MikeLigalig.com

DAVAO CITY -- About 200 merchants are expected to join the cryptocurrency exposition organized by Doxa at the Davao Convention Center on October 7 to introduce and educate Dabawenyos about e-currency as driver of the economy.

Gian Albano, Ph.D., Doxa chief trainor, said Doxa is a community of cryptocurrency enthusiasts based in Davao City with over 3,000 members around the Philippines. Its members are learning the e-currency through the regular coaching and mentoring.

The members are Filipinos and foreigners of all ages but half of the community is composed of millennials.

In the Philippines, Albano said several steps need to be done, firstly, because there is lack of information and awareness among Filipinos about the virtual commodity.

Unlike in other neighboring Asian countries like China and Japan where it is widely accepted, Albano said there is still limited knowledge about e-currency in the Philippines while others are still skeptical.

"Due to lack of education this virtual commodity is not widely accepted in the Philippines," he said, adding, this is a powerful innovation that many of us don't have the knowledge thus we failed to take advantage of its benefit especially in our finances.

Second, he said there is a need to improve on the mercantile function where cryptocurrency is accepted by merchants around the Philippines; third, people become aware on the availability of options where to date there are around 900 other currencies; and fourth is the acceptance of government.

"But whether government accepts it or not, in a democratic country like ours, technology cannot be stopped," he said.

The cryptocurrency depends on a technology, the Blockchain, which is a digital matrix where transactions are decided unanimously and is immune from human intervention.

"The blockchain cannot be influenced by human," he said.

Rand Bentson, vice president of Doxa said one of the reasons for the holding of the expo is to increase the credibility of the mercantile issue because this is the future payment scheme.

He cited, for instance, the overseas Filipino workers (OFWs) where their remittances can be done at a minimal cost or even free through cryptocurrency.

"Bitcoin which is the grandfather of all cryptocurrency in 2010 was only priced at PHP5 but to date one bitcoin cost PHP250,000 which has grown 7,000 percent from when it was initially offered. The level of appreciation has broken barriers," he said.

For any technology, he said it is always best to be first and there are other cryptocurrency that is still low in cost. Also, there are already merchants around the world that develop virtual money for specific customers. It can benefit the average person on utility functions.

Bentson said that one can have an e-currency in the wallet that is powered by cryptocurrency which makes travel safer, secure and convenient.

Albano said there will be greater demand of mercantile function and that more currencies will undergo initial offering before the end of this year.

"If you have done everything to improve your financial situation and nothing is happening with no significant substantial growth, buy cryptocurrency then hoard it up to seven years because that is the best investment," he said. (PNA)



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