Blockchain is often mistaken as the same as bitcoin and cryptocurrency, likely because the three are always seen together in one page or go together in a discussion.
To break it down, cryptocurrency is virtual money used to make transactions. Bitcoin is the first and most popular cryptocurrency, whose current value as of this writing scales between 9,000 and 10,000 USD. On the other hand, blockchain is a technology platform behind cryptocurrencies.
It is a decentralized ledger – it distributes power and authority to a network of computers using blockchain.
Blockchain makes use of ledgers, digital books that record every transaction. If you transfer cryptocurrency, that transaction will be recorded not only in your personal ledger but all ledgers on that platform. This prevents unauthorized changes to the ledger and allows everyone to monitor how much of the cryptocurrency is spent. With this verification process that runs through the entire blockchain network, cheating the ledger seems impossible. The people using this technology is quite firm that it is impossible to cheat. Transactions are public but each user remains anonymous.
Many technology companies developed their own cryptocurrencies and taking advantage of the technology for business opportunities to build their own platform.
Cryptocurrency is an accepted mode of payment, especially in Japan, and in some parts of the world.
In Philippines, the Bangko Sentral has published BSP Circular No. 944, recognizing the potential of cryptocurrency while warning that they shall not be used for criminal activities such as money laundering and terrorist financing.
The Noah Foundation has a strong and keen interest in utilizing cryptocurrency, and has developed the NOAHCOIN, which can be stored in the Ark Wallet, and can be used for any specific Noah Project, which includes the development of Noah City in Metro Manila and in partnership with Dakak Beach Resort in Zamboanga del Norte, which will utilize multiple modes of payment, including NOAHCOIN.
The ideal scenario in general would be tourists travelling any part of the globe without bringing cash or credit cards and going through the foreign exchange processes. All the tourist will need is their digital wallet in the form of mobile device app and conduct transactions seamlessly.
Justo Ortiz, Chairman of UnionBank said, “Inclusive prosperity is an important goal that we need to be actively in, because financial transactions underlines all commerce, so if there’s more commerce done, if there’s more prosperity by more people then clearly we would benefit from it.
Miguel Cuneta, co-founder and Chief Community Officer of SCI Ventures, a company that uses bitcoins for remittances abroad shared that, sending money from abroad will be charged up to 10%. Through cryptocurrency that cost is reduced to one to 2%.
Scan the QR code to read and download Circular No. 944 series 2017 “Guidelines for Virtual Currencies (VC) Exchanges” from the BSP
READ
http://www.bsp.gov.ph/downloads/regulations/attachments/2017/c944.pdf