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Popular cryptocurrencies in the Philippines

Popular cryptocurrencies in the Philippines

Cryptocurrencies are the next big thing that everyone wants to invest in it. It is a form of digital payment that can be exchanged to buy goods and services. There are many types of cryptos worldwide. All of them are digital and only exist within the infrastructure of your computer. If you are in the Philippines and looking to invest money, it would be helpful first to understand the local market scenario.

The Philippines is probably the world’s fastest adopter of cryptocurrencies, with 40% of the population currently holding some form of this digital currency. Many holders are young people, some of whom have won tokens by playing virtual games. Since three-quarters of the Filipino population does not have a bank account, cryptocurrencies and blockchain technologies are bridging this gap. In 2019, Union Bank became the first Filipino institution to launch its cryptocurrency exchange, PHX. PHX’s value is pegged to the Filipino peso and is guaranteed to be at parity, making it an ideal storage mode. 

Bitcoin (BTC)

Bitcoin was created in 2009 by a pseudonymous creator, Satoshi Nakamoto. It is a trendy choice, as it triggered the launch of numerous cryptocurrencies collectively called altcoins. An advantage of dealing with Bitcoin is that it offers lower transaction fees than traditional online mechanisms. This is possible because a decentralized authority operates it. Bitcoin does not exist physically. Its balances are kept in a public ledger that is free to access, although every record is encrypted. All of its transactions are verified by a process called mining. Bitcoin is the world’s largest cryptocurrency but has a volatile history of booms and busts. 

Ethereum (ETH)

Ethereum is a blockchain platform known for its cryptocurrency ether or Ethereum. It is the second-largest cryptocurrency as of January 2022, only behind Bitcoin. Vitalik Buterin published a white paper to introduce Ethereum in 2013, and it was launched two years later by Buterin and Joseph Lubin, founder of the blockchain software company ConsenSys. Ethereum offers the building of smart contracts and decentralized applications (dApps) without any third-party interference, fraud, downtime, or control. 

It aims to provide a host of financial products that anyone can access in the world, regardless of anyone’s nationality or race. This feature has made Ethereum a popular choice among countries that do not have a proper state-back financial infrastructure. It also offers various financial services, like loans, insurance, or access to a secure bank account. Ether, Ethereum’s cryptographic token, is mainly used by developers who are looking to create applications inside it or by investors who want to invest in other cryptocurrencies using ether.

Binance Coin (BNB)

Binance Coin, issued by Binance Exchange, is founded by Changpeng Zhao. It is one of the largest cryptocurrency exchange platforms in the world, with more than 1.4 million transactions per second as of June 2021. In the beginning, Binance Coin was offered on Ethereum blockchain with the ERC 20 standard but now has its currency blockchain called the Binance chain. It was initially created as a utility token to avail discounts on trading fees. However, its features have increased to include payments for transaction fees on its chain, travel bookings, entertainment, and financial services. 

Shiba Inu (SHIB)

This is an Ethereum-based altcoin created in August 2020 by an anonymous individual or group known as Ryoshi. Its mascot is a Shibu Inu, a Japanese hunting dog. This crypto is considered an alternative to Dogecoin (DOGE), as both are meme coins launched as an inside joke instead of a cryptocurrency with some value. The only difference is Dogecoin was launched back in December 2013 and was referred to by some as the “Dogecoin killer” mainly by a community of supporters known as SHIBArmy. Shiba Inu’s price rose significantly in October 2021 after the Tesla founder tweeted a picture of his new Shiba Inu puppy Floki. 

Disclaimer: The information available on this website is a compilation of research, available data, expert advice, and statistics. However, the information in the articles may vary depending on what specific individuals or financial institutions will have to offer. The information on the website may not remain relevant due to changing financial scenarios; and so, we would like to inform readers that we are not accountable for varying opinions or inaccuracies. The ideas and suggestions covered on the website are solely those of the website teams, and it is recommended that advice from a financial professional be considered before making any decisions.