ARE YOU READY TO CASH-IN TO BITCOIN?

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 

At that time,  1 Bitcoin price in 2014 opened the year at around $770, according to the CoinDesk Price Index and when we started Bitmarket.ph; a marketplace portal where you can find establishments and SME’s who accept bitcoin as a payment method, sometime in May 2014, 1 BTC plummeted to around +- $400.

 

As of writing, the exchange then is as the same exchange of Ethereum (ETH)’s entrance. But, this deserves another post.


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.

With Bitcoin reaching new heights by growing over 400% and the entire global cryptocurrency space keeping pace with it, growing to match the market cap of Bitcoin at almost $150 Billion combined today – in 2017, Bitcoin is now on its rise and more people have become adaptive and willing.

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:

  • BDO
  • BPI
  • Metrobank
  • Chinabank
  • Eastwest bank
  • Landbank
  • Maybank
  • PNB
  • RCBC
  • RobinsonsBank
  • Sterling Bank
  • Security Bank
  • Unionbank
  • UCPB
[Security Bank Video]

 

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.

Another, you may also apply for SSS Salary loan online via Coins.ph. 

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.

Feed the Curiosity: On Bitcoins and then Some.


bitcoin envelope

Quasi-knowledgeable and naive of what Bitcoins are and the Blockchain; curiosity caught me in this industry.

When the husband of my former boss (and my first marketing mentor) asked me if I know of anything to do with Bitcoins, naturally, I had to google it within a few seconds in order to get back to him. (I bet you’re as guilty as I am for researching through something you know nothing of instantaneously on Google)

To be honest, it took me awhile to understand what this cryptocurrency is. We had lengthy conversations on mobile, had ‘bar’ dates and chats on Facebook before I finally jumped in. I can’t say I’m well in-depth knowledgeable of this digital or virtual currency that uses cryptography for security wherein peer-to-peer exchange through technology operate with no central authority or banks is all about — I eventually fell for it and got my ‘hidden’ tech side slowly accept that this is where the future is heading.

Yes, there are still tons for me to understand.

For starters, let me walk you through what I have understood and learned:

What is Bitcoin? Just like what you think of paper money, it’s the same as what Bitcoins are. It has a unit of account, medium of exchange and store of value. The only difference from cash is the visibility of an actual paper trail. However, in comparison to paper trail — transparency is more viable as it connects through peer-to-peer exchange via internet interface portal.

Just like how you invest on Foreign Exchange. You can store wealth. If you’ve been storing a block of Gold, it’s the same thing principle. You may have the block of Gold, but you just can’t use it (to almost anything anymore) to pay for goods however with Bitcoin; in time, as the market is vastly growing in the world — you may, you would, you could.

How do you get Bitcoins? Start from downloading your own Bitcoin Wallet on your ios or Android (Personally, I’m using Blockchain on Android). You can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. There are trustworthy sites who render services for you to exchange your current currency to Bitcoins, such as BuyBitcoins.com or get to read more through Bitcoins.org on how to get you started.

Where do you get to spend it? Locally in Manila, Philippines, I get to spend my Bitcoin through Bitmarket.PH’s listing or shop through online shopping sites who already accept Bitcoin as payment option such as Ebay.com

How will you be able to have your Bitcoin exchanged into your local currency? It’s non-debatable that Cash is king. If you’re a merchant, the local listing from Bitmarket.PH would have your Bitcoins exchanged into your currency without any charges by having it deposited to your desired bank account (e.i PHP 1.00 to Php 1.00) . Of course, you have an option to keep your Bitcoins on your wallet for your own personal (or business) transactions.

There are no middle-man charges. Remember, it’s a peer-to-peer transaction. Straightforward.

Read more about my Bitcoin learning on this blog.