The launch of bitcoin in 2009 was also the start of the cryptocurrency legacy. This is why bitcoin is also one of the most prominent crypto worldwide. For those new to the Philippine crypto field, bitcoin is usually their first go-to digital asset to trade, invest, or use because of its global acceptance, functionality, and value.
However, the cryptocurrency market has grown and is now filled with other crypto-assets built on a decentralized peer-to-peer network. Bitcoin is only one of the many virtual currencies in circulation today. Here are some of the major cryptocurrencies other than bitcoin Philippines.
Ethereum is the second most popular crypto after bitcoin and is also the second-largest according to market capitalization. Ethereum Philippines uses the blockchain not only to maintain a decentralized payment network but also to store computer code. It enables the deployment of smart contracts and decentralized applications (dApps) without any downtime, fraud, control, or interference from a third party.
Binance Coin (BNB)
Originally based on the Ethereum network, this cryptocurrency was created as a utility token for discounted trading fees in 2017. Now, it is a native in the Binance chain with more uses like travel accommodations booking, online service payment, entertainment, and financial purposes.
It has a strict maximum of 200 million BNB tokens. Every quarter Binance uses one-fifth of its profits to repurchase and permanently destroy or “burn” Binance coins held in its treasury. Developers burn crypto to reduce the coins in circulation and to control their price.
Tether belongs to a type of cryptocurrency called stablecoins. The tether tokens in circulation are backed by an equivalent US dollar which is held in reserve. Pegging crypto and other digital assets to an external reference (i.e., commodity price or fiat) creates price stability over longer time horizons. Unlike bitcoin and ethereum, the tether is more suitable for everyday use by the public as they know its value would remain relatively constant.
It was developed in 2011 by a former Google engineer, Charlie Lee. Like Bitcoin, Litecoin is built on an open-source global payment network that is not controlled by any central authority. However, it differs from BTC in that it uses Scrypt as a proof-of-work (PoW) scheme and has a faster block generation rate. People can use litecoin as a medium of payment to anyone in the world without an intermediary having to process the transaction.
Developed by Stellar Development Foundation, this cryptocurrency uses a blockchain that connects banks, payments systems, and people to facilitate low-cost, cross-asset transfers of value, including payments. Stellar provides enterprise solutions by connecting financial institutions to process large transactions.
Other Major Cryptocurrencies
Other than the ones mentioned above, here are some other popular cryptocurrencies traders or investors can use in the Philippines.
- Bitcoin Cash (BCH)
- Solana (SOL)
- Cardano (ADA)
- XRP (XRP)Originally
- Polkadot (DOT)
- Dogecoin (DOGE)
- Monero (XMR)
Where to Start Crypto Trading in the Philippines
Coexstar PH is one of the best Virtual Asset Service Providers (VASP) in the Philippines, where one can buy and sell the world’s famous coins. It is registered in the Securities and Exchange Commission (SEC) and regulated by the Bangko Sentral ng Pilipinas (BSP). All activities in the platform are subject to the rules and regulations of the BSP and Anti-Money Laundering Act (AMLA).
Coexstar PH provides a stable server operation with top security features that safeguard users’ assets. Visit our website at https://info.coexph.com/en/ today to get started, or contact us at email@example.com to learn more.