Respondents’ Viewpoint on Cryptocurrency Many cryptocurrency businesses have started using social media as a way to connect with their clients and bring in more potential clients by putting in lots of information regarding crypto. (Lee 2018) Conforming to one of our respondents, she usually sees cryptocurrency on social media, which is reasonable. Because blockchain and cryptocurrency are not easy concepts to understand, video and other media have played a significant role in how these companies advertise themselves on social media. This helps in bringing more people into the business of crypto trading which in turn helps its performance flourish. And we find out that most of their knowledge about cryptocurrency is basically from social media. How Does Traditional Currency Differ From Cryptocurrency A respondent said that cryptocurrency currency is faster than a traditional currency because it’s can be done online, and it’s safer to use regarding of having this pandemic. Because, unlike cryptocurrency, this could be done in a physical transaction. Crypto transactions can be made easily, at low cost, and in a manner more private than most other transactions. Using a simple smartphone app, hardware wallet, or exchange wallet, anyone can send and receive a variety of cryptocurrencies. (Nibley 2021). While, the traditional currency of Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it. Most modern paper currencies are fiat currencies, including the U.S. dollar, the euro, and other major global currencies. (Chen 2021) Though the traditional currency is considered a stable currency, that is not always the case. Economic recessions over the years have highlighted some of the deficiencies associated with traditional currency or Fiat money. The fact that a central bank’s greater control at times does little to stop inflation or recession has led most people to believe that gold could be a much more stable currency given its unlimited supply. The notion of central banks’ control over the economy and the constant increase in global prices creates the need for cryptocurrencies. (Goyal 2020) How Willing You Are to Invest in Cryptocurrency All of them are willing to invest in cryptocurrency currency. But according to one of the respondents they still need traditional currency because not all individuals are accepting cryptocurrency currency as a form of payment. Triple-A (triple-a.io) estimated that as of 2021, global crypto ownership rates at an average of 3.9%, with over 300 million crypto users worldwide. And over 18,000 businesses are already accepting cryptocurrency payments. Yet about 48% of businesses said they “would never accept cryptocurrency.” According to a new report in 2021, The Philippines is one of the world’s fastest adopters of cryptocurrency. It is shown that The Philippines has the third-highest uptake of crypto globally (England 2021). It is estimated that over 4.3 million people, 4.0% of the Philippines’ total population, currently own cryptocurrency (triple-a.io). The common reason why people invest in cryptocurrency, is the desire for a reliable, long-term store of value. Unlike fiat money, most cryptocurrencies have a limited supply, capped by mathematical algorithms. This makes it impossible for any political body or government agency to dilute their value through inflation. Moreover, due to the cryptographic nature of cryptocurrencies, it is impossible for a government body to tax or confiscate tokens without the cooperation of the owner.
