Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Cryptocurrencies are popular in the Philippines for a number of reasons. First, the Philippines is a largely cash-based society, which makes it difficult for people to participate in the global economy. Cryptocurrencies provide an easy way to send and receive money without the need for a bank account.
Second, the Philippines has a very high inflation rate, which makes it difficult to save money. Cryptocurrencies are a way to store value that is not subject to inflation.
Finally, the Philippines has a large remittance market. Cryptocurrencies provide a way to send money back to the Philippines without high fees.