This easy-to-understand guide will walk you through on how to buy bitcoins in the Philippines.
Step 1: Scouting for A Trustworthy BTC Seller. After you choose a bitcoin exchange platform, the next thing you need to do is to look for a trustworthy seller you can buy BTC from. In order to do this, check whether the platform has details about the seller, which may include the following: (a) number of trades made; (b) reviews regarding the transactions; (c) how fast the seller can make bitcoin available to the buyer; (d) reliability and trustworthy scores, if any; and (e) how long the seller has been in this trade.
Step 2: Buying Bitcoins. Now comes the part where you have to expend money in exchange for a bitcoin or a portion of it. It is a no-brainer that you should start buying only a small value. Remember that investing in bitcoin is risky because of its volatile nature. The buying process will depend on the bitcoin platform you’ve chosen. Below are BTC exchange platforms commonly used in the Philippines:
(a) how to buy using buybitcoin.ph:
(1) Input the amount you want to buy;
(2) Enter the amount of bitcoin you want to purchase in BTC or PHP;
(3) Provide your bitcoin wallet address;
(4) Input your bitcoin wallet address or scan your wallet’s QR code.
(5) Choose a payment method and submit your Buy order. Choose from the list of payment methods; and
(6) Bitcoin will be sent once the seller confirms the payment.
(b) how to buy using coins.ph:
(1) Cash into your peso wallet;
(2) Tap Convert, and enter the amount you want to convert to BTC; and
(3) Slide to convert your PHP into BTC.
Step 3: Secure Your Wallet. Employ security measures in your wallet where you keep your bitcoins. Bitcoin wallet security is a must in order to protect your investment. For further protection, you may want to check Ledger Nano S, which is a tool to store your bitcoins in an offline wallet.
If you have decided to continue in investing to bitcoin in the Philippines, read the next guide on how to invest in bitcoin which will give you wise and concise ‘how to’.