Feature photo from Rafael Padilla
- Bitcoin, Beer, & Bitstories’ July Edition focused on Bitcoin and why the community remains bullish despite the current bear market.
- Ramon Tayag and Miguel Cuneta discussed Bitcoin as a technology-first, self-sustaining monetary network and the potential for it to become the most superior form of money.
- Bitcoin’s ability to enable peer-to-peer transactions without middlemen was highlighted, and its potential as a solution to the broken traditional monetary system was emphasized, despite the current volatility in the crypto market.
To highlight the cryptocurrency that started in all, Bitcoin, Beer, & Bitstories’ July Edition focused on the leading crypto, Bitcoin, and why the community remains bullish despite the current bear market. The event had a one-on-one discussion between Bloom-X co-founder and Chief Technology Officer Ramon Tayag and Satoshi Citadel Industries (SCI) co-founder and Chief Community Officer Miguel Cuneta and co-founder of Rebittance Inc.
The event was co-presented by BitPinas, and before the main panel discussion, Starzz CEO Marco Kowalewski presented his company to audience.
Why are you Bullish on Bitcoin?
According to Cuneta, before it was deemed as an investment, Bitcoin is “…technology first. The Bitcoin network is an independent self-sustaining monetary network–the first of its kind.”
Tayag stated that learning about Bitcoin has changed his focus and perception about money. He stressed that since Bitcoin is digital, he even suggested that governments can use it as settlements instead of shipping gold.
“Now, I don’t think there is any reason except that the central banks are still looking down upon it. But that’s not gonna be like that forever,” he claimed.
Consequently, Cuneta expressed, “probably, in my opinion, Bitcoin is the most superior form of money that’s been invented so far.”
“Our system is just based completely on debt. What does this mean practically for us? We’re guaranteed to lose value in the long-term holding fiat. If it doesn’t happen that way, then the financial system is not gonna work and it’s going to collapse because it is based on debt. When that hit me, when I started seeing the basement of money, when I started framing it and really taking it in that it’s actually theft; that led me to be bullish in Bitcoin,” Tayag expounded.
Bitcoin is the new money
“Bitcoin has a very simple preposition, it said it solved what’s called the double spending problem in digital transactions. Before Bitcoin there has never been a way to do it without the middleman. Every single transaction you did online had a middleman, had someone to make sure it’s valid, make sure it’s true, make sure no one is getting cheated and then take a little bit of a fee,” Cuneta explained.
(Read more: How Bitcoin Solved the Double-Spending Problem)
He then noted that the existence of Bitcoin and its capability to allow legit peer-to-peer transactions is “really profound” and “groundbreaking.”
Tayag highlighted that for fiat, central banks have to peg money with gold to stabilize its value. Despite this, there is still no guarantee that whatever an individual saved today can still buy the things they are saving for the same current amount in 10 years’ time.
“Bitcoin is like a multidisciplinary, multi-faceted thing… The money is broken, here’s a way to fix it; it is an alternative. No one is ever forced to use it unlike the currency that we use now. We are forced to use peso to pay our taxes, (we) cannot use any other currency that’s how it maintains its value,” Cuneta stated.
He then noted that Bitcoin checks on the boxes for the criteria of a “good money.” Cuneta then stressed that Bitcoin, technically, is just as volatile as fiat are.
“A lot of people, especially online, that are like (Bitcoin) are too volatile. It’s never gonna be money ‘cause it’s too volatile. But I ask, ‘how else would a free market money begin?’” Tayag stated.
Cuneta, citing an anecdote from Eric Vorhees, emphasized that volatility is inevitable given that the crypto market is still determining its true value.
Bitcoin in PH
Over 400 small businesses in the Philippines now accept Bitcoin payments, including convenience stores, cafes, hotels, and restaurants. This number has grown from 120 in June 2022, thanks to partnerships with Pouch.ph.
Though there is still no definite regulation on Bitcoin or cryptocurrency in general, the Philippines has established regulatory frameworks for the crypto market, including the VASP license, ICO guidelines, Bataan Charter, Rules for Digital Asset Exchanges, Digital Asset Bill, and Securities Regulation Code. These frameworks aim to protect investors, promote transparency, and stimulate economic growth.
According to the Securities and Exchange Commission (SEC), its cryptocurrency rules are still being finalized and now called the Digital Asset Security Service Providers Rules. The release of this regulation was priorly revealed to be delayed due to the FTX collapse.
Find more articles in the BitPinas – Bitcoin series for 2023:
- Bitcoin Month: Origins and Key Milestones in Bitcoin’s History
- Bitcoin Pizza Day: The Story Behind the First-Ever Real-World BTC Transaction
- How to Buy and Store Bitcoin: A Step-by-Step Guide
- Bitcoin and the Lightning Network: An Introduction to Scalability Solutions
- Bitcoin in the Philippines: Adoption, Regulation, and Use Cases
- Understanding Bitcoin: What is it, How it Works, and Why it Matters
This article is published on BitPinas: [Event Recap] July BBB: Crypto Experts Discuss the Bullish Case on Bitcoin
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.