How to Buy Bitcoin Cash in the Philippines
BitPinas. Bitcoin Cash (BCC/BCH depending on the exchange) has risen incredibly in the past few weeks. Now the world’s 4th best cryptocurrency according to CoinmarketCap, it can be a holder of value or used for transactions. In this article, we will introduce bitcoin cash briefly and then tell you how to buy it in the Philippines.
This article is updated on October 2, 2018.
What is Bitcoin Cash?
Bitcoin Cash was introduced on August 1, 2017 after a Hard Fork. Think of the Hard Fork as a split from its predecessor, Bitcoin.
Why did this happen? It is all because of speed. Bitcoin was moving to great heights around that time in 2017 but was getting overwhelmed by the number of transactions happening in each block per second. Let us compare it to Visa’s 2,000 transactions per second. Since Bitcoin is getting popular, during peak hours, it may take several hours to confirm transactions, such as when you want to send money. Bitcoin Cash came in and wanted to solve this problem with its default 8MB block size.
1:1 Bitcoin to Bitcoin Cash Ratio
If you had bitcoins before the Hard Fork, you would have had the same amount of Bitcoin Cash. This includes all holders before the block 478558 in the BTC blockchain. (Read: For Coins.ph users, check what happened with the free bitcoin cash you got from the hard fork in this article).
What about my current wallet?
If you have Coins.ph, it supports Bitcoin Cash.
Update October 2, 2018: Buy Bitcoin Cash Through Abra
Abra supports buying of bitcoin cash and many other cryptocurrencies. You can deposit through local banks or through credit card.
Update August 30, 2018: Buy Bitcoin Cash using Credit Card through CEX:
You can purchase bitcoin cash using your credit card or debit card through the platforms Cex.io.
Trade Your Bitcoins for Bitcoin Cash on Binance
Binance is one of the world’s largest cryptocurrency exchange in terms of volume. Since it is a trading platform, it allows you to set your own prices:
- Register at Binance here.
- Send your bitcoins from your Coins.ph wallet (or any other wallet) into your Binance bitcoin wallet address.
- Search for bitcoin cash on Binance’s homepage.
- Trade your bitcoins for Bitcoin Cash.
- Click here for step by step procedure on trading altcoins on Binance.
Update: June 28, 2018: Buy Bitcoin Cash from Coins.ph
Coins.ph along with its cryptocurrency exchange CX, now supports Bitcoin Cash.
Buy Bitcoin Cash from Cryptocurrency Exchanges
Many exchanges globally trade bitcoin cash. We will use Bittrex as an example.
- How to fund your Bittrex account with your Coins.ph / Abra Account
- How to buy altcoins from Bittrex for beginners
Steps in Buying Bitcoin Cash from Bittrex
- Sign up and have your account ready.
- Have a BTC account via Coins.ph or Bitbit.cash
- Choose your crypto-exchange site, we will go with Bittrex as an example.
- Have a wallet in Unit.co, you can download this via Google Playstore or App Store.
- Other Wallets available: Bitcoin.com, Exodus.io, Mobi.me
- More wallets can be found here.
- Have your Bitcoins ready in your Coins.ph or Bitbit.cash.
- Send BTC from Coins.ph to your Bittrex BTC wallet.
- Create your Bittrex BTC wallet address by clicking on the + sign.
- Buy Bitcoin Cash using your Bitcoin in Bittrex.
- After you’ve purchased a comfortable amount of BCC, transfer your Bitcoin Cash to your chosen wallet.
Steps in buying Bitcoin Cash in Quoinex
Quoinex allows you to fund your account with Pesos through a bank transfer. Update 12/6/2017: The Quoinex Platform is a bit slow on Google Chrome these days. We recommend trying other exchanges such as Bittrex or CX if you want to buy bitcoin cash.
- Sign up at Quionex.com.
- Submit required IDs for verification
- Fund your account by clicking the “Fund My Account” link at the top of the page.
- You can use Quoinex’ “Quick Exchange” Feature that allows you to buy immediately.
- Select PHP as the money you will convert to BTC.
- Use your BTC to buy BCH.
- Select BCH as the coins you want to get.
- Click exchange!
Other ways to buy BCC (BCH)
- Join Facebook groups that subsequently trade Bitcoin Cash
- Kraken Crypto Exchange
- Cex.io Crypto Exchange
- Okex Crypto Exchange
- For the full list, visit Bitcoincash.org.
List of Bitcoin Cash Wallets
Website Cryptocompare lists down the following wallets where you can keep your Bitcoin Cash:
- Read more about Cryptocurrency Wallets in the Philippines here!
Overall: Bitcoin Cash Philippines
- Do not keep your BCC inside your chosen Crypto Exchange, aside from the amount you want to use. Put them back in your wallet to avoid inconveniences such as hacking.
- You can trade BCC in person provided you and the other party will meet in a public place. Be cautious with the people you deal with.
Bitcoin Cash is currently getting a huge boost in popularity. This new cryptocurrency is trying to beat its predecessor by a significant margin in terms of growth. It has its fans and the original bitcoin has its fans. Nevertheless, I hope we are able to point you in the right direction as to where to buy BCH.