Bitpinas. A lot Filipinos are now becoming aware of bitcoin. With its popularity comes innovation, did you know that we can now easily trade our cold cash (fiat) to BTC or BTC to cash using the Bitcoin ATM located in the heart of Makati? I actually didnt know.
Ways to purchase BTC in PH
There are a number of ways to exchange fiat to BTC and vice versa. One of the most common and easiest is getting an app like Coins.ph or Abra and then transferring the money from your bank to theirs, or loading via 7/11 Cliqq Kiosk. Same as “cashing-out”, you can have them transfer to your bank, get it from an affiliated pawnshop, or via GCash.
Bitcoin ATM Philippines
Boasting as the first two-way ATM in the Philippines, Filipinos can already instantly convert their BTC to cash and vice versa in Makati.
Sunette Tower Hotel
Durban St., Makati, Metro Manila, Philippines
The only crypto-coin supported is Bitcoin. You can always check the current BTC to PHP price on this page. Also, it seems a 4% top up on the price is added as fee.
Why do I need to use it?
This is a good question considering there a lot of ways for you to exchange your fiat to BTC and vice versa. The good thing about this Bitcoin ATM is it’s fast, especially if you’re going to transact BTC to fiat. No more waiting until the banks cleared the transaction, waiting in line, or doing KYC. You just need your QR code, press the amount, wait for your cash and you’re done.
This Bitcoin ATM is also helpful for Filipino Balikbayans and even foreigners. You can instantly have Philippine peso without the hassle of looking for a money changer, doing KYC, signatures, exchange rates, they just need their BTC and their QR Code. Of course, it also helps if you’re in Makati.
- Read More: If you are an OFW, here are some ways you can remit money to the Philippines using bitcoin!
Other Bitcoin ATM
There is another Bitcoin ATM that was launched in 2014 by Bitmarket.ph under Satoshi Citadel Industries. It is the first Bitcoin ATM that can do PHP to BTC conversion. It is small, light and can go mobile. BTC enthusiasts just need to insert paper PHP money like how vending machine works and it will process it into BTC towards their wallet.
Unit 606, GC Corporate Plaza, 150 Legaspi St., Legaspi Village, Metro Manila Philippines 1229
These visible Bitcoin ATMs in the Philippines can help invoke cryptocurrency awareness to the Filipino people. Having an easy BTC = PHP conversion is just secondary. As soon as there are a lot of people using the cryptocurrency, this may equal to big opportunities and acceptance. If bitcoin and cryptocurrency get widespread acceptance, there might be more bitcoin ATMS in PH in the future!