A cryptocurrency is a form of digital currency that exploded onto the world market in 2017 and into 2018. While it does have earlier beginnings, most people were first introduced to the newest unregulated monetary form in 2017. A lot of people were skeptical at first and some still are. There is still a lot we don’t know about cryptocurrencies and how it might affect the world market. Some countries are trying to find a way to ban crypto while others like the Philippines are embracing it.
That might all change after recent scams started taking advantage of innocent minded people in the Philippines. The Philippine National Police (PNP) has noted that multiple scams involving Bitcoin or other similar cryptocurrencies are starting to become more prevalent.
A Filipino couple was recently detained in connection with a Bitcoin scam that took over P900M. Police say the scam was like a pyramid scheme but with electronic money. The scam affected more than 50 individuals who were looking to make a quick buck off the cryptocurrency boom. Police say the couple took investment money and converted it into bitcoin with no intention of paying the return they promised. The scammers promised their investors that they would be paid a percentage of their return every two weeks. Eventually, Police was called when investors couldn’t reach the individuals that were supposed to be investing their money. The case would soon come to an end after police were tipped off and carried out and entrapment operation to pick up the couple. The couple was then arrested and charged them with various criminal charges.
The Philippine Police Chief director Ronald dela Rosa stated that the public needs to be wary of potential scams and that if it seems too good to be true it almost always is. At the public address, more than 50 people showed up to ask about their investment only to get no response. The defendants have since lawyered up and even their lawyer refused to speak at the address. The Police Chief told the public that he had once fell victim to a pyramid scam before he was chief to reiterate that scams are very real and can happen to anyone.
Cryptocurrencies have some real advantages, that is why the world has accepted the new form of digital currency so fast. Recently more and more retailers are starting to accept Bitcoin and other altcoins as payment. There have even been reported stories of a people purchasing items such as a Lamborghini with Bitcoin. Some of the best advantages of using digital currency are: decentralization, universal recognition, access to everyone, can prevent identity theft, lower fees and reduce the risk of fraud.
Cryptocurrencies are not backed by any financial institution so there are some heavy risks associated with taking the Bitcoin plunge. If you lose your address or your one of a kind online account gets stolen then there is no one to turn too, its just gone forever. Another disadvantage is that crypto is still not widely accepted. While some retailers are starting to open to the idea of crypto, it is still not accepted most places.
Cryptocurrencies are also a big hit with online casinos and sportsbooks as they offer international players an easy and safe way to fund or withdraw their accounts. While there are many funding options, cryptocurrencies tend to be among the best in terms of deposit and withdrawal turn-around times. Most online gambling sites that accept Bitcoin and other crypto advertise a 24-hour turnaround time, most times it is almost instant. While other withdrawal and deposit methods could take up to 3 weeks or longer, it’s no surprise that online gamblers are turning to digital currency. To learn more about legal online gambling in the Philippines and how to use cryptocurrencies to fund your account visit our guide to online deposit methods.