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What is Cryptocurrency?

Everyone’s heard of Bitcoin and crypto. It’s all over the news and your friends and family are probably talking about it at events and social gatherings. But what is it really? More importantly, should you get in on the hype?

Cryptocurrency is a digital asset that can circulate without the need for a central monetary authority such as a government or bank. A peer-to-peer network known as a blockchain oversees and manages it.

Bitcoin, which launched in 2008, was the first cryptocurrency. It remains by far the biggest, and best-known. To date, there are over 20,000 cryptocurrencies.

How does crypto work?

Crypto makes it possible to transfer value globally and almost instantly. Because everything happens online, transactions can happen 24/7 at low cost.

How secure is crypto?

It’s safe because blockchain technology verifies every transaction.

The blockchain acts like a bank’s balance sheet or ledger. No single person, company or country is in control of it. This allows for better transparency, control and security of transactions.

Can you use crypto anywhere in the world?

With cryptocurrency, your assets are not bound to a financial institution or the government. They are available to you no matter where you are in the world.

It’s a great solution for global citizens especially who travel the world, or live as expats. Their assets can be accessed anywhere and sending money to family and friends is simple, fast and affordable.

What are the advantages of crypto?

Think of crypto as Money Reinvented. It’s a new kind of cash that is native to the Internet, and has the potential to be the fastest, easiest, cheapest, safest, and most global way to transact.

How do you get cryptocurrency?

There are numerous exchanges you can purchase crypto on. For example, Philcoin is available on MEXC and Pancakeswap with new listings soon to be announced. You can also earn passive income on your crypto through a process called staking where you lock your assets away for a period of time to earn APR.

Where and how do you store cryptocurrency?

Cryptocurrency is stored in a digital wallet, which can be online, on your computer, or on an external hard drive. A digital wallet has a wallet address, which is usually a long string of numbers and letters. There can also be a 12-24 seed phrase connected to this wallet which acts as a high-grade security feature. Make sure your seed phrase, and wallet, are always kept safe. Like a bank card or ATM PIN, if you lose these, you can lose access to your funds.

Here are two videos were Philcoin’s Co-Founder and Bitcoin OG, Dunstan Teo, offers insight into getting into crypto:

It’s our opinion, and many others, that crypto is the future. Just recently, there’s been news of major hotel chains and airlines adopting crypto as a payment solution. You can also find crypto exchanges offering Visa and Mastercard’s where you can instantly transact in crypto with a single swipe or tap of a card. You can even withdraw from your crypto accounts at ATMs. Not to mention, there are countries looking at adopting crypto as legal tender to help them offer better financial solutions to their communities and possibly help alleviate their debt burdens.

Of course, anything to do with money or financial decisions will be personal to you. What we offer in our blogs is merely for educational purposes and should never be taken as financial advice. It’s important to DYOR (do you own research) and weigh these against your personal goals to see how if and how crypto can add value to your life. If you have any questions, comment below so our team can help.

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