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January 11, 2014

You can now buy and sell Bitcoins in the Philippines

Bitcoin, a popular online digital currency which also known as the “gold for nerds”, can now be bought and sold here in the Philippines.

If this is your first time hearing about Bitcoin, we recommend watching the video in this article first.

bitcoin

BuyBitcoin.ph, the new Bitcoin exchange that recently launched in the country, is now offering its services to Filipinos who are interested in investing in the said online currency.

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In addition, the company is also focusing on the country’s remittance market. Giving people the option to use their platform for Bitcoin to fiat money conversion.

To buy Bitcoins, you just need to visit one of the 800 branches of the Bank of the Philippine Islands (BPI) and make a deposit. You can sell your Bitcoins using BuyBitcoin.ph’s platform granted that you have a MetroBank, BPI, or BDO account. At the time of writing, the buy/sell exchange rate was at Php41,874.30/Php37,858.51.

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“Many online transactions here are being made by cash deposits in physical locations, and bitcoin is cash for the internet, so it’s a good fit.” said BuyBitcoin.ph co-founder Lasse Olesen. “It gives you instant access to a global market where you can receive payments practically for free and, if you want, exchange to cash locally. If you’re a small merchant, accepting international payments through PayPal or bank wires is just not feasible with their fees.”

BuyBitcoin.ph is co-founded by four “Bitcoin enthusiasts”. You can read all about them here.

{via} {source}

Huawei Ascend Mate & Review

Bangko Sentral ng Pilipinas warns public about Bitcoin

36 Responses to “You can now buy and sell Bitcoins in the Philippines”

  1. Dan
    Twitter: drapdesigns
    says:

    Dating e-gold.

  2. Name: says:

    bitcoins are illegal and the transaction there is not sanctioned by BSP so sorry ka na lang pag may nangyari sa trade o sa pera mo

    • Mr A
      Twitter: solidad
      says:

      That is the point of bitcoin. It’s not regulated by anybody.

    • tuklap says:

      It is not illegal just unregulated. do you think central banks lite BSP are helping you? they are just making us slave to their worthless fiat money.

  3. Mr A
    Twitter: solidad
    says:

    This is more volatile than the stock market. But this can bring you serious money if you know what you are doing.

  4. Stream says:

    bitcoin is risky in my opinion. i remembered a reading a blog about bitcoin stored in his hard drive and how he lost all of his bitcoin, a sad story. i’ll stick to paypal :)

    • dackku says:

      It’s risky not because there’s a risk you’ll lose it: it’s because the value of bitcoin changes day by day and there’s a big risk in investing into it because its value may diminish.

      Google “law of diminishing returns” so that you’ll have an idea of what I meant about having bitcoin’s value diminishes.

  5. dackku says:

    Bitcoin may be pricy for now but in the near future, I’m certain that its value will diminish as more people will use it.

    The real advantage of a bitcoin is because it’s a cryptocurrency, not its value.

    Cryptocurrency is something that cannot be stolen easily due to the encrypted nature of Bitcoin.

  6. Real Gamer says:

    For those who would like to “mine” bitcoins, all you need is a bitcoin mining software and a powerful PC – be it a workstation PC on your 3D modelling work or a gaming PC at your home, it’ll do.

    The only downside on mining bitcoins in your PC is the high power consumption since it forces your PC to perform complex computations and algorithms for the mining part.

    • archie says:

      You have to invest in rigged PCs and join multiple digging sites just to get this rare cryptocurrency. Bitcoin WAS easy to mine back in 2009 (yes that’s how “updated” our country is) dahil konti pa lang ang nagma-mine that time. If you want, you can start with litecoin http://en.wikipedia.org/wiki/Litecoin that is you’re willing to have a workhorse PC running 24/7.

  7. martin says:

    Bitcoin is not a currency. http://venturebeat.com/2013/12/10/paypal-president-on-bitcoin-i-dont-think-it-is-a-currency/

    It is more volatile than the most volatile stock out there. It is not a safe haven for your money. It is what scammers use to get your money because it is not reversible (no chargebacks etc).

    Just use Paypal or Skrill instead of Bitcoin. Any for remittances to the Philippines, just use Bank Wire Transfer (not Western Union). Xoom is okay too.

  8. Fox 13 says:

    Investment in bitcoins = high risk.
    Wala bang insurance kapag na-hack yan at nanakaw ang bitcoins?

    • adm says:

      You dont have to spend cash to have bitcoins..
      There are some PTC (paid to click) site that will you bit coins.. then you can buy your own miner.. im using BTC since WoW,. now i’m earning doing nothing. My “playing time paid off”. hehehe This blog is very helpful who wants to learn about bitcoins..

  9. a says:

    Should have been here earlier when bitcoin was cheap. Better late than never I guess.

    • Paul says:

      It’s never too late to try. There are lots of cryptocoins in the market right now. I’ve read there’s new coin launching anytime soon.

      If interested you can check this out:
      http://atencoin.com/

  10. Gilbert says:

    I invite my fellow Pinoys to take advantage of Bitcoin by joining Bitbillions. Bitcoin is the future of money – decentralized, borderless, and with almost negligible transfer fees. Compare that when moving money using Paypal or Western Union. BTC is clearly the winner here.

