After achieving an all-time high price of $2,700 USD/Bitcoin yesterday, the hitherto unknown cryptocurrency - Bitcoin - has garnered popularity on social media, notably in the Philippines. And, after eight years, Bitcoin has made the most noise this year.
Now, because everyone has been talking about the cryptocurrency that was just mentioned, I would like to give you a brief idea on how to invest with it in the most straightforward manner possible.
First things first, you're going to require a wallet; more specifically, a 'Bitcoin Wallet.' There are a variety of wallets available for use with bitcoin, including mobile wallets, desktop wallets, web wallets, and hardware wallets.
To make it more comprehensible, let me expand it. This technology for digital currency or coins requires a storage space or a wallet in which it may be kept so that it can be used. Your digital wallet will also serve as the way through which you may store and spend crypto currency purchased online.
Below are some of the common wallets that are currently being used by cryptorians here in the Philippines.
Coinbase.com
Bitcoin may be stored in both an online and mobile app version of this wallet. On their site, you also have the option to purchase bitcoin using a credit card. However, the buy and sell functions of Coinbase are not yet accessible in the Philippines at this time. Nevertheless, you can use it as a wallet for not only Bitcoin but also Ethereum and Litecoin if you so choose.
Coins.ph
And if the number of users is the most important factor for you when selecting a wallet, then you should go with coins.ph. After proving your identification, using coins.ph gives you the choice of keeping your money in pesos or converting it to bitcoin. However, doing either of these things requires you to first authenticate your identity. Coins.ph may also be used to pay bills and make remittances; in addition, they provide a large number of promotions that can be taken advantage of to earn more money, which will then be paid to your account automatically.
since of my limited experience with other wallets, I can only suggest the two that have been described since, in my opinion, they provide the best combination of dependability and security for crypto newcomers.
BuyBitcoin.ph
Although it is not a wallet, this website is the best option for purchasing Bitcoin at a lower price in the Philippines. Therefore, in order to purchase bitcoins, you will first need to create an account and then be verified. All that is required of you is to go to buybitcoin.ph, register, and then verify your identify. You may purchase bitcoin directly and transfer it to your bitcoin wallet using the address associated with your bitcoin wallet.
However, given that this is not merely something you are going to engage in for fun and there will be financial investment required of you, I continue to recommend that you conduct your own independent investigation. Because Bitcoin is an investment that comes with a high risk but also a high return, and because inflation is also high, you should make sure you have enough knowledge about it before you decide to invest in it.
How to buy Bitcoin in the Philippines?
First steps, create or sign up an account to any of the two: Coinbase.com and Coins.ph
Second, follow their instructions, you need to supply the information that the form needed. You also need to ready the following items:
a. email address
b. mobile number
c. valid ID with picture
d. and proof of residence/address (optional)
Third, after you verified your email address and mobile number, it's also important that you verify your identity using your valid ID, because if not you will be getting a problem with some and major features of their platforms. You may not be able to buy bitcoin or you'll have limits on depositing or withdrawing your money and more.
You'll see what I'm saying here when you do an actual registration of your account to any of the two wallets.
You are now able to purchase and sell bitcoin in the Philippines as long as your account has been completely confirmed on Coins.ph. This brings us to our last point. You are able to add fiat cash to your account by utilizing any of the payment methods that are made available to customers of the company.
Simply go to any 7-Eleven, Cebuanna, or Palawan Pawnshop location, as well as any mall, bank, or ATM. Additionally, make sure you carefully read the instructions every time to avoid making any mistakes.
If you think that this method of purchasing bitcoin in the Philippines is too difficult for you, there are other options. Don't worry about it; I'll write a separate post that explains how to purchase and sell bitcoin using each of the wallets that I listed above.
And if you have any ideas or suggestions for bitcoin wallets, please leave them in the comment box below. I'll do some research on them, and if they're very noteworthy, I'll include them on GoodFilipino.com.
Simply continue to visit this website, and I will gladly share any additional information I have regarding Bitcoin and alternative cryptocurrencies with you when it becomes available.
PS: BuyBitcoin.ph, Coins.ph, and Coinbase.com have not compensated me in any way for writing this piece. The following is only a suggestion on how you might purchase Bitcoin (BTC) more simply in the Philippines.