Why is the use of Philippine pesos less common than US dollars in the digital currency space?

3 answers

• Dec 27, 2021 · 3 years ago
  One reason why the use of Philippine pesos is less common than US dollars in the digital currency space is the global perception of the US dollar as a stable and widely accepted currency. Due to its status as the world's reserve currency, the US dollar is often seen as a safer and more reliable option for digital currency transactions. Additionally, many digital currency platforms and exchanges primarily cater to a global audience, making the US dollar a more convenient and accessible currency for users worldwide. However, it's important to note that the use of Philippine pesos in the digital currency space is not completely nonexistent, and there are efforts to increase its adoption and integration into the digital currency ecosystem.
  745373
• Dec 27, 2021 · 3 years ago
  The preference for US dollars over Philippine pesos in the digital currency space can also be attributed to the liquidity and trading volume of the US dollar. The US dollar is one of the most actively traded currencies in the world, which makes it easier to buy, sell, and trade digital assets denominated in US dollars. On the other hand, the liquidity and trading volume of Philippine pesos in the digital currency market may be relatively lower, making it less attractive for users and investors. However, as the digital currency space continues to evolve and expand, there is potential for increased usage and acceptance of Philippine pesos as well.
  653218
• Dec 27, 2021 · 3 years ago
  In the digital currency space, the use of US dollars is more common than Philippine pesos due to various factors. Firstly, the US dollar is widely recognized as the global reserve currency and is accepted as a medium of exchange in many countries. This widespread acceptance and stability make it a preferred choice for digital currency transactions. Additionally, the infrastructure supporting US dollar transactions, such as banking systems and payment gateways, is more developed and accessible compared to that of Philippine pesos. However, it's worth noting that the digital currency space is constantly evolving, and there are initiatives to promote the use of other currencies, including Philippine pesos, to foster a more inclusive and diverse ecosystem.
  762191