These are all based on the Frequently-Asked-Question (FAQ) by Filipino people who want to engage online in Bitcoin. I made this Pinoy BTC guide to help and enlighten Filipino to understand Bitcoin in an easy way and in a very short explanation.
- What is Bitcoin (BTC)?
- How to Use Bitcoin (BTC)?
- What is BTC-Address?
- Where Can I Earn Bitcoin?
- How Can I Maximized My BTC Earning?
- CoinsPH Benefits?
- Is Bitcoin Scam?
WHAT IS BITCOIN (BTC)?
Bitcoin or BTC is a 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 Intangible money, no actual coins or paper money that represents it.
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 chargebacks, fees and the taxes.
That means Merchants & Buyers that uses Bitcoin can rest assured that fees are extremely minimal or even free.
How to Use Bitcoin (BTC)?
You only need to have a Wallet. A wallet is an application that runs on your computer, online providers, hardware(very rare) or even on your phone. You just have to register/sign-up then you will get your BTC-Address, most of BTC-Wallet have requirements that needs verification to activate your account in order for you to use their features.
These are the two major online wallets here in the Philippines.
Coins PH -Trusted by 4,000,000 Filipinos With 22,000+ locations to cash in or cash out. It also has mobile apps that you can use to easily track your balance.
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 below:
Where Can I Earn Bitcoin?
If you already have your CoinsPH wallet or any other BTC wallets then below are some ways to earn/get Bitcoin.
- By participating in online opportunities (Online Jobs) sites that pay you BTC for doing micro-task such as surveys and watching ads.
- By joining FAUCET sites. It’s website platform that pays you a little bit btc regularly every 30mins, 1hour or 24hours.
- Freebitco.in – one of the oldest faucet that still pays.
- If you feel that your lucky you can join gambling sites and online betting sites.
- By doing Freelancing job accepting BTC as payments.
- By Mining BTC using your PC or thru bitcoin dedicated mining computer hardware also known as ASIC.
- If you’re a merchant then you can accept BTC as payments.
How Can I Maximized My BTC Earning?
1. You can maximize and more profit by Trading also known as Day trading or short-term-trading. But this is not for everyone and requires a certain skill set as well as mental control.
2. You can use the method HOLD it’s similar to trading but HOLD means long term trading you’ll just wait until the conversion rate is very high.
3. You can use it to invest in different online job opportunities. (risky)
Where Can I Use my BTC?
1. You can use it to buy things from merchant websites that accept Bitcoin Like Shopify and more.
You might want to read: 15 Major Retailers and Services That Accept Bitcoin
2. You can avail Services that accepts Bitcoin such as Web Hosting, Websites, Domain Names, Graphic Design, Etc.
3. You can use the best and trusted CoinsPh Wallet to Buy Cellphone-Load, Paying Bills, paying your credit cards and Send or Receive Money and more.
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 CoinsPH you can convert BTC to Philippine Money and withdraw 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
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..)
The news about Bitcoin being a Scam is fake. The real scammer is the people behind those Fake sites, Fake Promotions and Fake Facebook accounts.
Screenshot of Scammer Modus
Reminders: Don’t trust easily. Never give your private information to anyone.
Always conduct research about the site on google. Just type this on Google Search “site-name.com scam” or “site-name.com review“.