When it comes to crypto adoption, the Philippines is one of the leaders around the world. According to the recent data released earlier this year, the pandemic has further supported the adoption of cryptocurrencies in the country.
People in the country are using cryptocurrencies to send money as well as for trading activities. The country has supported the development of the cryptocurrency market by increasing support towards crypto-friendly technology.
The popularity of the cryptocurrency market in the country started back in 2017, with Bitcoin. When the price of bitcoin skyrocketed to almost $20,000, the population of the country started to see cryptos as a great investment opportunity.
Following further developments in the market, more people have shown interest in cryptocurrencies. Official data of 2020 shows that the country had over 17 virtual currency exchanges, offering locals crypto trading services.
E-Commerce Companies Show Interest
Due to the speed of development that the country’s crypto market has experienced, many companies and industries have shown interest in the market. Among them are e-commerce companies, which have seen the potential of the crypto market in the country.
One of the local companies in the country, Dragonpay, has recently partnered up with TripleA. The main aim of the partnership was to launch a crypto payment platform for thousands of merchants as well as residents of the country.
By providing the new payment solution, the companies aim to make payments between e-commerce companies and their clients easier. This step is very important for the further popularization of the crypto trading market in the country.
The Philippines is already a very popular destination for crypto trading. Many of the crypto traders and owners are also using cryptocurrencies for transactions. About 40 percent of crypto owners in the country had previously said that they would use cryptocurrencies for online purchases.
There are many things supporting the further development and popularization of the cryptocurrency market in the country. One of the most important factors of crypto popularity in the country is the stance of the government.
Crypto popularity in Philippines
Cryptocurrencies have become increasingly popular in the Philippines, especially over the past few years. There are many reasons why the crypto trading market is so popular in the country.
Among the many reasons is how easy it has become over the past few years to get started in the crypto trading market. Thanks to the crypto exchanges, traders have the opportunity to buy, hold, and sell cryptocurrencies using one application.
There are numerous crypto exchanges available in the Philippines. Some of them are well-known, international crypto exchanges, while others are local exchanges offering traders their services.
The majority of these crypto exchanges have partnered with software development companies to make trading even easier. Many crypto traders in the Philippines are using crypto trading robots, which are designed to help traders analyze the market and trade cryptos in a more efficient manner.
In the country, bitcoin auto trading bots can be used with the majority of the online crypto exchanges. A lot of the robots use API keys to connect with the traders’ accounts. This way, a safe and secure connection is guaranteed.
While some of the crypto robots are only able to analyze the market, there are others that can also trade cryptocurrencies on their own. After you install the trading robot, you can change the settings according to your needs and trading strategy.
After this, the robot is able to follow the instructions very carefully and make sure that you make a profit.
In terms of market analysis, robots are a great help as well. They are able to analyze huge chunks of data in a very short time, which is very important for successful trading.
Another reason why the crypto trading market is able to develop so much and so fast in the country is the stance that the government chose to have regarding crypto trading in the country.
Over the past few years, the government of the Philippines showed that it is very friendly towards crypto trading and digital assets in general. The authorities have licensed dozens of crypto exchanges in the country, giving local traders the opportunity to start trading cryptocurrencies with online exchanges that fit their needs the best.
Philippines Stock Exchange even showed interest in the crypto trading market, saying that it wants to be the site for crypto trading.
Because of such a friendly attitude from the country’s authorities, it is only logical to think that the crypto trading market will continue to grow in the country. Being one of the leaders in terms of crypto adoption, the Philippines is a great place for crypto trading.
Many people in the country are using cryptocurrencies for money transfers as well. This trend is very likely to continue in the near future as well.