In PNG, many people are beginning to hear about Bitcoin, yet few fully understand what it is — or why crypto enthusiasts are calling it a “digital gold.”
You’ve probably heard the term but what does it actually mean? And how is it relevant for ordinary Papua New Guineans?
This article with its video breaks it down simply: what Bitcoin is, why people compare it to gold and what you need to know as a citizen of PNG in today’s digital economy while the value of our Kina is dropping each year.
What Is Bitcoin?
Bitcoin is a decentralised digital currency that can be sent from one person to another without using a bank. It was created in 2009 by a mysterious developer known as Satoshi Nakamoto as a way for people to exchange money over the internet, securely and without middlemen.
Unlike kina or US dollars, Bitcoin isn’t printed by any government. It is created through a process called mining and only 21 million bitcoins will ever exist — making it scarce, just like gold.
Why Is It Called “Digital Gold”?
Bitcoin is often called digital gold because it shares similar characteristics with physical gold:
Gold has been trusted for centuries as a store of value — meaning people keep it to preserve their wealth. Bitcoin is starting to be seen in the same way, especially as inflation rises and trust in fiat currencies weakens.
Famous bitcoin investors like Michael Saylor, former CEO of MicroStrategy, have said:
“Bitcoin is the best savings technology ever invented. Invest in what you can afford to lose but hold for the long term.”
He and others have put billions of dollars into Bitcoin as a long-term hedge — a digital version of storing gold.
Bitcoin gives you direct ownership. With a proper wallet and password, you hold your own money — no bank needed.
This is important in PNG, where many people still don’t have bank accounts. Mobile phones, however, are becoming common. With a basic smartphone and internet, anyone in PNG can access Bitcoin.
What Can Bitcoin Be Used For?
- Storing wealth over time (just like gold)
- Sending and receiving money (especially across borders)
- Avoiding inflation by holding a stable form of value
- Saving for future needs, such as school fees, small business capital or land development
Today, you can convert Bitcoin to local currencies through digital exchanges. Even though PNG doesn’t have a national Bitcoin exchange yet, regional platforms like Binance or Paxful allow peer-to-peer trade. Howarig Traders exchanges bitcoin so you can contact them via email: bitcoin@howarigtraders.com.pg or WhatsApp: 71929331.
Things PNG Readers Must Know
1. Bitcoin Is Not a Get-Rich-Quick Scheme
Prices go up and down. Some days it rises, some days it drops. If you’re buying Bitcoin, think long-term — treat it like savings, not gambling.
2. You Need to Secure Your Wallet
Never share your password or recovery phrases. If you lose them, your money is gone forever.
3. Start Small
Don’t invest all your money. Buy a little — even PGK 100 worth — just to learn and understand.
4. There Are Scammers
Be very careful. Don’t join “investment groups” that promise double returns. Use trusted apps and ask someone you trust before sending your money.
What It Means for Papua New Guinea
PNG is a resource-rich, cash-poor country. Most people are still outside the formal banking system. We have land, minerals, forests — but not enough people with access to secure, modern money.
Bitcoin can be one tool to empower individuals, especially young people and SMEs:
- Imagine a coffee farmer in Simbu selling beans and receiving payment instantly in Bitcoin.
- Or a student in Goroka saving school fees in Bitcoin over 3 years, protected from kina inflation.
- Or a young freelancer in Lae being paid by clients overseas, directly to their digital wallet.
New Commercial Banks liked Tisa Bank supports digital money.
As infrastructure grows and awareness spreads, Bitcoin offers an alternative for savings, transactions, and even investment — without relying on broken systems or slow banks.
Bitcoin may be digital, but its value is real — just like gold.
For Papua New Guineans, it represents a new way to store value, protect savings and participate in the global economy — with nothing more than a smartphone and some basic digital knowledge.
As always: educate yourself, start small, stay safe, and be part of the future — not left behind.
“Digital gold isn’t buried in the ground. It’s built into the blockchain — and it’s open to everyone.”
Want to learn more? Start by downloading a bitcoin wallet, reading more articles, watch my videos on YouTube and talking to others who’ve used Bitcoin safely.
- Peter S. Kinjap is the author of the book titled “BITCOIN DREAM: Hope, Hype and Chaos” for PNG students and policymakers in PNG. For comments, email: media@howarigtraders.com.pg