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 Php41,874.30USD 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.

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Diangson Louie

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

https://www.yugatech.com

44 Comments

Dan says:

11 years ago

Dating e-gold.
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Name: says:

11 years ago

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
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Mr A says:

11 years ago

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

11 years ago

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.

Mr A says:

11 years ago

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

11 years ago

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 :)
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dackku says:

11 years ago

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.

dackku says:

11 years ago

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.
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Real Gamer says:

11 years ago

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.
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amang says:

11 years ago

have you tired mining of bitcoin?
tyup says:

11 years ago

not worthwhile anymore…

martin says:

11 years ago

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.
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Fox 13 says:

11 years ago

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

11 years ago

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..

a says:

11 years ago

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

11 years ago

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/

Gilbert says:

11 years ago

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.
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Nicolo says:

11 years ago

Can you teach me how regarding BITBILLION? I have access the website but it said Refferer Not Found when I try to join thanks
Davelouie says:

11 years ago

Invite mo naman ako sa bitbillions…