TOP > Cryptocurrency > How to Buy Augur (REP) in the Philippines
November 16, 2018 Updated

Augur is a decentralized oracle and prediction market platform that runs on the ethereum blockchain.




Augur is a decentralized oracle and prediction market platform that runs on the ethereum blockchain. By using Augur, its users can create real-time predictive data. Its native coin is called REP, an ERC-20 compliant token.

As of this writing (August 9, 2018), REP (Augur) is available in the Philippines by using the Abra cryptocurrency wallet and exchange app. Another way to get REP is through cryptocurrency exchanges. In this article, we will teach you how to buy Augur in the country.

What is Augur?

Augur was created from the ground up by its users on the ethereum network. It is a decentralized oracle and prediction market platform where its users can choose an event to predict and create a real-time predictive data. It uses the “Wisdom of the Crowd” principle.

The “Wisdom of the Crowd” is a scientific principle that works by asking a large number of people and their answer is oftentimes more accurate than a small team of experts.

There are five steps in the Augur Cycle:

  1. Choosing an Event – Users can choose an event such as the next president, the success of bitcoin, who will win the next boxing match, etc.
  2. Creating a Market – Check if there is already an open market. If there’s none yet, users can create a new one.
  3. Buying and Selling Shares – Once the first two steps are done, users can now trade on the outcome of the event by buying or selling shares in its market. “Buy shares to go long on an outcome, or sell shares to short it.”
  4. Reporting of Outcome – Reporters in the Augur network will now report the outcome of the event. Just in case he/she reported it wrong, other users can dispute the report.
  5. Claiming of Winnings – Users who hold the shares of the winning outcome are paid from the market contract after it is resolved.

Trading in the Augur’s market needs ether (ETH). Augur’s Reputation token (REP) is used by reporters to report the outcome of the event. These reporters are rewarded with additional REP if they reported the event correctly.

Where to Buy Augur (REP) in the Philippines?

Aside from purchasing REP in the Abra app, you can buy REP in cryptocurrency exchanges such as Changelly and traditional crypto trading platforms.

Step 1: Getting BTC

Since we will need to use Abra, Changelly, or cryptocurrency exchanges, we will need bitcoins in order to trade/purchase. You can also choose other cryptos such as ETH, LTC, etcetera but for the sake of this article, we will choose BTC. The good thing is, BTC is directly available in the country.

How to Buy Bitcoins using Coins.ph

Coins.ph is one of the leading cryptocurrency wallets in the Philippines because of its convenience. It also owns the first virtual currency exchange license by Bangko Sentral ng Pilipinas (BSP) that was given on September 2017. Currently, it supports Philippine Peso, bitcoin, ethereum, bitcoin cash, and ripple. (October 9, 2018)

Steps:

  1. Sign up and Register for a Coins.ph account (Register here!)
  2. Verify your account and complete necessary KYC (know-your-customer).
  3. Have your Philippine fiat ready and cash in your account via:
    1. 7-Eleven Cliqq Kiosk
    2. Palawan Pawnshop
    3. UnionBank or other bank accounts
  4. Once you have PHP in your Coins.ph wallet, convert it to BTC.
  5. Transfer this BTC to your cryptocurrency exchange of choice.

How to Buy Bitcoins using Abra

  1. Register to Abra (Register here! Don’t forget to start with +63 for Philippine numbers.)
  2. Verify your account and complete the necessary KYC.
  3. Have your Philippine fiat ready and add money to your wallet by using
    • Union Bank account
    • Abra teller
    • Tambunting Pawnshops and other affiliated pawnshops
    • Bitcoin transfer
    • Litecoin transfer
    • Bitcoin Cash transfer
  4. Once you have your account funded, you can now exchange it to bitcoin (BTC)

How to Buy Bitcoin using Credit Card / Debit Card

In addition to buying bitcoin using your credit card in Abra, you can also use Changelly to purchase the token using your credit/debit card. It is a cryptocurrency broker that lets you exchange your token to another for a minimal fee.

