3 years ago, I learned digital currency, and I have Satoshi Citadel Industries to thank for the early onset learning. If you live in the Philippines and have heard of Bitcoin, I would like to congratulate you on taking the next step in getting to know more about this cryptocurrency.
It was the year 2014 when I have been given the privilege to work with a Bitcoin startup who side-by-side pioneered the Philippines space (Read: Our 28th Business: Bitmarket.ph) There were only a few known reputable startups back then; one of the top brokers of bitcoins, buybitcoin, digital currency wallet, coins.ph and SCI’s marketplace, bitmarket.ph
Was I ever skeptical? When it comes to money, after all the network marketing scams, it’ll be hard not to have a bit of skepticism. However, if it involves exchange and investments, it’s important to work (take part) with people who know what the blockchain technology is and passionately can explain what digital currency is to every Juan.
There are two available wallets which you can utilize in the Philippines – Coins.ph and Bitbit; both of which can serve as an e-wallet to receive, send and convert. However, the former has more flexibility and use as it ables you to pay for utility bills such as Broadband Internet, Cable Channel Provider, Credit Card, Home Credit, Government remittances, Health Premiums, Insurances and Tuition Fees.
These two wallets are also by far the available and most convenient way to buy and have your cash converted to Bitcoin in our country. If you still don’t have a Coins account, you can register here and get ₱50 sign-up bonus or use this code: 65styr when you sign up. Upon verification, you’ll receive an initial amount which you can use to experience and have a good feel as you explore how easy it is to convert and make use of the amount to load your mobile phones, send money or simply when you want to see how the value changes over time.
In terms of flexibility and use, coins.ph is by far the most developed and still continuously developing as it gives more accessibility and convenience to those who may need their money in times of emergency.
One of its most intriguing and trust building feature is the 24/7 cardless ATM Instant payout which allows you to cash out through Security Bank and to top it all, it doesn’t have any transaction fee and complexities. A mobile pin number and authentication code will be sent to your mobile phone and email to authenticate and allow you to do a cardless transaction.
You may also send money to pawnshops like Palawan Express, Cebuana Lhuillier, LBC directly from your mobile phone and get ₱5 cashback for bill payments and 5% rebate for mobile phone load.
If you want to add more money and convert them to Bitcoin, you may deposit through BPI, Union Bank, and Security Bank without an additional fee or at your nearby 711 convenience store for a minimum processing fee.
How much should one start with? Honesty, you can go for whatever amount you’re able to convert, hold and let go. Just like how one should handle their finances – you’d have to be cautious and work around your budget. On my end, I practice Peso-cost averaging since converting to Bitcoin works just like how the stock market moves, only, on steroids.
As of 2014, bitcoins can now be bought in 14 different banks in the Philippines, according to a press release by the online exchange BuyBitcoin.ph.
Among the banks are the following:
- Eastwest bank
- Sterling Bank
- Security Bank
You may also use you GCASH, which allows you to direct your money to the linked bank out. However, it may entail minimum charges as you cash out; ₱10 for every ₱1000 of deposits. For bigger amounts, it goes even lower with a ₱40 fixed rate for any amount above ₱4000.
At the end of the day, it’s all about being in control of your money which builds trust and more accountability with greater flexibility. Be careful of the companies you may put your money in, best to read through more about the product and services and get to know the people behind certain offerings.
In 2014, before I left the country which has led me to leave the bitcoin company. I was able to purchase a plane ticket online for Myanmar and paid it through bitcoin, as well as a hotel accommodation in New York. That proved its legitimacy in my experience and have made me a full-on believer.
In 2017, as we were having difficulties in remittances due to the hefty amount of transactional fees, paperwork needed and time it’ll take for you to claim your remittance, bitcoin has become the easiest and fastest way to receive money without delay.
What a great time to be part on the forefront as we transition convenience more with the help of technology. Maximizing the use of our mobile phones, it’ll be much easier and faster to pay, transfer and receive remotely.
Bitcoin certainly is a game-changer.
So far, if you’re someone who’s still conservative yet open-minded to explore ways to save, invest and make life easier in terms of remittances and paying bills; go for these wallets. Rest assured, you can give them a call or contact them should you have issues and they’ll immediate revert to your concern.
Need help on setting up your wallet and walk you through how to convert? Leave a comment below or you may message me by adding me on facebook.