Looking to buy Bitcoin in the Philippines? Here’s a step-by-step guide on how to do it!
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Bitcoins are a decentralized form of crypto-currency. So what does that mean? A decentralized currency is one that is not subject to the control of any government or other regulatory body. Bitcoin is not regulated in most countries and therefore can be bought and sold without the need for a middleman.
In 2014, Mt. Gox, a Tokyo-based Bitcoin exchange, was the victim of the largest hack in Bitcoin history, with 850,000 bitcoins (worth $473 million at the time) stolen. This hack highlighted the need for better security measures when buying and selling bitcoins.
Since then, many exchanges have been created with improved security measures. Coinbase is one of the most popular exchanges and allows you to buy bitcoins with a credit or debit card. Another popular exchange is Gemini, which allows you to buy and sell bitcoins in US dollars or another supported fiat currency.
Once you have set up an account on an exchange, you will need to transfer money into your account before you can start buying bitcoins. The amount of time it takes to do this will vary depending on the exchange you use and your payment method. Once your money is in your account, you can start buying bitcoins!
The process for buying bitcoins is different on each exchange, but the general steps are similar:
1. Find the Buy/Sell section on the exchange website and select Bitcoin.
2. Enter the amount of bitcoin you want to buy (in Philippine pesos) and select a payment method (e.g. bank account or credit/debit card).
3. Review the transaction details and click Buy Bitcoin!
How To Buy Bitcoin In The Philippines?
If you’re looking to buy Bitcoin in the Philippines, there are a few things you need to know. First, you’ll need to find a reputable exchange that allows you to buy and sell Bitcoin. Once you’ve found an exchange, you’ll need to create an account and deposit money into it. After that, you’ll be able to buy Bitcoin.
Step 1: Register on a Bitcoin Exchange
The first step to buying Bitcoin in the Philippines is to register on a cryptocurrency exchange where you can buy, sell, or trade cryptocurrencies. Some popular exchanges in the country include Binance, eToro, and Coinbase.
Once you have registered on an exchange, you will need to verify your identity by providing personal information like your full name, email address, and contact number. You may also be required to upload a copy of your government-issued ID. These requirements are necessary to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
After completing the registration and verification process, you will then be able to deposit Philippine pesos (PHP) into your account using one of the supported payment methods, which may include bank transfer, credit/debit card, or e-wallet. Once your account is funded, you can start buying Bitcoin and other cryptocurrencies listed on the exchange.
Step 2: Verify Your Account
The process of verifying your account may vary depending on the exchange you’re using, but generally, you’ll need to provide some personal information and proof of identity. Once your account is verified, you’ll be able to deposit Philippine Pesos (PHP) into it.
Most exchanges will require you to verify your identity by providing a copy of your passport or other government-issued ID. They may also require you to provide a selfie of yourself holding your ID. This is to ensure that you are who you say you are and to deter money laundering.
Once your identity is verified, you’ll need to deposit PHP into your account. You can do this via bank transfer or by using a prepaid debit card like Coins.ph. Once your PHP is in your account, you can start buying and selling Bitcoin!
Step 3: Choose Your Payment Method
The most popular payment methods for buying Bitcoin in the Philippines are bank transfer, credit/debit card, and cash.
Bank transfer is the most common payment method on cryptocurrency exchanges, so if you want to buy Bitcoin with PHP, you will probably have to deposit PHP into your account first.
Credit/debit cards are also a popular payment method, but they come with higher fees than bank transfers. Cash is only recommended if you are buying from someone you trust in person, as it is a riskier payment method.
Step 4: Buy Bitcoin
Now that you have a wallet, it’s time to buy some Bitcoin! There are a few ways to do this, but the easiest is to use an online exchange. We recommend Coinbase, one of the most popular exchanges.
To get started, visit Coinbase.com and create an account. Once you’ve set up your account, you can link your bank account or credit card and start buying Bitcoin!
Bitcoin is still a new and complicated investment for many people. However, the potential rewards are great. Just make sure you understand how Bitcoin works and how to buy Bitcoin in the Philippines before investing your money.