Just recently, Bitcoin has made its mark on the internet.
In general, the Philippines has a very well established Bitcoin infrastructure and Bitcoins users can do pretty much anything using the digital currency.
“Many online transactions here are being made by cash deposits in physical locations, and Bitcoin is cash for the internet, so it’s a good fit,” said BuyBitcoin.ph co-founder Lasse Olesen said to Yugatech.
“It gives you instant access to a global market where you can receive payments practically for free and, if you want, exchange to cash locally. If you’re a small merchant, accepting international payments through PayPal or bank wires is just not feasible with their fees.”
The origins of the cryptocurrency can be traced in the year 2008 when a domain under the name Bitcoin.org was registered online.
After two months, a paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was passed around a cryptography mailing list. This move became the first link of the mysterious figure, Satoshi Nakamoto, to Bitcoin.
After two years, in 2010, a handful of merchants started accepting Bitcoin as a mode of payment.
One of the first products purchased with Bitcoins was a pizza. With the current rate of the cryptocurrency, the amount used for the pizza would be valued around $100 million.
However, in 2011, due to Bitcoins’ traceless feature, an online marketplace for illegal drugs named the Silk Road used it as a mode of payment.
Now, after a decade, its rate has climbed very high. One Bitcoin is now equivalent to PHP 587,158.44
And if you have finally decided to invest in it, here is the information you need in order to buy your Bitcoins here in the PH.
You can’t start using Bitcoin without having your Bitcoin Wallet.
A Bitcoin wallet is an app or website where you can manage your Bitcoin private keys.
It contains secret codes that you use in order for you to spend your Bitcoins.
Without a wallet, you wouldn’t be able to receive, store or spend your Bitcoins.
Hardware wallets are physical electronic devices built for securing Bitcoins.
These wallets must be connected your computer, or phone in order for you to spend your Bitcoins.
Ledger Nano S, KeepKey and Trezor are some of the most popular hardware wallets.
These are wallets that you can access through internet-connected devices such as computers, mobile phones or tablets.
And since your private keys or secret codes are generated on the internet, there is a possibility that they are not 100% secured.
However, they are good to use since they are convenient in terms of spending and receiving payments and they can be accessed on multiple devices.
There are several options to for to put pesos in your wallet in order for you to convert it to Bitcoin.
You just need to tap the “Cash In” option on the app and then pick which way you want to load it up.
Here is the list of possible centers where you can load up your Bitcoin wallets:
7-11, Cebuana Lhuillier, M Lhuillier, UnionBank, Gcash, Online Bank Transfer (BPI, Security Bank, UnionBank), Over the Counter Bank (Chinabank, UnionBank, BPI), Remittance Center (Bayad Center, LBC Bills Xpress, M Lhuillier E Pay), Malls (Robinson’s and SM Business Centers via DragonPay).
Here’s Where You Can Buy Your Bitcoins
The Philippines has one of Asia’s most sophisticated and complete Bitcoin platforms which enables users to pay and receive Bitcoins.
Here are some of the best apps you can use.
BuyBitcoin.ph is considered to be one of the most reputable Bitcoin exchanges in the Philippines.
Their simple interface has enabled them to keep loyal users over the years.
And unlike many Bitcoin exchanges, BuyBitcoin.ph operates without KYC regulations, which means users don’t have to give up their personal information to buy or sell Bitcoin.
This feature of the exchange makes it the safest Bitcoin exchange to use.
Also, the steps are very easy to use for first-time buyers wherein you can use cash or various online payment methods.
For buyers, Buybitcoin.ph requires an over-the-counter deposit to be submitted within the day of the order.
After the payment is made, the app sends the exchange or payment in a few hours. All that is required from the buyers is their email address and the Bitcoin address for the payment.
For sellers, Buybitcoin.ph requires a bank account number and the holder’s name for the payment. Once the Bitcoin payment is received by Buybitcoin.ph the payment is sent to the bank account.
Coins.ph is said to be one of the well-rounded Bitcoin apps around the globe because of its connections with banks, remittance networks, and corporations which enable users to do almost all of their transactions through Bitcoin.
The app allows users to settle utility bills, credit card payments, pay tuition fees, buy and sell Bitcoin through remittance branches, ATMs, and banks.
When bank method is used, this allows users to select from all of the region’s banks.
One thing to note about using Coins.ph is its feature that requires users to comply with the KYC (Know Your Customer) regulations that force users to give their addresses and government-issued IDs.
Rebit.ph is one of the most popular Bitcoin platforms in the Philippines under the investment company Satoshi Citadel Industries.
It is a remittance and billing platform which consumers in the Philippines use to send local and international payments.
The platform started as a remittance company, but after a few years, Bill Ninja, a Philippine Bitcoin startup company took over its management.
After building its name, it became known to the country and later on was sold to Satoshi Citadel Industries.
Rebit.ph sends cash to remittance outlets to certain countries.
Some of these countries are Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Japan, Kuwait, Malaysia, the Philippines, Saudi Arabia, the UK, and the US.
It takes two to four days to send cash payments to these countries.
The Future of Bitcoins
Though risky, these cryptocurrencies like Bitcoin are promising low-cost remittance platforms especially for Filipino workers and is an investment for whoever who wants to try using it.
An interesting turn nowadays is the acceptance of Bitcoins by educational institutions. Some universities abroad have added Bitcoin and other cryptocurrencies as part of their curriculum. Some also have accepted Bitcoin as a means of payment of their fees.
Maybe it is too soon to tell if Bitcoins will be the future’s mode of payment, however, it is undeniably a new accepted mode of currency besides the mainstream.
And though some said that the cryptocurrency will end badly, Jehan Chu, a cryptocurrency trader predicted that Bitcoin may be able to reach a rate of $50,000 by the end of 2018.
“I really think in 2018 not only will we see $50,000 price levels for bitcoin but I think we’re going to be seeing cryptocurrency and blockchain technology emerging from its adolescence,” he said to Express.
Featured Image Credit: Bitcoin News