Everything you need to know about bitcoin in the Philippines

There is a lot of buzz around bitcoin lately. You might have heard that many billionaires are getting into bitcoin, and even big companies like Tesla are putting billions of dollars into it. Moreover, bitcoin recently hit a record-breaking $60,000 in March 2021 for the first time, and some are already calling it the future of finance. All this news probably has you wondering what exactly is bitcoin and how you can get it in the Philippines. Worry not! You’ve come to the right place! Below are the fundamentals of bitcoin and the top places to buy it.

What is bitcoin?

Bitcoin was created in 2009 by a pseudonymous person or a group of people called Satoshi Nakamoto. In simple terms, bitcoin is a purely digital currency. It’s a decentralized form of digital cash, meaning you can buy, sell, and exchange bitcoin without intermediaries like banks and governments. This also means that it is not backed by the government or any financial institution. Every bitcoin transaction that has ever been made exists on the bitcoin blockchain, which is a public ledger accessible to everyone. It’s important to note that these transactions cannot directly identify bitcoin owners, as there are no names, account numbers, or social security numbers associated with them.

How to buy bitcoin?

Now that you’ve somewhat understood what bitcoin is, you might be wondering how you can buy it in the Philippines. The good news is that the Philippines is a bitcoin-friendly country, and there are many places in the country where you can buy digital currency. The easiest way to get your hands on bitcoin is through an online cryptocurrency exchange. The central bank of the Philippines, Bangko Sentral ng Pilipinas, has licensed some cryptocurrency exchanges. However, you can also buy bitcoin from peer-to-peer marketplaces, bitcoin ATM, and other services. Since cryptocurrency exchanges are not just the easiest but also the most popular way to buy bitcoin, here is a list of top exchanges in the Philippines.

  • Coins.ph

Founded in 2014, Coins.ph is one of the first and most popular cryptocurrency exchanges in the Philippines. It is regulated by the central bank of the Philippines and currently serves more than 10 million customers. The exchange also has an Android and iOS app, so you can trade bitcoin and other cryptocurrencies on the go.

  • Coexstar

Coexstar is another popular virtual currency exchange platform licensed by the central bank of the Philippines. The exchange is also registered in the Securities and Exchange Commission (SEC). Coexstar supports trading pairs in Philippine Peso (PHP), Tether (USDT), and Korean Won Coin (KRWC) and allows you to buy and sell bitcoin and many other cryptocurrencies. The exchange is currently offering a cash reward on signing up and completing verification.

  • Binance

Binance is one of the world’s leading cryptocurrency exchanges with an average trading volume of $2 billion per day. The exchange operates a peer-to-peer crypto trading platform in Philippine Peso (PHP). Signing up with Binance will allow you to buy and sell bitcoin and cryptocurrencies like ETH, EOS, BNB, USDT using PHP.

Getting started with a cryptocurrency exchange is generally an easy process. All you have to do is create an account and deposit local currency into your account using a payment method. It’s also important to mention that the central bank of the Philippines has approved many other exchanges and financial institutions to trade bitcoin and other cryptocurrencies. These include Atomtrans Tech, Bexpress, Bloomsolutions (Bloomx), Fyntegrate (dba Philippine Digital Asset Exchange or PDAX), Telcoin, VHCEX, and Etranss Remittance International.