In this article, I’ll be teaching you the simplest and safest way on how to invest in Bitcoin in the Philippines. Cryptocurrencies, specifically Bitcoin, are one of the hottest investment opportunities in the world right now. Just look at any business section of newspapers, the business segment of news programs on TV, or even in your Facebook newsfeed, and you will always see the word “Bitcoin.”
First of all, what is a Bitcoin?
Bitcoin (BTC) is a digital currency that was created in 2009 by a person known as Satoshi Nakamoto. Transactions involving bitcoins are made with no middlemen – meaning, no banks, no huge transaction fees, and no need to give your real name. More and more online transactions are beginning to accept Bitcoin as a mode of payment because of the speed, anonymity, fewer limitations, and fewer fees compared to other payment systems such as credit cards, online banking, and PayPal.
Bitcoins are created by people who “mine” bitcoins using computers by solving complex mathematical puzzles. If you’re into online games, this can be likened to killing monsters in the game Ragnarok where you can earn a bit of zeny, the game’s virtual currency. But mining bitcoins is way more complex than that and you need access to a very powerful computer to mine successfully. Bitcoin miners also help in keeping security, stability, and fairness in the Bitcoin network.
Bitcoin is the most popular and valuable among cryptocurrencies, which also include other digital currencies like Ethereum (ETH), Litecoin (LTC), Ripple (XRP), etc. These cryptocurrencies run on what’s called the blockchain.
What is a Blockchain?
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions.
Here’s the best way to explain it. When you go to the bank and withdraw money, the teller checks the bank’s electronic ledger to see your balance. Once the teller sees that you have enough money to withdraw, he or she gives you your money and changes the ledger to reflect the withdrawal. If you immediately go to an ATM or a different bank, you’ll see that the ledger has already been shared with the other bank. This is called a closed ledger system. Only other banks and payment networks can view this ledger.
The blockchain works similarly, but the ledger is public. Identities are kept anonymous, but all transaction details can be seen by everyone. It is maintained by thousands of independent computers across the world. These computers are constantly “talking” to one another, comparing data to make sure the ledger is valid.
The blockchain has many benefits. It prevents double spending, it is unhackable, and it is also impossible to shut down. The blockchain creates trust without needing a central authority or a middleman. When you cut the middleman, you also cut a lot of costs. That is why cryptocurrencies such as the Bitcoin are becoming increasingly important today.
Why should you invest in Bitcoin?
I am encouraging you to invest in Bitcoin simply because of its potential. On April 2011, Bitcoin’s price was only at around one U.S. dollar. If you bought $100 worth of bitcoins back then, you are now a dollar millionaire having $1,450,000 by the time that I am writing this post. Bitcoin even exceeded the value of gold at one time this 2017. The chart below shows the rise of the value of Bitcoin from 2013 to December 2017.
How to buy and store bitcoins in the Philippines?
Before you invest in Bitcoin, let me first remind you that cryptocurrencies are more volatile and riskier than stocks. Just like other investments, you must have enough knowledge about what you invest with. There are many scams about bitcoins circulating around the web. Some of them are using multi-level marketing (MLM) business models, pyramiding, and Ponzi schemes, so be cautious. This is why I am only sharing here the simplest and safest way I know so far if you are living in the Philippines.
I also encourage you to only invest the amount of money that you can afford to lose on Bitcoin.
To invest in Bitcoin, you need first to open an online wallet account. Coins.ph, with over 1 million Filipino accounts, is the most legit and safest way to buy bitcoins in the Philippines so far and the most trusted digital currency company in Southeast Asia. I personally recommend it in buying bitcoins because the company is licensed by the Bangko Sentral ng Pilipinas (BSP) for the financial services they offer on their platform. Another reason is that the transaction fee is cheap as Coins.ph uses Philippine peso. You can also fund your account easily in 7-11, Cebuana, M Lhuillier and through online banking.
So here are the steps in buying your first Bitcoin via Coins.ph.
Step 1 – Go to their website by clicking this link ⇒ Coins.ph.
Step 2 – Input your best email address and password. In the Referral Code, input m2yhrk to get a free P50 starting fund.
Step 3 – Check your email for a verification code.
Step 4 – Enter the verification code in the provided space.
Step 5 – Registration successful. Just follow the Get Started guide to get higher Cash In and Cash Out limits.
Next: Funding your Coins.ph wallet
Step 1 – Select the Cash In button at the upper part of the site.
Step 2 – Select mode of Cash In or funding.
Step 3 – Follow the instructions on how to cash in.
Instructions differ from each method. In this example, we will choose Cebuana Lhuillier because it has an instant funding feature on which after depositing, your balance in your Coins.ph wallet will be immediately updated.
Step 4 – Input the amount you will invest or Cash In and click Next step.
Note that Coins.ph charges a small fee depending on the Cash In method that you selected.
Step 5 – Follow the instructions as indicated to complete your payment.
Step 6 – After payment, wait for your fund to be credited into your Coins.ph account.
For Cebuana Lhuillier, the crediting is instant and real time.
Step 7 – Check your wallet and click the Convert button to convert your Philippine peso to Bitcoin.
Step 8 – Congratulations! You now have bitcoins!
You have successfully set yourself up to start buying bitcoins and I am excited for you!
Again, let me remind you to only invest the amount of money that you can afford to lose on Bitcoin since it is a very risky and volatile investment.
Your learning should not stop here. Find other sources and study more about investing in Bitcoin and cryptocurrency in general. Get comfortable along the way and add some money in the future to increase the number of bitcoins in your online wallet.
Disclaimer: The author owns a small amount of Bitcoin. Enough to gain an understanding, but not enough to change a life.
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