If you are living in the Philippines and looking to buy and sell bitcoins, then you will be glad to know there are a lot of ways to trade cryptocurrencies in the country. There is a host of providers that offer services for cryptocurrency trading.
Here is a handy guide on how to buy and sell Bitcoins in the Philippines:
1. Go to BSP or SEC website
2. Look for registered companies that provides remittance of bitcoin or cryptocurrency exchange services.
3. Select a provider that offers either the lowest transaction fee or having a trusted reputation in bitcoin community.
4. Open an account with the provider by following instructions on their websites for registration process. Make sure to read carefully all their terms and conditions before giving any personal information or funding your account with money.
5. Fund your account by sending money from your bank account or other payment methods such as credit cards, paypal, etc..depending on what payment methods they supported.
6. Wait for your account to be funded which could take some time depending on what payment method you chose and how busy they are with other customers (usually takes 1-2 days).
I have been trading bitcoins from the first day of their launch in the market. I knew there would be many people who will be having queries related to Bitcoin, so I started a blog where I answered all the queries that my readers had. Through my blog, I let people know how they can buy and sell bitcoins through Bitcoin exchanges. After a year, my blog was getting quite popular among the people searching for such information in Philippines. So, I started a company named “BuySellBitcoins”, which offered people consulting services about Bitcoin trading, purchase and sale.
Bitcoin is a cryptocurrency and worldwide payment system.: 3 It is the first decentralized digital currency.: 1 Its conception is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.: 4 These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.: 5
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies: 3 products: 12 and services.: 13 Research produced by Cambridge University estimates that in 2017 there were 2.9 to 5.8 million unique users using a cryptocurrency wallet: 14 most of them using bitcoin.[ citation needed]
Bitcoin has been criticized for its
Buying bitcoins and other cryptocurrencies in the Philippines can be quite challenging for beginners because you will have limited options of where to buy. The easiest way is to buy bitcoins from Bitcoin ATMs but there are only a few operational in the country.
If you want to trade professionally, your best bet would be to use an exchange that requires you to verify your ID and open an account. For example Bitcoin exchanges such as Coinmama, CEX.IO and BitPanda have made the process smooth and fast.
To buy bitcoins on these exchanges, you will need to verify your identity first by submitting relevant documents such as National ID, Passport or Drivers License. You may also need to submit a proof of address which can be a utility bill or lease agreement with your name on it. Most exchanges accept payment via bank transfer or credit card, and some are willing to work with Paypal transfers. And most exchanges charge fees (which generally include the fees for using the bitcoin network).
Before I start telling you where to trade cryptocurrency, we need to first understand what cryptocurrencies are. Cryptocurrencies are digital money. They are not real physical cash. The trick here is that they have the same characteristics as real money: they can be used to pay for goods and services, they can be exchanged with other currencies and they can be stored in your wallet.
So why do people use them? Well, since cryptocurrencies are decentralized, this means that no government or central bank controls and regulates it. This also means that it’s harder for governments to manipulate its value. In addition, transactions are much faster than traditional banks because there’s no need for long verification processes.
Last but not least, since there are many cryptocurrencies available in the market today, this means that you can diversify your investment portfolio!
If you’re looking for a place where you can buy or sell bitcoin and other cryptocurrencies in the Philippines, then you’ve come to the right place! Here are some of our options:
With the rise of bitcoin, many have asked the question ‘What is bitcoin?’ Read the free guide in our information centre and learn about bitcoin today.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
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In the Philippines, buying bitcoins using cash may be the most convenient way for most people. If you’re worried about your privacy then you need not worry as Bitcoin transactions are completely private. However, if you want additional privacy then it is recommended that you use LocalBitcoins , Paxful or Bisq to make your purchases as they all require no ID to purchase. We’ve listed below some options where you can buy bitcoins in the Philippines
What is Bitcoin?
Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who “mine” them by lending computing power to verify other users’ transactions. They receive Bitcoins in exchange. The coins also can be bought and sold on exchanges with U.S. dollars and other currencies.
Bitcoin was introduced in 2008 to a cryptography mailing list, and released as open-source software in 2009. The first Bitcoins were created in January 2009, the result of a process known as “mining.” Bitcoin mining is the process of creating, or “mining,” new Bitcoins. For every transaction verified, the person who did the math gets 25 new Bitcoins.
While you can’t walk into a bank and withdraw Bitcoins, they are real. You just can’t hold them in your hand or keep them in your safe deposit box at the bank like cash (which is also risky). They exist only virtually, on computers around the world.
You can buy goods with it and services. Or you can trade it for traditional currencies, say Bitcoins for Philippine Pesos or US Dollars.
Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Bitcoin is the simplest way to exchange money at very low cost. Mobile wallets and desktop wallets are good options. Copay is a great Bitcoin wallet and functions on many different operating systems. Bitcoin hardware wallets are also available.