RJ: So one of the hottest topics right now
is the topic of cryptocurrency online.
There are many of us here right now, including myself,
who don't really understand too much about the topic.
So I said, I went online,
crowdsourced probably the two biggest experts when it comes to
at least cryptocurrency here in the Philippines.
So these two good looking gentlemen over here are
Ron Hose of Coins.ph
Guys, thank you so much for joining me.
And I've also got Miguel Cuneta, of Satoshi Citadel Industries.
Ron: So digital coins in general
are basically assets that are backed on a blockchain, so
unlike traditional assets that are backed by
either by a value store, let's call it a bank, or
gold or by a government
when government is basically the one that guarantees the holder value.
Digital coins are typically registered on blockchain
most of them in finance supply.
And so people can transact those assets directly
from one person to another
without having to go through an intermediary.
RJ: So it's decentralized, in other words,
And it's through blockchain.
Now, stepping back, and I understand all these different things.
We'll try to go through them one by one.
But the first thing we wanna ask is, for example,
for the regular persons out there,
I understand physical money
printed by the government
but it's difficult for me to understand "online money."
Who produces the online money?
Because physical money, we know
that a sovereign government will produce money
but who is producing cryptocurrency?
Miguel: The government said that, "Let's stop using gold,
and let's just declare that money has value."
So it's actually money that is not backed by anything
except the government,
So when Bitcoin was introduced
it's more like a digital gold right now
because it has all the properties of
good money which is
scarcity, fungibility,
you cannot counterfeit this.
And then it evolved into kind of like a
what's happening now, people are using it
kind of like a money.
But not really. It's more than that.
Ron: The answer is there is no underlying value in these assets
that's why you hear governments and central banks
giving people notice and warning
to understand that the value can go up.
RJ: So it has the features of how we use fiat currency right now.
Miguel: Yes.
Just imagine all the features of gold
but transportable over any communications medium.
RJ: So basically the value is by the people who use the cryptocurrency.
RJ: And that's what creates it. Miguel: In the same way we value
Miguel: precious metals based on the market value,
let the market decide.
RJ: So it's like adjusting your mindset to this entire thing
Ron: It's funny to have this conversation because
I'm sure ten years from now,
people are gonna be watching this,
and they'll be thinking in their heads,
or let's go twenty years forward,
and they'll be thinking in their heads,
"Why do people think there is a value in a rock?"
Miguel: In a metal. RJ: Right.
Miguel: Little kids today, when they become adults,
will not understand a world without cryptocurrencies,
without this kind of technology.
We never actually give investment advice
a lot of people look at cryptocurrency and think,
"How am I gonna invest in that?"
"How much money do I need to put in?"
It doesn't work like that.
It's actually, this investment speculation part
is just another aspect of it.
RJ: I see. And that sort of like blinds us.
That's sort of what the conversation
is going on
RJ: right now, Miguel: It's like the carrot.
In front of the, you know,
It's what dangles in front of people.
RJ: And that's what everyobdy is going into cryptocurrency right now
because they're seeing the big investment
large appreciation right now.
Miguel: Yeah, but then a lot of people stay
because they start to understand the technology
they start to understand how disruptive it's gonna be.
RJ: Can anybody create a cryptocurrency?
Can anybody create a Bitcoin?
Miguel: Yes. Not a Bitcoin, but...
RJ: Or at least a kind of Bitcoin. Miguel: Kind of a Bitcoin.
Miguel: It's open source,
you can copy the code, change a little bit,
call it your own. RJ: Okay.
RJ: But then, how do you know,
let's say for example, for people who don't know,
there's Bitcoin, and there are other cryptocurrencies
which are out there.
And anybody can put it up.
So how do you know which ones
you should choose?
Miguel: It's actually just purely a free market.
Like you're free to decide, it's all voluntary.
No one's gonna force you to use Bitcoin if you don't wanna use it.
Most people follow what others are using, there are network effects,
that's why Bitcoin is so strong,
and is dominant right now,
because it was the first one.
It had
RJ: So that's the first cryptocurrency?
but there are other cryptocurrencies which followed in its wake.
Miguel: There are over a thousand
cryptocurrencies in the world today.
RJ: And if we were a basic consumer,
how do you know which cryptocurrency
Miguel: You research. RJ: to use?
RJ: So that's where it comes in.
That's the homework that you do.
Miguel: No one's gonna be able to like
hold your hand through it.
There are people like
I mean, we do, we have our educational campaigns,
we do talks like these
we try to educate our customers
and everyone we can about the technology
and how to use it, and how to use it safely.
Ron: If you're looking to invest in cryptocurrencies,
that's a different matter
and on that I would actually
I would give very simple advice
which is, "Don't."
