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Manila Bulletin devider Business devider Philippines: A nation of crypto curious, but not yet experts

Philippines: A nation of crypto curious, but not yet experts

Published Dec 19, 2024 12:58 pm

A new global survey has found that Filipinos are ahead of the curve when it comes to cryptocurrency awareness.

The 2024 Global Survey on Crypto and Web3, conducted by blockchain firm Consensys and analytics group YouGov, revealed that 96 percent of Filipino respondents are aware of cryptocurrencies, exceeding the global average of 93 percent.

However, despite this high awareness, only 46 percent of Filipinos reported a solid understanding of cryptocurrencies. Fifty percent expressed uncertainty about what they are.

The survey, which polled 1,010 Filipino adults aged 18-65, also raised key concerns among Filipinos regarding cryptocurrencies.

Scams (50 percent) and market volatility (48 percent) were identified as the top barriers to entry, followed by confusion about where to begin (42 percent) and the purpose of cryptocurrencies (38 percent).

Despite these concerns, there is a strong belief in the potential of cryptocurrencies.

Over half of Filipino respondents (54 percent) believe they are environmentally friendly, and 45 percent associate them with the "future of money."

Interestingly, 54 percent of Filipinos aware of cryptocurrencies have purchased them at some point, though only 19 percent currently hold any.

The survey also revealed a growing interest in Web3 and Non-Fungible Tokens (NFTs).

Over 37 percent of respondents are familiar with NFTs, and 30 percent currently own them. A majority (71 percent) are planning to buy or collect NFTs in the next 12 months.

What are Web3, NFTs?

Think of Web3 as the next generation of the internet. It aims to give users more control over their online information and how they interact online. It uses blockchain technology, which is like a secure digital record-keeping system, to make the internet more decentralized.

NFTs are like unique digital collectibles. Imagine a digital trading card that you can own and trade online. NFTs can represent anything from digital art and music to virtual real estate and in-game items. They use the same blockchain technology as cryptocurrencies to verify ownership.

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