Why Is Crypto Currency not Popular in the Philippines?

[LexBee68 75]

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

[Migo 7946]

Maybe because of their laws, I mean perhaps they have some strict laws in everything related to crypto world and cryptocurrencies, there is not only Philippines but there is other countries are the same like your country 

[Honny143 13612]

why phillippines  in my country bitcoin not popular because we don't want your virtual currency replace the digital currency and lot of people known about and how to use they can't trust in crypto currency we believe in paper currency because it is safe and secure to use maybe same thinks happen in phillipines 

[iloveyobit 6599]

Not only in the Philippines, but in all the world Bitcoin is unknown, because it is an intangible currency first and unrecognized, and because trading is a dangerous process for the majority.

[Fattkidd 1852]

I think Crypto is not famous on philippines because its they are not well educated about it and they are more focus on earning actually money than virtual plus not all filipino have access on the Interenet.

[Sholly 120]

3 hours ago, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Many people are skeptical about crypto currencies because they do not understand how it works. They even believe it's scam. This is the reason it remains unpopular in countries like Philippines and other countries in the world. Also, in some countries, the government do not allow the operation of crypto currency. 

[Jokeer 648]

As my opinion, I think that the laws of using bitcoin in the Philippines might be strict that why it happens and it's not only for the Philippines but also for a lot of counties happening same things.

[Fattkidd 1852]

8 hours ago, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Lack of knowlegde create fears and this fear which is the  concept of fearing the unknown is what stoping philippines  to embrace the Crypto world they avoid cryptocurrency because they are afraid.

[Jesoy 1342]

It might be the virtual money is less evident for them and real earning with real job and real money is their priority. But on the other hand, I also heard that more people in the Philippines were using cryptos in earning.

[kyoukage01 3181]

On 1/14/2020 at 1:21 AM, Migo said:

Maybe because of their laws, I mean perhaps they have some strict laws in everything related to crypto world and cryptocurrencies, there is not only Philippines but there is other countries are the same like your country 

On the contrary, the Philippines is one of the most liberal countries when it comes to cryptocurrencies.

 

Don't believe me? There are plenty of articles you can find about it. Here's one of them:

https://www.reuters.com/article/uk-crypto-currencies-philippines/philippines-to-allow-cryptocurrency-operators-in-economic-zone-idUSKBN1HW1KY

 

As for why cryptocurrencies are not popular there, I believe this post's answer should suffice:

On 1/14/2020 at 9:40 AM, Fattkidd said:

Lack of knowlegde create fears and this fear which is the  concept of fearing the unknown is what stoping philippines  to embrace the Crypto world they avoid cryptocurrency because they are afraid.

 

Well, I could add more, but most of it contain racist and/or offending comments that are not allowed in this forum, so my comment on this topic shall stop here.

 

... ... ...

 

Spoiler

Now let's see who actually reads replies here (and post accordingly), and those who don't.

Those who don't will make up the bulk of the whole discussion here 😄 .

 

Edited December 16, 2020 by kyoukage01

[Afrizal rahman 2636]

I think they are afraid because Crypto is not regulated by anyone. They think that Digital Currency can be misused in terrorist acts or money laundering. For this reason many are afraid of Crypto.

[Epic 289]

Its not popular because majority of the filipino people live below the poverty line so its really a struggle for filipinos to think about bitcoins when their main focus is chatting, I mean putting foid on the table. They dont have the luxury of spending time online to research about bitcoins considering the internet speed in the philippines is 100 kbps thanks to 2 major internet providers who do not know the meaning of the word "upgrade".

[Satishmolankar 1703]

The problem in this situation because in many countries it is illegal and they are not regulating this currency and that why many people are afraid to do this work and I think that Phillipines are afraid of this

[gigabyteRTX 1583]

Well I'm glad that someone asks this question. Maybe you are also a pinoy, right? Kamusta kababayan, anyway yes in Philippines using of cryptocurrency is not that famous, and a few only know what cryptocurrency is but I notice that only young age know what it is and using it and sadly even they know it they don't have the intention on sharing it to get rid of competitors especially in how to work here and in bitcointalk, many user just want an underslings, or they want to become boss and have people to pilot their accounts which are not fair, so I'm doing my best to spread about crypto and how to earn.

[Tajio 19]

I dont know the main fact but i thik they dont know about very much Or they dont like the prosses.

[Investors Blog 385]

15 hours ago, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Where did you get your information? Cryptocurrency are widely use in the Philippines. From Prepaid mobile load, Steam games, Bills payments and Money transfer. Almost all my neighbors, friends and relatives own a fraction of Bitcoin and Ethereum. Care to share where did you get your information?

[Gg233 1061]

15 hours ago, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

It’s because of the law and it is prohibited to trade their and people’s think that it is only a scam when they’re a lot of people now earning because of this virtual currency.

[scorpiali 5626]

18 hours ago, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Crypto currency is not popular in any country also in my country no one knows this currency or talk about it because people are afraid for that they don't Know. For all is something new but step by step the world will know it and trust it don't worry about that

[nicolas1234789 2566]

People will never touch something they don't understand and no protection. I think most Philippines citizen already know crypto but in general understanding not the specific. Second reason is regulation and they can't afford risk. Need education and adaptation to use crypto but I'm sure soon they will take crypto just like us.

[Whydoyoucare 1094]

Well maybe because philippines already see the badside of it. but i heard that some of the restaurants in the philippines are already acception bitcoin thru payment method. not so sure about it. 

[Ayush Singh 1175]

I don't know much about it because i don't have any friends connected from Philippines but there may a reason that they are not identified through bitcoin they don't have the knowledge of it or they would have faced any fraud activities through it.

[Nurul Huda 944]

15 hours ago, Fattkidd said:

I think Crypto is not famous on philippines because its they are not well educated about it and they are more focus on earning actually money than virtual plus not all filipino have access on the Interenet.

That is one of the sources of problems for the Philippines who do not know about crypto, even though the crypto world is very good and profitable if they find out, I am sure it will always be used as a transaction tool.

[Black_Sword 539]

20 hours ago, LexBee68 said:

A lot of people are afraid if we are talking about bitcoins or any other crypto currencies.  Why is it so? Especially in the Philippines, people are skeptical about it.

Many people in the Philippines that doesn't know about crypto currency, if someone try to introduce to them the crypto currency they always think that is a scam because there are many scammers in the Philippines so they don't want to risk their money for investment even if they said that they don't need to invest, the peoples in Philippines think that was a scam also because you don't have any investment. In other words, they don't like risk their time and money that's why too many people scared to learn crypto currency.

[romeitaly 42]

6 hours ago, Cizolf said:

Crypto currency have a reputation for being used by illegal entities. Even the laws and regulations are afraid to implement it so a wrong image of crypto currency in the mind of people is the reason people are afraid of it.

I believe this is one of the main reasons. If only the government will change their views regarding bitcoin and crypto, using it might be a normal thing in the Philippines. Implementing a law regarding usage of btc will also help and will make it known to the citizens. This also applies for other foreign governments who don't fully support usage of crypto in their countries yet. 

[awaiskhan 175]

Actually the rising position of crypto currencies especially bitcoin make the countries worries regarding their hard currency because it will become devalue and crypto will take its place and that government will not have control on it. And people are actually not interacted with crypto world so they think it as insecure because of no control on it by any specific group of people.