It's high-risk, it's volatile,
unless you really know what you're doing,
if you know what you're really doing,
you stand an equal chance of
making money and losing all your money.
RJ: The way to look at it really right now is that
as you know, I'm influenced by what I see on Facebook feeds
and they really, a lot of people are
saying, "Hey, I'm making this much on crypto,"
that's why people are thinking it's a great investment.
But maybe the other way to look at it is exactly how you said it,
I'm not looking at the investment side of crypto,
but more of what are the benefits
to the consumer of crypto?
And maybe you can better explain to us
because that's what Coins.ph does
what are the benefits,
let's say for the regular Pinoy consumer
of a cryptocurrency?
Ron: This is still basic technology, but
if you're selling funds over
Ethereum, Ripple, or
some of the derivatives of Bitcoin
which enables things like moving funds
for conveniences at much lower costs
you have very good liquidity
so that's the first obligation people thought about
it's very simple as remittances.
RJ: Let's say for example, for me,
I can, using Bitcoin, I can pay my cellphone bill
using my Bitcoin,
Miguel: With the app. RJ: But for the app, I have to translate
the Bitcoin into Philippine currency?
Ron: With our app, and I think also
Miguel, you can, we obstruct everything that's crypto
Crypto is a feature in our app
The rest of the app is a straight-up financial app
Similar to other electronic
RJ: Similar to an electronic wallet.
Ron: You can cash in, you can pay your bills,
you can buy load, you can send money to your friends,
putting either Facebook ID, or
phone number.
And if you want you can use the app to
pay to merchants who accept
payment over blockchain.
Or remittances with partners who accept remittances with blockchain.
RJ: So what do you guys think is happening,
because people are seeing that you can make so much
that's why people are putting so much money into Bitcoin
without really understanding what's going on in Bitcoin.
Is that what's happening right now in terms of
people saying, this is the truth benefit,
I can make X amount of money.
So I can just keep pouring money into...
Miguel: So number one, we always tell people not to do this.
Over and over again,
Even our family members,
they're like, your Bitcoins are so high
it's already $15,000.
I remember you telling me about this when it was just $100.
But that's not the point.
That's not why we got into the space.
It's actually because we wanted to have
change things and disrupt things.
RJ: So in other words,
I get a better appreciation of it right now.
But also, since it's decentralized,
that means that there is no regulation online?
Miguel: The technology itself
is regulated by the protocols that run
the Bitcoin software, for example.
There are rules that are set in stone
that cannot be changed.
It's a self-regulating
network,
For example, our companies are regulated by the BSP.
We have a license to operate as a virtual currency exchange.
At the point where cryptocurrencies start to touch Philippine pesos,
then regulators will come in.
In general,
it is unregulated.
The technology itself,
But the ecosystem surrounding it
is and will be regulated.
Ron: I think, being decentralized and being regulated are
not mutually exclusive, because
the regulation applies not to the blockchain
but to how the blockchain is being used.
RJ: So there are some countries
where cryptocurrency is well-accepted,
and there are some countries which are neutral,
and there are some countries which are supportive
some which are against cryptocurrency.
Having worked with the BSP,
it appears to me that the Philippines is very accepting
of the cryptocurrency and blockchain technology.
Is my understanding correct?
Since you guys are actually in that space.
Miguel: Yes, I would say so.
Ron: There's actually very few countries
that outright say no.
Most of these countries are probably
Miguel: You wouldn't wanna go there
in the first place, right?
Ron: But
I think most countries are just that way to ensure that this fits.
You have to be registered, for example.
UK and Europe have similar measures.
RJ: But now, maybe the easiest thing is
let's say for somebody who's listening
they go, "Okay, I understand now,
a lot of the different assumptions I've had about it have been dispelled,
how do I actually buy into Bitcoin right now in the Philippines?"
Ron: Please don't buy Bitcoin expecting to make money back.
You're as likely to lose as you are to gain anything.
Miguel: We have actually several services that kind of mimic
what Ron does.
We have rebate.ph which is
for people outside of the Philippines to remit money to the Philippines,
using Bitcoin or other cryptocurrencies.
So we convert this to Peso and deliver it to your receipient.
The same way you would go to a Western Union and send money.
We also have a platform where you can buy and sell Bitcoins,
buybitcoin.ph.
If you wanna try Bitcoin, you buy some, a little bit,
and try to use it, buy something online,
pay for something, donate some money.
A lot of charities accept Bitcoin.
Get a feel of what it's like to
be your own bank.
RJ: And then speaking about the future,
what do you see for Bitcoin here in the Philippines?
How will that transform business, life?
Ron: One of the big trends we're seeing here
in the next years is cashless payments.
Cashless payments are very, very susceptible to
what's called "network effects."
