Cryptocurrency is virtual currency traded between two individuals online without any involvement by conventional banks and no direct regulation by federal governments. This kind of currency is also known as an “interbank” trade which involves banks that do not generally operate in the same country as their customer. “Digital cash experience, global reach, dual-sided channel, regulatory compliance experience and rigorous security and protection standards give this opportunity, and the responsibility, for the financial services companies of the Philippines.”
In terms of its popularity in the Philippine context, some financial institutions in the Philippines like the RCBC and Bank of the Philippine Islands are now starting to transact through the bitcoin protocol. The bitcoin price in the Philippines is seen to be on the rise and this has prompted a lot of people in the Philippines to move from the conventional US dollar to this digital currency. Financial experts suggest that the increasing popularity of this virtual currency exchange is due to several factors including the government’s endorsement of the use of this virtual money for transactions in the country. This move was seen to have come at a time when there is a growing concern over the safety of the Filipino economy from possible cyber-attacks originating from China and other Asian countries.
The best thing about the growth of bitcoin in the Philippines is that it enjoys a remarkably high level of relative anonymity. This means that the currency can function well even for normal users in the Philippines who do not wish to reveal their personal information like their full name, age, place of employment or where they work. Despite the good reputation of this decentralized form of exchange in the Philippines, we may receive compensation when you use too for its exact pricing terms. This is a risk that every trader must take when you decide to purchase your own cryptocurrency. The upside, however, is that this venture continues to expand its operations internationally, reaching new shores like the United States.
If you want to learn about where you can start purchasing cryptocurrencies, check out this infographic from Coexstar: