Last Updated: November 19, 2020
There are a number of ways to buy Bitcoin in the Philippines. The most convenient way is to buy through Coins.ph, Abra, and other options where you can buy directly through online crypto exchanges.
While these methods are fast and convenient, some users might find better transaction fees by using other methods of purchasing Bitcoin.
One method that we are going to talk about today is buying bitcoin OTC, or bitcoin over-the-counter.
How to Buy Bitcoin Over-the-Counter in the Philippines
If you want to purchase bitcoin over-the-counter, Bloom Solutions is a virtual currency exchange (VCE) licensee that powers numerous Bitcoin OTCs in the Philippines.
We will add more companies if there will be future ones who will provide cryptocurrency over-the-counter services.
Bloom-Powered Bitcoin OTC Locations
Moneybees received their virtual currency exchange license in Q1 2020. It enables moneychangers to incorporate cryptocurrencies in their branches. It provides the technology so that moneychanger companies can accept and facilitate cryptocurrency transactions.
|GF Intrepid Plaza, C5 Corner Eastwood Ave, Libis, QC
|Willyn Villarica Jewelry
|Stalls 335/336, 3rd Floor, Market! Market!
Bexpress is another Virtual Currency Exchange licensee that offers OTC service at their branch in Pasay.
|G/F UNIT 5 Aseana PowerStation Macapagal, Paranaque City
How does it work?
A post on bitcointalk detailed the process of buying bitcoin or ethereum through these centers. The steps below are just a rough representation of how the transaction will work based on the post on bitcointalk.
- Specify the amount of bitcoin or ether that you wanted to buy.
- Pay the amount. You will get a receipt like this. This photo can be found on the bitcointalk thread.
- Present your bitcoin address (or ether wallet address).
- The salesperson will reconfirm with you the address, and then proceeds with the transaction
- The coins are sent to your address!
Note that the above is just a sample procedure based on this. The process might be a bit different when you try it firsthand.
How fast is the transaction?
The speed will depend on how fast your transaction is confirmed in the blockchain, just like how it is in Coins.ph and other sites. Always check out the current average bitcoin transaction time so you will have a good idea on how fast should the bitcoins turn up in your wallet address.
Is this Legit?
Bexpress, Bloom, and Moneybees are licensed virtual currency exchanges.
While cashless payments are popular these days, the trip to a money changer or remittance center is still a familiar sight in the Philippines, what with the millions of OFWs we have. The process should be the same when you try to buy bitcoin or ether via OTC through these centers. Hopefully, more such centers appear in the Philippines, especially in cities outside the metro.