What is cryptocurrency?

Cryptocurrency is a form of digital money that isn't issued or run by a bank or government. Instead of a central authority keeping track of who owns what, a network of computers around the world maintains the records together.

Because no single institution controls it, crypto can be sent directly between people without going through a bank. That's the feature its supporters point to most, though it also means there's no company or agency to call if something goes wrong.

Crypto isn't backed by a government the way the peso is, and its value comes purely from what people are willing to pay for it. That makes it very different from the money in your bank account, and worth understanding carefully before touching.

Sending ₱5,000 worth of crypto to a friend can happen directly from your wallet to theirs, without a bank in the middle, but if you send it to the wrong address, no one can reverse it for you.