Mr. Miguel Cuneta is one of the key founders of the bitcoin and blockchain movement in the Philippines. In a recent conference talk, his advice on bitcoin is one that is still grounded on a very important financial motto: invest only what you can afford to lose.
During the PiliPINASCon 2018 forum on January 24, 2018, that circles around cybersecurity and the internet of things, Mr. Cuneta shared that even though Bitcoin is on the rise, this “growing industry” is still unstable.
Cryptocurrency from the Expert
Aside from the industry being unstable, Mr. Cuneta also shared:
“Cryptocurrency is a new technology. But you know if you’re going to invest on it to become rich I don’t recommend that. All this time, the value is going up but it’s very volatile.” – Miguel Cuneta, Co-Founder and CCO, SCI
While recognizing cryptocurrency’s volatility, Mr. Cuneta also shared the supposed mantra of every investor:
“I don’t recommend that you invest in it but if you really want, make sure you know everything about it, make sure you only buy an amount that you’re willing to lose.”
On Cryptocurrency Scams
He was also asked about how this new tech industry is being targeted by scams and illegal ploys. Mr. Cuneta answered by saying that these situations don’t happen inside the technology. He compared it with banks. Your bitcoin is inside a wallet on your phone as if your phone is the bank. Banks normally don’t get hacked, don’t become crazy because of an algorithm glitch within its infrastructure. Your wallet is like a portion of the blockchain on your phone, and the blockchain is very safe.
The recent cryptocurrency scams in history, like the Bitconnect scam or the Coincheck hack, did not happen because the blockchain is not safe, but because we entrusted our private keys to others, trusting that they will keep it safe.
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