What is cryptocurrency and why is it taking the Philippines by storm?

What is cryptocurrency?

Cryptocurrency is a digital or virtual asset designed to work as a medium of exchange. It uses cryptography to secure its transactions, to control the creation of new units, and to verify the transfer of assets. Cryptocurrencies are decentralized and are not subject to government or financial institution control.

What are the benefits of cryptocurrency?

Cryptocurrencies offer a number of advantages over traditional fiat currencies, such as lower transaction fees, faster transaction times, and increased security. Cryptocurrencies are also portable, resilient, and divisible.

Why is cryptocurrency taking the Philippines by storm?

The Philippines is one of the world’s leading countries in terms of cryptocurrency adoption and usage. The country has a large and active cryptocurrency community, and a number of businesses and services have begun to accept cryptocurrency payments. The Philippines is also home to a number of cryptocurrency exchanges, making it easy for users to buy and sell digital assets.