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 Php41,874.30USD 714INR 60,492EUR 680CNY 5,197/Php37,858.51USD 645INR 54,690EUR 614CNY 4,698.
“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.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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Dan says:
Dating e-gold.
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 says:
This is more volatile than the stock market. But this can bring you serious money if you know what you are doing.
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:
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.
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.
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.
Fox 13 says:
Investment in bitcoins = high risk.
Wala bang insurance kapag na-hack yan at nanakaw ang bitcoins?
a says:
Should have been here earlier when bitcoin was cheap. Better late than never I guess.
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.
Nicolo says:
I want to mine bitcoins. Can someone teach me how? Thanks
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
bushinonasake says:
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.
bushinonasake says:
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.
adm says:
good thing i have a MACminer.. cnu gs2 ng partnership??
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,. :)
LOrenz says:
Saan makakabili ng ASIC miner d2 sa pilipinas? thank you!
mark says:
Is buybitcoins.ph safe?
bitcoin mining erupter says:
come back again.
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 @ smartb****@****.***
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.
Ronie Delos Reyes says:
#boycottcoins.ph WALA NA KINUHA NA NILA LAHAT SATIN. PHONE NUMBER, FACEBOOK, ADDRESS, PERSONAL ID PATI SELFIE BA NAMAN??? HINDI NAMAN ITO ANG PURPOSE NG BITCOIN CREATOR AT VISION NG BITCOIN BAKIT MAY CENTRAL BANK? BITCOIN IS DECENRALIZED AND IT SHOULD NOT BE CONTROLLED BY THE GOVERNEMENT or ANY CENTRAL BANK WE SHOULD HAVE A FREEDOM FOR VIRTUAL CURRENCY.. #BOYCOTTCOINS.PH
You really don’t understand our concerns okay? please may I request to block me from your services… or deactivate or terminate my account, na widraw ko na lahat ng pera ko. I’ll still hold the promise of Bitcoin as decentralized crypto currency and should not be controlled by the Government or any Central Bank even coinbased, blockchain is not asking for this.. kinuha na ninyo lahat ng information namin.. wala kaming tiwala sa inyo.
Jams Hernandez says:
Bitcoin is okay and now at $2805.
I bought my first bitcoin at Paxful.com several months ago and it was all worth it.
I have it in my wallet and I’m not going to withdraw until it hits 5k Hue hue hue.
I was lucky that paxful has guides on how to buy bitcoins as well as youtube tutorials.
Abigail says:
Saan po ako makakabiki ng bitcoin halagang 12 dollars po.
Alvin M. Sevilla says:
How much in peso of worth 100 euro of bitcoins,
jomar says:
hi, sure na po ba to na pwed gamitin ang BDO master card para bumuli ng bitcoin or ethereum? kung pwed sa site nyu, pwed pa link po ng tutorial paano mag purchase sa site nyu? kasi sa ibang site kagaya ng coins.ph walang option na BDO at ang sabi2 pwed daw e block ng BDO ung account mo kung na involve sa crpyto currency account mo
Jo-Ann Bautista says:
Hi. Can I buy BTC at buybitcoins & use it at coins.ph for my transactions?
Thank you