Bitcoin trading requires a dedicated internet connection with the highest bandwidth possible, using the fastest computer that you can afford. Using a slow connection and a slow machine, could easily cause you to miss out on trading opportunities. Just like playing Mobile Legends, you need a fast connection and a fast device, right? Reality shows that the internet connection here in the Philippines is slow. So who can afford a fast internet connection and where can this connection be established? Only a few places in the Philippines have access to this fast, dedicated internet connection. Your house connection has built in limitations set by your provider, who has a very BAD RECORD 😉 !
There are bitcoin owners who have set up trading platforms like a sari-sari store. Since Bitcoins only exist on the internet, the number one requirement in accessing these trading platforms is through the internet. So any internet connected computer and smartphone can access these trading platforms. These trading platforms charge a nominal fee for your entry. If you can purchase 1 Bitcoin, which is valued at Php483,000+ as this is written, you will not just use your smart phone to trade in bitcoin. You will need to use a computer and a fast internet connection.
Selling the “hope” of gaining 30% return on investment on bitcoins a month has been proposed. But reality shows that Bitcoins are very much similar to your neighborhood sari-sari store. The more people set up platforms to sell bitcoins, the lower the value becomes. When the number of bitcoin buyers increase, the lower the value of a bitcoin becomes. The growth of bitcoin values is scheduled for a correction, set buy Satoshi Nakamoto. This correction is called the Bitcoin Value “Halving”. Where the value of bitcoins get automatically halved in value to prevent “hyper valuation”, to avoid currency unaffordability. This “halving” even is scheduled on or before August 2020. There are reasons that this could happen at a much earlier time. Another rule that Satoshi Nakamoto set when Bitcoin was created was the limited number of bitcoins available in circulation. This has been set at 21 million bitcoins. The logic behind this limitation is to prevent the creation of more bitcoins so as to render the currency valueless. At present there are 17 million bitcoins in existence. More than half of this are in the wallets of Satoshi Nakamoto and the early adapters. So only less than 9 million bitcoins are available on circulation to bitcoin traders outside Satoshi Nakamoto’s circle. This is the motivation why global companies are starting to create their own “bitcoins” outside of the bitcoin platform created by Satoshi Nakamoto.
Companies who will use bitcoins for trading will have to abide by similar rules created by Satoshi Nakamoto, but they could add other rules too. Facebook is on the path of creating a virtual currency – most likely NOT BASED ON BITCOIN – called Libra. This is a threat to the value of Bitcoin. There will most probably come a time when companies could create their own cryptocurrency NOT BASED on Bitcoin. When this happens, which could happen very quick, without notice, people holding bitcoins could in for a financial disaster. At the moment Bitcoin is the widely recognized foundation of cryptocurrency on the internet. At the moment Bitcoin is safe, but threats are looming on the horizon. Yet, very much like your sari-sari store – the profit margin of bitcoin is NOWHERE NEAR 30%. Much more 35 to 400%. These types of returns are COLLEGE KIDS taking advantage of the innocence of Grade One Pupils! Using verses in the Bible to make the whole thing legitimate and acceptable.
The presence of these get rich quick investment schemes in the Philippines reveals the dark underbelly of wealth making – opportunities to make a decent living in the Philippines is dismal. Learned People, including those in government are so vulnerable, to the point that they even endorse 1+1=11! In the end, misery and suffering follows!
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