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.
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.
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.
“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.