2018

How is the Philippines from a global perspective when it comes to the cryptocurrency world? Are Filipinos knowledgeable about the thing so-called cryptocurrency? Would this CRYPTOCURRENCY benefit the Filipinos future and the next generation?


The Philippines, for the longest time, is set to be a part of a third world country due to its political instability and its lack of advancement in technologies. Even though Filipinos are somewhat outdated when it comes to the upgrade of the world, Filipinos are still able to catch up with today's modern age system and technology, credits to the influence of the Internet. Filipinos are well-known for their skills in making things easier than what it looks like, and will surely make it easier and easier.


In this digital era, people can get anything done with just one touch on their phone or laptop. Physical distance is no longer an obstacle that includes payment for utility bills, money transfer, or even goods trading, and so on. Hence, Philippines is facilitated with such advanced technologies. This is an evolution of currency, where fiat money has gone virtually that we recognize as “CRYPTOCURRENCY”


CRYPTOCURRENCY is a type of money that only exists electronically. It is entirely “DECENTRALIZED” with no server or central authority such as government, bank, corporation or any individual.


CRYPTOCURRENCY is increasingly important because it saves people time in making transactions, it also avoids intermediaries due to its unique system called the “BLOCKCHAIN”


In The Philippines, when people hear the word “CRYPTOCURRENCY” the first thing that comes into their mind is “BITCOIN.” 


Bitcoin is a type of CRYPTOCURRENCY that has taken the world by storm. 


Back in 2009, some anonymous people declared to be Satoshi Nakamoto, introduced Bitcoin. Satoshi Nakamoto’s objective in Bitcoin is for people to send


or receive money anywhere in the world without any interference from the central authority or any middleman. This DECENTRALIZED system called BLOCKCHAIN has made this possible.


With the success of Bitcoin, another type of CRYPTOCURRENCY called “ETHEREUM” has come to town with its unique features that Bitcoin cannot offer. ETHEREUM, was founded by Vitalik Buterin, a computer programmer and a cryptocurrency researcher in 2013. ETHEREUM is also a DECENTRALIZED platform that facilitates SMART CONTRACTS without any interference from any third party.


There are thousands of CRYPTOCURRENCY out there, but these two draw most attention and trust for quite some time now.


So now, if we are wondering if this thing called CRYPTOCURRENCY is going to be beneficial or essential for our future as well as the future of the next generation, as time flies with everything leading everyone into this fast phased digital living; where do we think the world is leading us? Is the world taking us back or is the world becoming more and more digital and advanced every day?  What are your thoughts?


To be continued…



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