These are all based on the Frequently-Asked-Question (FAQ) by Filipino people who wants to engage online in Bitcoin. I made this Pinoy BTC guide to help and enlighten Filipino to understand Bitcoin in an easy way in and very short explanation.
WHAT IS BITCOIN (BTC)?
Bitcoin or BTC is also called digital currency or virtual currency which is known as Cryptocurrency, a digital asset designed to work as a medium of exchange. It means BTC is an Intangible money, its something that is incapable of being touched and only exists online.
It was also known as “people’s currency” because for the first time no government or central figures are controlling its interest rates or inflation. Meaning people can send/receive payments without having to worry about charge backs, fees and the taxes.
Also for Merchants & Business transactions rest assured that fees are extremely minimal or even free.
Is Bitcoin Scam?
Bitcoin is legit and can be converted into Us Dollars, Philippine Peso or any other currency. (to learn more about its history read btc wiki for more..)
HOW to Use Bitcoin (BTC)?
You only need to have a Wallet. A wallet is an application that runs on your computer, in the web, or on your phone. You just have to register/sign-up then you will get your BTC-Address, most of BTC-Wallet have requirements for verification to activate your account in order for you to use their features.
These are the two major online wallet here in the Philippines.
- Coins PH -Trusted by 4,000,000 Filipinos With 22,000+ locations to cash in or cash out.
- CoinBase – a secure online platform for buying, selling, transferring, and storing digital currency.
What is BTC-Address?
An example of BTC-Address is like this “38xeMPfrHhhjKbToFy7JPjsCaB3CLU6gDJ” You can get it by logging in to your Coins PH account. See Image guide below:
Where to Get BTC?
- By participating in online opportunities (Online Jobs) sites that pays you BTC for doing task and your services.
- By Looking for an Online money Exchange/Trading sites (This is very risky)
- you can buy BTC with your cash thru BTC Wallets sites.
- By Mining BTC online using your PC or thru dedicated mining computer hardware.
Where Can I Use my BTC?
There are many ways to use your BTC.
1. You can use it to buy from online shops, gift certificates, and more.
2. You can use it to invest in different online job opportunities. (risky)
3. You can use it to Trade and Foreign Exchange.
4. You can look for BTC-Exchange-Sites to exchange it for cash. (little risk)
5. You can look for people who buy and sell BTC. (not safe)
6. Or you can use the best and trusted “Coins Philippines Wallet” for the following Pinoy benefits below:
to register to coins Philippine wallet click here.
They have many great offers for Filipino users. Like buying BTC directly thru 7-Eleven, Cebuana Lhuillier, M-Lhullier, BDO Cash deposit/online banking and G-Cash.
With “Coins PH Wallet” you can withdraw/get your BTC thru:
- Cardless ATM instant payout 24/7
- Security Bank eGiveCash
- G-Cash (coinXpress)
- BANKS (BPI, etc.)
- Cash Pick-up (Palawan Pawnshop, MLhuillier Pawnshop etc.)
- Cash Card (RCBC mywallet, BDO cash card etc.)
- Senda Remit (remittance center)
- LBC Pesopak (DOOR TO DOOR!)
- GAME CREDITS (garena, steam wallet, etc.)
- Coins Cash Card
- Tollway Credits