  11. Nicolo says:

    I want to mine bitcoins. Can someone teach me how? Thanks

  12. BITCOINtayo says:

    Sa mga mahuhusay po sa mundo ng Bitcoins or cryptocoins baka pwede nyo po kaming tulungan sa http://www.BITCOINtayo.com

    Ang layunin po ay maiabot sa masa sa pamamagitan ng paggamit ng mga salitang mas maiintindihan nila. Malaking tulong po ito sa bawat isa. Salamat

  13. Like many who were non risk takers and who couldn’t evaluate what a risk worth taking is, a lot of people are wishing that they’d invested in Bitcoin three years ago when the value was still 13 dollars. So far in the THREE years more of it’s existence Bitcoin has skyrocketed to 1 bitcoin equalling 840 dollars plus. As the saying goes “Can’t take the heat, get out of the kitchen.”.

    Obama and the US Congress has recently vouched for Bitcoin and are supporting this technology.

    Bitcoin has also seen a rise in most democratic countries favouring a “secure”, “quick”, and “easy” way of transferring money.

    I just initiated the process of turning my bitcoin into cash through buybitcoin.ph.

    I hope that by this afternoon I’ll be getting the 10k pesos I “worked for” (literally just checking if my PC is mining) in less than 2 weeks. In 4 weeks times I estimate that I would have made around 30k-40k. More than enought to pay for one of the two video cards I bought to mine DOGE Coins.

    Doge Coins by the way skyrocketed in value this past week. I thought I’d only be earning 16k total this month! :-)

    The fact is most that commented on this article didn’t actually “try” anything. They just based there assumptions on what they read or heard. Not processing the data.

    The “law of diminishing returns” applies to the peso, the dollar, and almost all currencies. That doesn’t mean I’m not gonna work for money or try to make some. It also applies to cars, celphones, and laptops. I don’t see a decline of people buying those things though.

  14. Bitcoin by the way is NOT ILLEGAL. There is no country that says in it’s laws that it is illegal. That is just another uninformed assumption. THERE IS NO COUNTRY WHERE CRYPTO CURRENCIES are ILLEGAL.

    It is true that Bitcoin mining requires a lot of computing power. But there’s a better crypto currency type called SCRYPT. Litecoin and Doge Coin are types of Scrypt crypto currencies. Right now you just need a good video card. I myself use two Sapphire 290x cards. I’ve already paid for one in full in 3 weeks of mining.

    Paypal is actually what scammers use to get away with money. Paypal has chargebacks. Just claim you didn’t get your product and paypal will return the money to the buyer. Kawawang seller. On the other hand there are no chargebacks sa crypto currency.

    Paypal has been hacked several times already through DDOS. (Distributed Denial of Service).

    If you try to hack the whole crypto currency system today you would have to hack not only one server or computer you’d have to hack billions. Another reason why it’s safer to have money in cryptos rather than in Paypal or Payoneer.

    It is not “more” volatile than the stock market. It is “just as volatile”. Pareho lang ang risks. Pareho rin lang ang up and downs. Pero just the same you should invest for the long term sa cryptos. Lalo na sa start-ups with potential like Doge Coin. Same advice a stock brocker would give you when starting to invest in mutual funds or bonds or stocks or whatever financial investment.

  15. adm says:

    good thing i have a MACminer.. cnu gs2 ng partnership??

    • Richard says:

      Hi adm, im an ex-internet cafe owner. I have some computers left that have not been sold yet. Maybe we can do partnership? Please see my comments at the end of this thread. U can email me at smartbroke@gmail.com

  16. adm says:

    Guys my nka gamit n b d2 ng ASTEROID?

    b4 I learned about bitcoins i was using “Idle Processor Utilization Services”, for a very single powerful PC i can make 2-3 dollars a days idle time.. good thing is you can install the software on diff. pc.. you can even install it into a 20yrs old PC, but dont expect u’ll get past a dollar in a day.. the more powerful the pc the higher the company pays.. b4 i used to run it on 3 computers.. Now Im thinking of running a BTC miner on my other two,. :)

  17. […] the arrival of virtual currencies like Bitcoin in the Philippines, the Bangko Sentral ng Pilipinas (BSP) has issued an advisory that warns the public about the risks […]

  18. LOrenz says:

    Saan makakabili ng ASIC miner d2 sa pilipinas? thank you!

  19. mark says:

    Is buybitcoins.ph safe?

    • Paul says:

      I didn’t try this one yet. But I made transfers on https://coins.ph and it worked well each time! It’s really fast and secure. And you can make a cash deposit in almost any bank if you want to buy bitcoins.
      Plus, it seems the rates are better on coins.ph (lower price for buying, higher price for selling)

  20. Richard says:

    Hi, i have researched a bit about bitcoins. I am not that informed yet. But im an ex owner of internet cafe in Manila. I was wondering if we can use the computers for it. I am looking for partnership and someone with experience in d bit coin industry. U can email me @ smartbroke@gmail.com

  21. Richard says:

    I own the place that was used 4 d cafe. I also heard that u need powerful hardware for this, i am willing to upgrade hardwares if necesssary. Thank you.

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This article was written by Louie Diangson, Senior Editor of YugaTech. You can follow him at @John_Louie.

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