Hello Dunstan! I appreciate you taking the time to participate in this interview. Can you tell our readers a little bit about yourself?
Hi, I’m Dunstan Teo, Co-Founder of Philcoin. I’m a Bitcoin OG so I’ve been in the crypto space pretty much since its inception. I’m also a builder of sovereign tech, president of a multi-advisory firm, author, and advisor to exchanges.
What is your take on the current bear market going on in cryptocurrencies? What do you think has caused it and how long could it last?
Well, I’ve been in the crypto space a long time so I’m no stranger to the volatility of the markets. Riding them out is second nature to me as I know the market always rebounds as bear markets provide brilliant buying opportunities with their lower prices.
As we know, bear markets are caused when supply is greater than demand, and investor sentiment is associated with pessimism and fear. People react irrationally by selling their currencies. This, then, has an adverse effect as crypto whales hold onto their long-term strategies and consume even more crypto when the market prices decrease. As a result this pushes up the prices and so the market starts to recover. We’ve already seen prices stabilize in June and July which is increasing investor confidence again. We’re going to see an upward trend very soon, I believe.
What is the impact of the crypto winter on the market in general and on investors? Why do such events occur and how concerned should crypto investors be about the present cycle?
Investors’ concerns really come down to their strategies - are they invested for the long or short term? If it’s the former, you’ll find those investors remain undeterred with the market’s moves. Those investing for the short term are easily swayed as they focus on the daily movements of the markets. This can cause panic and anxiety, clouding them in fear, uncertainty and doubt (FUD). The only way to combat this is with a Buy and HODL strategy. Trust me, you’ll have far less concern about the current crypto winter if you’re always thinking long-term.
Let's talk a bit about how blockchain technology ties in with philanthropy. What is the scope and where do social causes fit in with the upcoming era of decentralization and Web3?
Certain sectors have been restrained by their traditional ways which have many challenges. Philanthropy, for example, is focused on the goodwill of mankind yet the traditional donation system hinders this because of high fees, time delays, lack of access, logistics, etc. Think about it this way, if we’re wanting to bring financial aid to an underdeveloped country where 60-70% of the population is unbanked and cannot get a bank account because they do not have a government-issued ID - how does the financial aid reach them? Well, it can’t. Blockchain technology gives everyone equal access and opportunity. It’s an opportunity for the unbanked to get the financial independence they need and deserve. Donations can now be instant without exchange rates, exorbitant fees and the need for a bank account.
How does Philcoin aid the movement of decentralization in philanthropy? How does your company change things and make them better?
The entire business model of Philcoin has been created to benefit our communities. It’s even in our name “Phil” for philanthropy and “Coin” for blockchain. We’re literally bridging the gap between philanthropy and technology. A large part of our model also includes a Donate and Earn model that rewards people the more they transact. This incentivizes the utilization of our native token, PHL, while also creating a community of giving.
We are achieving this in many ways but the main strategy is “meeting people where they are”. We have an extensive brand ambassador network who all represent global giving organizations and these ambassadors are located on every continent. They are able to reach people personally.
Then, we also have our online communities which are available on 9 different social channels and translated into 10 different languages from English to Spanish, French, Urdu, Dutch, Creole, and more. We believe it’s vital to provide communication and support to people in their native languages and so we keep growing our scope to cater to each community we enter into.
What are some of your most remarkable achievements along the Philcoin journey?
In general, I think it’s remarkable what we have managed to achieve in 6 months. We are listed on top exchanges like MEXC and Pancakeswap which require a rigorous due diligence process in order to get listed. This gives our users added confidence in Philcoin.
Through our online and brand ambassador communities, we have access to around 150 million people around the world. That’s 150 million lives we can, and will, make a positive impact on. We’ve already seen tremendous interest and adoption from members of developing communities. Having them trust Philcoin over a traditional bank account is very humbling.
In terms of technology, we have managed to develop two life-changing applications. One is PHILApp - a super app where users can transact, donate and earn and access games, educational courses, social media, entertainment and marketplaces. Part of PHILApp is PHILChat, a revolutionary messenger service that rivals the world’s biggest players. Users can audio or video call in HD with over 1000 users, send original quality files, and more. Both apps are available on Apple and Android stores.
What's next for Philcoin? Does the bearish mood in the market affect your company's plans? If so, how?
I see the bear market as an opportunity to innovate - and that’s what we’re focussing on. As I mentioned earlier, PHILApp is a 360 app and we’re fast-tracking many of its features so our communities can enjoy all its benefits sooner than anticipated. Bringing new products to the market will be key to any cryptocurrency’s survival. Philcoin’s not only looking to survive, but thrive! I am so excited about launching our new products soon as I know they’ll add massive value to everyone’s lives.
Thank you so much for taking the time to talk to me and to share your insights with me! It was a pleasure.
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