00:00Because of the threat of illegal money transfers in their banks last year,
00:05more Filipinos have become more careful in their savings.
00:09And it has been proven that money should not just be kept in the bank.
00:14Or under the bed.
00:16You know what, the governor is a firm believer of this.
00:19Yes.
00:20He is a firm believer of this.
00:21That's why, Mars, save more, invest more,
00:25especially now in 2022 when we have more options,
00:29like what's trending now, which is cryptocurrency.
00:33A lot of people don't understand what cryptocurrency is.
00:36What is cryptocurrency and how can we earn money from it?
00:40That's what we're going to talk about today with a financial expert,
00:43Pars Armand Benko, who's my personal friend, actually.
00:47Wow.
00:48I've been his guest many, many years ago.
00:50Welcome to Mars for More, Armand.
00:53Good morning, good morning.
00:54Pars Armand, please enlighten us.
00:57What is cryptocurrency?
00:58Because I'm sure for a lot of people, we don't know what it is.
01:02How can we invest? How can we make money from this?
01:04So what is cryptocurrency?
01:06They made a currency that no one can control.
01:14That's why one characteristic or description of cryptocurrency is that it is decentralized.
01:22What does decentralized mean?
01:24No one controls it.
01:27There's no central bank or bankosentral in the Philippines.
01:30There's no government.
01:32That's why a lot of people, wait a minute, stepped back.
01:36Who protects me?
01:39Who will I run to?
01:41The government.
01:42No one controls this.
01:46Decentralized.
01:47But that doesn't mean it's not safe.
01:51It doesn't mean that if you enter here, you'll be gone because no one controls it.
01:59Every transaction in cryptocurrency, there are hundreds of computers that you don't know where they came from,
02:07where their country is, that are validating and verifying your transaction.
02:14How can a lower-middle-class person buy or invest in cryptocurrency?
02:23Maybe cryptocurrency is just for the rich.
02:25Can they invest in the poor?
02:27Here in the Philippines, you can buy 1,000 pesos worth of Bitcoin.
02:341,000 pesos worth.
02:36Our money from the central authority will go to the crypto exchange.
02:43So that our peso will become cryptocurrency.
02:46Cryptocurrency, do you know that there are 15,000, almost 16,000 cryptocurrencies?
02:55Wow.
02:56So there are a lot so far.
02:58Okay.
02:59The first and largest and dominating cryptocurrency is Bitcoin.
03:05Can I show you my cryptocurrency?
03:07Can I show it to the store?
03:08I have cryptocurrency.
03:09Does the cryptocurrency cost money?
03:12At the moment, it's not yet accepted in the retail way of commerce or business.
03:23People use cryptocurrency or Bitcoin.
03:29Because now, it's very volatile.
03:32Volatility means that the value of Bitcoin is going up and down.
03:38Compared to last year, it was around 20,000 dollars per Bitcoin.
03:43Now, it's 40,000 dollars or more.
03:45So it's double.
03:47It's not advisable to use it as a medium of exchange.
03:53In English, it's called a medium of exchange for goods or services.
03:57Can it be cashed out?
04:01It can be cashed out.
04:02You can turn it into pure money.
04:04Pure money.
04:05If you have savings.
04:06Okay.
04:07Peso, can I make it into Bitcoin?
04:09Yes.
04:10You will go to the licensed, registered, recognized by the government.
04:16Coins.ph, Abra, Paylans, Moneybees.
04:21Those are the ones that are monitored,
04:25following the regulations of the Central Bank of the Philippines.
04:28Most of them are app-based, mobile apps.
04:32Like the payment apps of cellphones.
04:37You will tap up.
04:39You will put Peso in your Peso wallet.
04:43You will buy it by mere tapping.
04:46Just two or three taps.
04:48You will be able to buy it.
04:49The way you put money in the crypto wallet,
04:54that's how you will get it out.
04:56Most of them are through banks.
04:58Horace Arben, wow, thank you so much for that very detailed introduction into cryptocurrency.
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