Filipinos are slowly converting into using cryptocurrency as their alternative sources of income and methods of payment. Native apps like Coins.PH are starting to introduce cryptocurrency such as BTC, ETH, XRP, and BCH to Filipinos in order for them to be able to buy, sell, and store cryptocurrency with other people from all around the world, as advertised by Coins.PH website. With the introduction of Coins Pro for private beta users, they'll be able to trade in the local and international sphere in the future which will be more than likely regulated by the Bangko Sentral ng Pilipinas (BSP) for security purposes, which is the central bank of the country, as it is implied by Coins Pro Help Center.

However, most do not really think about how they are going to earn these in the first place because they're not familiar with the process of doing so. More often than not, laypersons only know one or two methods, which is either through converting their money in Coins.PH and holding them until they're high enough to sell in five to ten years, also known as HODLing according to MoneySmart, or buying them from other users who wish to sell.

Not all hope is lost though, for there are still Filipinos who have decided to use mining and online trading through verified and trusted trading platforms. Those who are more tech-savvy have begun building efficient computers with the help of online sources just like the ones enumerated by Rappler in order to start earning coins without the need to buy anything other than their own equipment.

However, the BSP has posted an advisory regarding the risks of alternative methods of earning virtual currencies as these can be used for illegal purposes. In addition to that, they encourage Filipinos who wish to dabble with the new market to pool their funds into government-approved crypto exchange companies.

For a growing economy like the Philippines, together with the regulation of the government in order to produce more secure earnings, it seems like all of these options are viable for a third-world country, especially mining and trading exchanges. Which one is better for such a situation, if one may ask?

Currently, it seems like trading exchanges are better for the Filipino people. Not only are they able to easily convert their spare cash into virtual coins, they also won't have to worry about the growing expense of upkeep and maintenance for mining equipment, or even the hardship of having to learn the technical know-how of building computers strong enough for such purposes.

Since there are now several crypto currency exchange companies that are approved by the BSP, Filipinos will know that they can assure themselves that their money won't be fraudulently taken by illegal activities easily as long as they invest their money in the right businesses.

As of January 2020, Meralco has decreased its price rates for electricity consumption by 0.41 PHP ($0.0081) per kilowatt hour as reported by The Inquirer, but many still expect that this is only short-lived as it is a common occurrence for Filipinos to experience price surges during the summer months where the electricity consumption is at its highest.

This kind of pattern is not only expensive for people who wish to use mining equipment consistently, but this can be detrimental for their hardware in the long run. It is common for some regions in the Philippines to experience power outages during the summer because of the high consumption demand that Meralco and other electric utility companies have to meet, and such outages can cause short-circuits and other electrical problems that might affect highly-sensitive connections, or even cause fire hazards if they buy cheaply-made or build sub-standard units.

If third-world countries like the Philippines are now showing progress towards cryptocurrency in a positive manner, hopefully, this kind of trend will follow for other third-world countries as well, as long as they're fully accepted by their governments in order to grow the economy further. In the near future, many Filipinos might finally accept that cryptocurrency is a viable means of investment, especially if they're encouraged by the government to do so wisely.