Bitcoin 'hard to cheat,' says PH digital currency firm


Posted at Nov 24 2017 09:49 AM | Updated as of Nov 24 2017 12:14 PM

A copy of bitcoin standing on PC motherboard is seen in this illustration picture, October 26, 2017. Picture taken October 26, 2017. Dado Ruvic, Reuters

MANILA - Bitcoin trading is "hard to cheat" and trading of digital currencies have not been hacked in the last decade since it was founded, a cryptocurrency pioneer in the Philippines said Friday.

Blockchain, which tracks bitcoin transactions, functions like a public ledger, said Satoshi Citadel Industries founder Miguel Antonio Cuneta. The company is building the Blockchain ecosystem in the country.

"It's really hard to cheat. If you try to make fake bitcoin transaction, everyone will see it and they will not approve it," Cuneta told ANC's Early Edition.

Cuneta said the Bangko Sentral ng Pilipinas regulates digital currency companies.

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In the 3 years since Satoshi Citadel started, Cuneta said transaction volumes and user acquisition have grown by "double digit."

"I don’t even think we've reached inflection point where it reaches the mainstream. There’s still a lot of room for growth," he said.