Entrepreneur and TV host RJ Ledesma recently interviewed two bitcoin pioneers in the Philippines and had an educational discussion about cryptocurrency. The topics that were touched include cryptocurrency basics, cashless payments, and bitcoin as an investment medium.
On Bitcoin/Cryptocurrency Basics
Mr. Ron Hose took the floor and mentioned how these are assets backed on the blockchain. To make it simpler for the common folk, he compared it to traditional assets that are backed by a bank or the government. Mr. Hose also stated that digital currencies, unlike traditional currencies, wouldn’t need a mediator. People with cryptocurrency can directly send it to another account.
- Read more: Learn more about Blockchain HERE.
Both later stated that cryptocurrency is like a digital gold as the value of it depends on the market.
On Cryptocurrency Investment
For this topic, the two experts openly said DON’T. The reason for this is the high volatility of the industry. Mr. Hose shared that you need to learn and understand the trend where the cryptocurrency is going before you spend any money. Learn more about it first before you dive in. On the other hand, Mr. Cuneta mentioned researching and getting the feel of how it works by trying it, albeit in smaller amounts.
Another way to think about these digital currencies is how they can affect the regular consumers. Some examples are given like easy bills payment, load for mobile devices, and cashless payments.
On Choosing the right Cryptocurrency
Aside from Bitcoin, there are other virtual currencies in the market. For the sake of this article, we will call them altcoin. Mr. Ledesma asked how can people choose the right cryptocurrency to have. Mr. Cuneta answered that choosing the right cryptocurrency depends on how the people do their own research.
Since cryptocurrencies are decentralized, Mr. Ledesma asked if there are any regulations in the industry. Mr. Cuneta gladly answered by saying that even though the crypto world is decentralized, it has its own protocols that govern how the program is run. The firms run by these two gentlemen are proud owners of a BSP license to operate as virtual currency exchanges.
Mr. Hose added that the blockchain is unregulated but how people will use it is regulated.
Future of Bitcoin in the Philippines
The two cryptocurrency experts agree that in the next 2-3 years, the Philippines will have more cashless payments available.
You can check out the video of the interview on Youtube here.
Mr. Miguel Cuneta is the Co-Founder and Chief Community Officer of SCI Ventures. He pens his thoughts on Medium at medium.com/@MiguelCuneta_21450. SCI has a number of products in the market such as Rebit for remittances, Buy Bitcoin for BTC buy and sell, Keza for investing in the international stock market using BTC, Bitbit for BTC wallet, and Lifebit that works like a social journal.
Mr. Ron Hose is the Chief Executive Officer of Coins.ph. He is also the founding partner at Innovation Endeavors. Coins.ph is a Peso and Bitcoin App. You can use it to keep your bitcoins or buy mobile load, pay bills, etc. Also, Coins.ph is recently testing its ethereum wallet platform.
- UPDATE JUNE 2018: Coins.ph now supports BTC, ETH, and BCH