Steps:

  1. Sign up and register to Changelly (Register here!)
  2. Choose as to whether you want to purchase crypto using USD or EUR.
  3. Choose what token you want to purchase. It can be bitcoin, bitcoin cash, litecoin, or ethereum.
  4. Put your correct token address. For the sake of this article, put your BTC address.
  5. Complete the KYC requirements.
  6. Input your credit card or debit card information.
  7. Verify if all the information is correct.
  8. Receive your tokens.

Step 2: Trading your BTC to REP

Abra

Abra is a cryptocurrency wallet and exchange application available in the Philippines’ Google Playstore and Apple App Store. As of this writing (October 9, 2018), it has three natively supported tokens – bitcoin, bitcoin cash, and litecoin that users can directly deposit and withdraw in the app. These three tokens along with 25 other tokens and 50 fiat currencies can be traded within the app.

Steps:

  1. Register to Abra. (Register here! Don’t forget to start with +63 for Philippine numbers.)
  2. Verify your account and complete the necessary KYC.
  3. Have your Philippine fiat ready and add money to your wallet by using
    • Union Bank account
    • Abra teller
    • Tambunting Pawnshops and other affiliated pawnshops
    • Bitcoin transfer
    • Litecoin transfer
    • Bitcoin Cash transfer
  4. Once you have your account funded, you can now exchange it to *Augur (REP).

*Since REP is not a natively supported token, in order to withdraw the token, you will need to exchange it first to either bitcoin, litecoin, bitcoin cash, or any fiat currencies.

Traditional Cryptocurrency Exchanges

Traditional cryptocurrency exchanges are your open book trading platforms. Users can set their own buy/sell price or use the token’s market price to do a trade. For REP, there are various trading pairs available such as REP/BTC, REP/ETH, REP/KRW, REP/USDT, REP/USD, REP/BNB, REP/INR, REP/THB, REP/PLN, and REP/XRP. For the sake of this article, we will use the REP/BTC pair.

Steps in Buying REP using Binance

  1. Register and verify your e-mail address (Register to Binance here!)
  2. Fund your Binance account by going to Funds > Deposit > BTC
  3. Use your BTC in your cryptocurrency wallet such as Coins.ph, Abra, Bitbit.cash, etc and then transfer it to your Binance wallet.
  4. Go to Exchange and search the BTC/REP trading pair.
  5. Put the amount of REP you want to buy and you can either set the price or buy using the market price.
  6. After completing the purchase, go to Withdraw > REP

The steps shown above are almost the same in other traditional cryptocurrency exchanges.

Augur Wallet

Augur’s token REP does not have an official wallet. Since it is running on the ethereum network and is an ERC-20 compliant token, you can keep your REP in MyEtherWallet or other wallets that support ERC-20 tokens. Hardware wallets such as Trezor and Ledger are also compatible.

Lifetime Augur Price Chart

When REP first recorded its price on CoinMarketCap, it is already at 1.47 USD per token on October 28, 2015. It reached 10.57 USD on March 2016 but it went down a couple of dollars from October 2016 to March 2017. The token reached its second peak on June 2017 that saw its price climb to 36.30 USD a token before going down again to around 20 USD. By December 2017, during the cryptocurrency hype, it reached its first 107.14 USD price. It reached its all-time high on January 2017at 123.24 USD. Currently, REP’s price hovers at 12 USD to 14 USD a token.

REP – Difference from other Coins

In using the Augur platform, you will only need ETH to do trades. If you want to be a reporter in Augur, you will need REP. According to its official website, “REP holders must perform work, in the form of staking their REP on correct outcomes, to receive a portion of the markets settlement fees.”

Passive holders of this coin must also use it, especially during a fork (when there is a large dispute of an event outcome) , or else they will get penalized.

Augur Key People

  • Jack Peterson, Co-Founder, Augur (LinkedIn)
  • Joey Krug, Co-Founder, Augur (LinkedIn)

Overall

Augur is a decentralized oracle and prediction market platform. It uses ether to buy/sell shares in the market and reporters use REP in order to report the outcome of an event. Holders of REP must participate during a fork (when there is a large dispute of an event outcome) or else they will lose 5% of their REP. Passive holders of REP who do not use it in the Augur protocol will also get penalized.

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