Bitpinas. With bitcoin’s value steadily rising in the last few weeks, key players in the industry are reminding the public about the volatility of cryptocurrency.
Key players mean companies and institutions that, at the present, are engaging in bitcoin services and/or developing means to regulate it.
The Fear of Missing Out
SCI Ventures warned the public of the dangers of engaging with bitcoin if one does not understand it. Mr. Miguel Cuneta, Co-Founder of SCI, mentioned in a blog post that buying bitcoins either because 1) you know someone who doubled his or her money or 2) you fear of missing out on the opportunity are akin to trying slot machines in a casino. He further mentioned the following tips
- Inform yourself more about bitcoin and cryptocurrency.
- Learn the technology behind bitcoin to understand what makes it valuable.
For more, check out Mr. Cuneta’s article here.
Coins.ph recently sent atleast 2 emails to its customers to explain the current overload in their website. It also remind the public about the risk associated with bitcoin. Coins.ph mentioned in an email:
The value of bitcoin can rise and fall over short or long periods, and prices will have a large range of fluctuations. If you choose to buy bitcoin, you should be prepared to sustain a total loss of the money you have invested.
It is important to note that while you can buy and sell bitcoin at Coins.ph, you can also use it to facilitate cashless transactions via its Peso Wallet, which is integrated to help you do online Peso transactions online – such as paying your bills or reloading your mobile phone.
No Official Endorsement
In a statement this week, the Bangko Sentral ng Pilipinas once again remind the public against bitcoin’s volatility. It mentioned again what it has been saying for some time now: that the BSP is not endorsing cryptocurrency but is putting up a non-prohibitive stance towards it.
As we close 2017, the Bitpinas Bitcoin to PHP Price chart shows that bitcoin steadies at Php 860K to Php 880K as of press time. Also before the end of the year, the Security and Exchange Commission and the BSP will discuss the possibility of regulating ICOs and cryptocurrency. BitPinas will be reporting about once it is released.