RJ: So the really big picture here that
Bitcoin cryptocurrencies is really assisting
financial inclusion.
And improving transactions in the country.
And that's the way that maybe we should look at it
Miguel: Anyone can innovate.
Anyone has an idea how to use this better
can come in and disrupt
take over our market share
and if they can do it, then they should.
I think that should be encouraged.
RJ: Ron, thanks so much, Miguel, thanks so much,
for clarifying many of these issues
which we weren't so clear about
before we started this interview.
Especially for me.
Now if you've got more questions
about cryptocurrency, blockchain,
Bitcoin or other coins we've got online,
then please feel free to drop us
a message over here at our YouTube channel. 295 00:12:59,811 -> 00:13:01,475 RJ: We're here right now with Atty. Ryu Uy
but we're not here for his legal expertise
but rather his feedback as a consumer of cryptocurrency and Bitcoin.
And I understand you've been
using Bitcoin for quite some time now
Ryu: Yes. RJ: At least for relatively quite some time now.
What turned you on to Bitcoin in the first place?
Ryu: I had a friend who wanted me to join this community
wherein they have to use Bitcoin
this was back in 2014
so I didn't know anything about Bitcoin
then he said, "Use Coins.ph."
So I downloaded the app
and then I explored, and then I saw Bitcoin, "Oh, this is Bitcoin, okay."
Now I use it to pay money to a friend,
or whoever has the Coins.ph app
depending on who the receipient is.
I use it to pay Meralco, PLDT, Globe,
load my mobile,
they even have tuition fee payments
They're partners with some schools,
like Miriam. RJ: Wow.
RJ: So the functionality of that, the utilitarian purpose,
Ryu: Yes. RJ: that Ron talked about earlier on
was something you were able to take advantage of.
Ryu: Exactly, and then there's another thing.
Recently, I just came across this thing called TenX.
They provide a Bitcoin credit card.
RJ: Ah they do, ah?
Ryu: Yes.
You will get a physical card,
so you load your wallet with Bitcoin,
in the app, and then if you have PHP10,000 there,
you can use the card to pay for a Starbucks.
RJ: Now, you've been here since 2014.
And there have been no rally yet
in terms of at least the price of Bitcoin at the time.
Ryu: Actually, there was.
Because Bitcoin was invented in 2009,
by a guy named Satoshi Nakamoto
whose identity is unknown to everybody.
And at that time, one Bitcoin was worth
0.008 cents? US cents.
That was less than PHP1.
Now it's worth 750,000
but in 2014 it was PHP16,000.
What most people don't realize is that they can buy Bitcoin even
for as low as PHP30.
RJ: But not the full Bitcoin,
Ryu: It's gonna be a fraction, like zero-zero-zero-zero.
RJ: So you can actually break up the purchase of the Bitcoin
Ryu: Exactly.
RJ: You don't have to buy a full Bitcoin.
Why is it recently that--
you've been there when it wasn't
seen as a "kutkot" investment vehicle
or something that you invest money in,
it's something that's a big investment for people nowadays.
How's it for you?
Being somebody who's been a Bitcoin consumer for a relatively long time?
Ryu: As long as it's still--
in our current stage,
Bitcoin is not being used by 90% of the people in the world,
unlike our Philippine peso.
Bitcoin is very new to a lot of people.
But if there comes a time that
everybody's using Bitcoin,
the value will be very high but
it's gonna be stable.
So the way it works is
Bitcoin's value keeps getting higher
as more people use it, because
it's the law of supply and demand.
As demand for Bitcoin increases,
the price also increases.
RJ: So in other words,
there might be some spikes and rallies, but eventually,
it'll stabilize to a point when
it's going to be used by more and more people
and that'll be the true value
RJ: of the coin. Ryu: Exactly.
RJ: Well again, thanks so much for joining us, Atty. Ryu.
Thank you so much for enlightening all of us here
who haven't gotten on the
cryptocurrency bandwagon just yet.
So right now, at least
it's easier for people to get a more
hopefully more informed decision
before they enter Bitcoin.
Ryu: Do you have
Ryu: a Coins.ph account?
RJ: And that's what Ron told me
RJ: to get right after his interview was done.
Ryu: Use my referral link.
Ryu: You know why?
You're gonna get a free PHP50,
and me too.
So that's like a marketing thing of Coins.ph.
It's like Uber before,
You get a free PHP200 when you
refer somebody.
Hi, I'm Bianca Cruz, Senior Community Manager of this beautiful space.
Here at Acceler8,
we connect entrepreneurs, freelancers and small businesses with each other
through our space and our events.
Acceler8 offers a co-working space,
private offices, meeting rooms, virtual offices, and events spaces.
Work with us! You can learn more about Acceler8
through our website acceler8.ph
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