Coins.ph has just announced recently about reaching 5 million users for its mobile payments application (app) and hot crypto wallet.
Ron Hose, founder of coins.ph, said that their goal to include all Filipinos to the financial system has propelled their growth to date. He also said that they are excited and proud to provide access to financial services for 5 million customers.
Use of Bitcoin and other Cryptocurrencies: Attractive
Many Filipinos struggle because if not less, they experience poor financial services. Nearly half of the Philippine population live on close to $2 a day. Aside from this, Bangko Sentral ng Pilipinas, the country’s central bank, estimated last year that 86% of Filipinos are unbanked.
So in order to make things better, the global blockchain community is encouraging Filipinos to learn more about cryptocurrencies and how they work. They want to educate us about how blockchain and cryptocurrencies can provide a way for each of us to be an active part of the financial system.
And the biggest attraction that they see fit for Filipinos is the peer-to-peer transactions out of view of the government. Basically, It’s about being one’s own bank without the need to rely and fix trust on a centralized system.
Caution with the growing interest on Bitcoin
The numbers provided by coins.ph indicate a growing interest of Filipinos on cryptocurrencies. This only proves that many are starting to embrace the concept and enjoy the services it provides.
However, users should keep close watch of the patterns on the price change of cryptocurrencies. Because in reality, not giving attention to such may lead to loss instead of a yielding investment.
And looking closely at the pattern for Bitcoin, it is gradually getting lower after reaching a peak December of last year. Still, we can note a lot of Filipinos searching about it on Google. There wouldn’t be no problem about this as long as we continue to study how cryptocurrencies work and know which ones are actual investments. After all, it is our own money at stake.