How to Buy Bitcoin in the Philippines
First let me start by saying that I’m not an expert at cryptocurrency or Bitcoin BUT I want to learn as much as I can about it. The best way for me to learn is by doing (I’m not really the academic type) so I’ll be sharing with you guys everything that I learn about Bitcoin, blockchain technology, and cryptocurrency in this new section on Unbox called Bitcoin Philippines.
For this inaugural post I’ll kick things off by sharing what my Bitcoin strategy is and then I’ll share how I’m buying Bitcoin in the Philippines.
My Bitcoin Strategy
For me Bitcoin is an a “Hail Mary” type of asset. The risk is high but the returns are also incredibly explosive. That said I want to mitigate the risk as much as possible. My plan is to set aside 5%-10% of monthly savings and use it to buy Bitcoin (and other Alt Coins) regardless of the current price. From there it’s a waiting game to see when the best time is to cash out. I’ve already invested some money in it and the returns have been impressive.
Apart from doing Bitcoin, I also want to learn about Alt Coins and Initial Coin Offerings (ICOs). Again the best way for me to learn is by doing, so I’ll just jump right into it. My plan right now is to study how to buy Etherium and then try to support one ICO (preferably a company in Asia). I will chronicle my experiences here on Unbox as well as videos on the Unbox Facebook Page.
How do I Buy Bitcoin in the Philippines
I buy Bitcoin using an app called Coins.ph. Think of it as your e-wallet for Bitcoin. I use them because they have the easiest user interface AND they were accredited by the Central Bank of the Philippines. If you want to get into this with me, download the Coins.ph app, sign-up for an account, and use my referral code so you get Php50 in your wallet after you get validated.
My referral code: r39g8y
For full disclosure I’ll also make Php50 when you get validated. Win-win, hehe.
There are several options to “load” your Coins.ph wallet with pesos so that you can convert it to Bitcoin. You just tap the “Cash In” option on the app and then pick which way you want to load it up. You input the amount and then you’ll get instructions how to do it. For 7-11 it’s straightforward. The app will give you a bar code and you jsut have to go to 7-11, show the bar code, and pay. It instantly appears on your Coins.ph wallet.
Here are the current available options on the app:
- Cebuana Lhuillier
- M Lhuillier
- Online Bank Transfer (BPI, Security Bank, UnionBank)
- Over the Counter Bank (Chinabank, UnionBank, BPI)
- Remittance Center (Bayad Center, Cebuna Lhullier, LBC Bills Xpress, M Lhuillier E Pay)
- Malls (Robinson’s and SM Business Centers via DragonPay)
If you want no fees, you can go with UnionBank. If you want convenience, you can go with 7-11 but they have a modest fee that you pay for. I’ve tried using 7-11 and Online Bank Transfer via BPI and DragonPay. Both worked. Will be trying out UnionBank this week.
After loading with pesos, I convert them to Bitcoin. The Coins.ph app will show the Peso Value of the Bitcoin almost in real time.
Is There a Minimum to Buy Bitcoin via Coins.ph?
No but I suggest you guys load at least Php500 to see how it works so you can appreciate how it works and learn as much as you can from it.
Did I Make Money on Bitcoin?
I bought Bitcoin when it was in the 1 BC = $7,000 USD. It’s now nearing 1 BC = $10,000 USD.
How do I Withdraw my Bitcoin into Cash?
Just tap the Cash Out option and you can “withdraw” cash via Cebuana Lhuillier, Security Bank, GCash, Banks, and Cash Cards. There’s also an option for Cash Pickup via Remittance Centers and even Door-to-Door Delivery.
Do We Recommend Buying Bitcoin?
Yes, but only an amount that you can consider lost. Think of it as tuition fee to learn what you can about it. Don’t throw in all your savings in it. Just put in an amount you can consider lost, learn what you can, and then put in more only when you’re comfortable with it. Always remember that there are risks involved.
Up Next: Learning ICOs and Alt Coins
For the next blog I’ll be sharing thoughts on ICOs and Alt Coins. I’m currently looking at supporting an ICO of Salarium. I’ll write more about them and ICOs in general in the next post!
See Also: Supporting my First ICO — Salarium!
Cryptocurrency and blockchain technology is fascinating, intriguing, and definitely worth learning. I’ll definitely make mistakes in the next few months as I learn but I have a good feeling this will all pay off. Looking forward to writing more about it and sharing all my learnings with you guys! Cheers!