Users worldwide are now able to buy both bitcoin AND bitcoin cash from cryptocurrency platform – BTC.com. Yes, that includes users in the Philippines.
Through BTC.com’s partnership with payment solutions firm Simplex, users around the world can buy bitcoin and bitcoin cash through credit card on BTC.com’s platform. While I am not sure as to when bitcoin buying has become available in BTC.com, what I do know is buying bitcoin cash through the platform only went live recently.
How to buy Bitcoin Cash and Bitcoin in the Philippines through BTC.com
- Go to https://wallet.btc.com/.
- Register an account (make sure your password is very strong).
- Download the Backup PDF which will contain information that can help should in case you forgot the login credentials on your account.
- Once you are signed in, click bitcoin or bitcoin cash (depending on which coin you want to buy) in the upper left corner of the dashboard.
- Click “buy” on the left sidebar.
- Click “Simplex”.
- Put the amount of bitcoin you wish to buy. (Remember, you do not need to buy 1 bitcoin. You can buy a fraction of 1 bitcoin!)
- Click “continue”.
- You will be redirected to the Simplex platform. Before clicking “ok”, copy and save the ID given to you for reference purposes.
- Since you are going to use a credit card, fill in your billing information.
- On the checkout page, put in your credit card information.
- Verify your identity.
- After that, the order will be completed.
Minimum amount to buy bitcoin and bitcoin cash
The minimum amount is the equivalent of $50 on bitcoin and bitcoin cash.
Is there a service charge?
Yes, BTC.com calculates a service fee that will be put on top of the total amount to be credited to your credit card.
- Read More: How to Buy Bitcoin Cash in the Philippines
What is the advantage of this over Coins.ph, Bitbit, Abra?
At BTC.com, you can use your credit card to buy bitcoin or bitcoin cash.
Also, BTC.com supports buying of bitcoin cash. That is not available in the aforementioned websites.
Can I transfer the bitcoin I bought on BTC.com to Coins.ph?
Definitely, just use BTC.com’s send function.
Can I transfer the bitcoin cash I bought on BTC.com to Coins.ph
NO. Do not do this. Your Coins.ph address is only for bitcoin. You bitcoin cash will be lost if you try to send it there.
- UPDATE JUNE 2018: You can now send your BCH to Coins.ph as it now supports it.
Reminders for using credit card to buy cryptocurrency
This works similar to real-world situations. If you use your credit card to buy something, it means you are using money that you don’t have yet.
By extension, this means you are using money you don’t have yet to buy bitcoin or bitcoin cash. Remember, only invest in something you can afford to lose. We recommend doing this only if:
- 7-eleven is very far from you so you don’t have a choice.
- If you want to pay ₱5,000 using your credit card, make sure you have the same amount in your wallet.
- You want to buy bitcoin cash.
BTC.com is finally offering a way to buy bitcoin (and bitcoin cash) to users worldwide. As mentioned earlier, you can use this option if you want to buy using your credit card. However, take note of the risks and make sure your head is clear when doing so. This is because a lot of people are thinking that cryptocurrency is a get-rich scheme. It is not. So never ever overuse your credit card when purchasing cryptocurrency.