How to Buy Bitcoin and other Cryptocurrency in the Philippines?

The Philippines was one of the first countries in the world whose population embraced cryptocurrency, specifically Bitcoin, as an investment. In the Philippines, Bitcoin and other cryptocurrencies can be bought and sold using a number of crypto applications that are licensed by the Philippine Central Bank (Bangko Sentral ng Pilipinas). The Bangko Sentral ng Pilipinas has been licensing crypto service providers since 2017 and has made it convenient for people to buy and sell their coins. A majority of money transfer services like M Lhuillier, commercial banks, and retail chains, partnered with crypto exchanges making it easy to buy bitcoin and other cryptocurrencies over the counter. As of 2020, the Bangko Sentral ng Pilipinas has approved 13 companies that are allowed to function as cryptocurrency exchanges.

The 13 Bangko Sentral ng Pilipinas-registered cryptocurrency service providers in the Philippines are:

1. Coins.ph

2. Rebittance (Rebit, Buybitcoin.ph)

3. Bloomsolutions (Bloomx)

4. Virtual Currency Philippines (VCHEX)

5. Etranss Remittance International

6. PDAX

7. Zybi Tech (Juanexchange)

8. Bexpress

9. Coinville Phils

10. Aba Global Philippines (Coexstar)

11. Bitan Moneytech

12. Telcoin

13. Atomtrans Tech

Here is a step-by-step guide

1. Create an account for one of the exchanges listed above.

2. Complete the verification process so that your account is fully verified. You dont want your money to be stuck in the account because you are not fully verified.

3. Cash in by going into any one of the partner payment centers (M Lhuillier, Banks, etc.) to load up the account.

4. Most of the cryptocurrency service providers offer cash-in methods at over 22,000 locations around the Philippines. The Funds that you credit to your account should be available instantly if you cash in at one of M Lhuillier’s 3,100 locations around the Philippines.

5. Convert your money to Bitcoin once it is uploaded onto the program of the cryptocurrency exchange.

6. Now it is up to you on which cryptocurrency you want to buy, how much, and when to sell.

Frequently Asked Questions on Bitcoin and other Cryptocurrency (FAQ)

1. Is Bitcoin a scam? — No, it is not. People and companies invest in Bitcoin and other Cryptocurrencies around the world. However, you have to be careful and make sure you buy cryptocurrency on regulated exchanges.

2. Is it guaranteed to make money? — No! Nothing in this world guarantees you to make money, but if you believe in the use of Bitcoin and its applicability to finance and payments, the value of Bitcoin and Other Cryptocurrencies is most likely to go up, due to its finite nature.

3. Is Cryptocurrency like stocks? — Bitcoin is more like trading currency in the FOREX market than investing in stocks. Cryptocurrencies don’t have financials so there is no basis to tell how a cryptocurrency is performing based on the metrics typically used to understand a company’s performance.

4. How do I earn money from Cryptocurrency? — You earn money from cryptocurrency when the price of the cryptocurrency exceeds the amount you paid for it when you originally bought it. So how does the price of cryptocurrency change? The biggest factor is demand, the more people that buy the coin the higher its price, similar to gold.