CEBU, Philippines — The Philippines ranks the highest against its Asian counterparts in terms of accepting the newest form financial investment online — bitcoin, a digital research and consulting firm study revealed.
Research and Tech Lab, a digital research and consulting firm, echoed this survey conducted by New-York based Financial Times, affirming the positive adoption of the digital-age investment channel — in the form of bitcoins.
According to the report, OFWs, millennials, and expats are among those who are active users of this digital currency.
Research and Tech lab’s mission is to convert complicated data into simplified and actionable solutions.
The Philippines, compared to its Southeast Asian counterparts, has a relatively higher rate of acceptance to bitcoin and is exhibiting receptiveness to this blockchain technology, the study mentioned.
Cryptocurrency bitcoin has been the buzzword in the recent past owing to its benefits when it comes to monetary transactions as well as its potential in investment.
According to the study, OFWs are among those who are greatly benefiting from using bitcoin. Because they are able to avoid the hassle of opening a bank account, submitting necessary requirements, and then personally going to the bank to send money back home on a monthly basis.
Data gathered by RTL Research and Tech Lab, showed that 33 percent of bitcoin investors hail from the Visayas.
Out of 100 respondents studied, 24 percent of OFW bitcoin users are working in Saudi Arabia.
Likewise, 50 percent of the OFW bitcoin users are aged between 31-40 years old.
Millennials, on the other hand, are choosing to invest in bitcoin because they feel left behind by more traditional investments particularly property and pension.
According to the survey, 54 percent of millennials who are around 26-35 years old, feel that they earn more from their digital currency investments than in the interest rates given by banks.
Being tech-savvy, this generation believes that they are more in control of their investments as they can easily monitor their finances through their phones and gadgets. As such, they feel that their money is safer in bitcoin than elsewhere.
At present, a number of cryptocurrencies are already circulating online.
Bitcoin is the most popular as it is the first established digital currency. Others are Etherium, which was created in 2013; Ripple, an open payment network where the currency is created and not mined; and Bitcoin Cash, described as a peer-to-peer electronic cash for the internet.
Bitcoin Cash is a currency created after a rule change from bitcoin core. The various brands of cryptocurrencies operate differently and require deep familiarization to maximize its earning potential. (FREEMAN)