The new era of technology brought us to this time; a time where almost everything can be done through our computer and smartphone screens; a time when technology is one key to success. Furthermore, a lot of things have changed. From communication, entertainment, to financing and business. Thus, we can’t deny that this new age is taking over the world. Facebook is one clear indicator of what I am talking about; online banking is another. However, there is something far more than just “online banking” as there exists what we call bitcoin.
To help you understand what bitcoin is, it is a virtual currency. Also known as cryptocurrency, bitcoin is the new era of banking and transactions. Most internet users utilize bitcoin in exchange of real money and they use it for purchases in the internet. For the first time in history, this virtual currency is decentralized, meaning, no one controls it; not even banks and the government. It’s a free-flowing currency that revolves in the internet-sphere.
It was created by a programmer or group of programmers under the name Satoshi Nakamoto. In the year 2009, it was first announced and released as open software. Transactions are peer-to-peer without having to wait or to go through an intermediary.
Before, it was known that bitcoin can not and can never be traded in for cash (real money). However, today, there are exchangers that allow this virtual currency to be converted into real, cold hard cash. Moreover, bitcoins can also now be considered as real money. Yes, money that you can use to purchase things even in concrete stores.
Coins.PH, [ref] the website for bitcoins here in the Philippines. Launched in 2014, Coins.ph is the most established crypto brand in The Philippines and has gained the trust of more than 16 million users. It allows people who do not have bank accounts access or make transactions online.
Worried that you are getting fooled or tricked? Nope, Coins.ph is fully regulated by the Banko Sentral ng Pilipinas (BSP). So, everything in this business or corporation is running smoothly; most importantly, legally. The BSP is successful in validating this business to help Filipinos in transacting without requiring a bank account/online banking scheme.
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