Bitpinas. By now, you already know that bitcoin is not the only big cryptocurrency in the world. One of the most popular is Ethereum’s Ether. While the conversion is not that high compared to the Bitcoin to PHP right now, there’s definitely room for growth for this hot cryptocurrency.
What is Ethereum?
Table of Contents
- 1 What is Ethereum?
- 2 How to Buy Ethereum in the Philippines
- 3 Update: July 2, 2018: Buy Ether through CX
- 4 Update: Mar. 27, 2018: Buy Ether through Coins.ph
- 5 (Update: Feb. 8, 2018) Buy Ether through Coins.ph!
- 6 Buy Ether at Abra
- 7 Buy Ether at Cryptocurrency Exchanges
- 8 Buy Ethereum at Quoinex
- 9 Other ways to Buy Ethereum
- 10 Why can’t I just keep my Ether at exchanges?
- 11 List of Ethereum Wallets
- 12 Can I keep my Ether at Coins.ph?
- 13 Can I trade Ether in person?
Ethereum is a platform that wants to decentralize existing platform models on the Internet today. Projects can be built on top of the Ethereum platform, and they will all be decentralized.
To understand, think Gmail. We use the Gmail software for email. Google holds all the data on its servers. But what if Google’s Gmail servers crashed? What if Gmail shuts down? Then all our data, all our emails are gone forever. Also, if by any chance Google becomes a bad company, it can delete our emails for no reason at all.
Within apps and software on the ethereum platform, the control of your data goes back to you. Via the blockchain, the data is in a unified ledger. It is decentralized. So if one part of the blockchain shuts down, your data is still there because it is decentralized (each part of the blockchain has your data, but only you can access it).
It’s like Google Docs where you, me, and Gino (a writer at Bitpinas), can write words. However, I can only edit the words I wrote and can’t do anything with the words you wrote. Similarly, you cannot edit whatever I wrote, but you can do it with yours. (This is the simplest analogy I can think of right now).
So what’s the difference between bitcoin and ethereum?
They differ in purpose. Bitcoin is built to facilitate decentralized digital cash transactions. Ethereum is built to allow users to create decentralized applications.
How to Buy Ethereum in the Philippines
So how can we buy Ethereum in the Philippines? Technically, we don’t buy ethereum. What we’re buying is “ether“, the so-called fuel in the ethereum network. Think of it as the token you buy to purchase something in the Ethereum network. It is also the reward given to people who add something valuable to the network. Or simply, if the bitcoin network has “bitcoin”, ethereum has “ether”.
Update: July 2, 2018: Buy Ether through CX
Users can buy ether at CX, which is Coins.ph’s own cryptocurrency exchange where you can trade fiat (PHP) to ether.
Update: Mar. 27, 2018: Buy Ether through Coins.ph
Coins.ph now allows users to buy ether through its iPhone, Android, and web apps. To know more, please check this article:
(Update: Feb 15, 2018) Buy Ether Over-the-Counter in the Philippines
You can now buy ethereum over-the-counter in the Philippines, thanks to Moneybees.ph in partnership with accredited money changers and remittance stores:
(Update: Feb. 8, 2018) Buy Ether through Coins.ph!
Coins.ph is currently testing its buy ether platform. Check out this article to learn more!
Buy Ether at Abra
Important Note according to Abra:
Abra is a bitcoin wallet, so our underlying currency is bitcoin. When you use Abra to invest in ether, you’ll still be holding bitcoin, but you’ll have a contract that will give you exposure to the price changes of ether. If the value of ether goes up, you’ll gain more bitcoin. If the value of ether goes down you’ll lose bitcoin. Either way, the amount of ether you’re holding will stay the same.
You can now get ether at Abra. The process is almost similar to buying bitcoin at Abra. But just so you do not need to check the previous link, here are the short steps:
- Fund your PHP Wallet in Abra.
- Go to your Abra app to make sure you put the name of your bank or get the details of the Tambunting pawnshop where you can cash in.
- Once the fund is on your PHP wallet in Abra, proceed to convert it to ether.
- You can also use your BTC Wallet
- Transfer funds to your BTC wallet by:
- Converting an amount to from your Peso Wallet
- or transfer BTC from another BTC address
- Proceed to convert your BTC into ether.
- Transfer funds to your BTC wallet by:
For the steps above, test it with small amounts first! The instructions above are straight from Abra themselves. They mentioned 2 – 4 business days before the amount gets debited to your wallet. You may contact Abra here for any queries. (Update Dec. 22, 2017 – Note that to get Ether out of Abra, you must convert it to Bitcoin first then transfer to an external BTC wallet. Thank you to commenter Janus to mention that information).
Buy Ether at Cryptocurrency Exchanges
You can buy ether at cryptocurrency exchanges. In the steps below, we used Bittrex to buy our ether. Bittrex is the 3rd largest cryptocurrency exchange and a lot of altcoins are traded there. We have articles on how to proceed from buying altcoins at Bittrex.
- How to fund your Bittrex account with your bitcoin from Coins.ph and other PH bitcoin sites
- How to buy altcoins at Bittrex for beginners
Steps in Buying at Bittrex
These steps will detail the procedure from Coins.ph to Bittrex and finally to your ether wallet.
- You must first have the following accounts:
- Fund your Coins.ph account then convert it to bitcoin.
- Send the bitcoin from Coins.ph to your Bittrex bitcoin wallet.
- Make sure you click your bitcoin wallet on Bittrex to know your Bitcoin wallet address there.
- Buy Ethereum at Bittrex with your bitcoin there.
- Depending on what amount you are comfortable, send the Ethereum to your own ether wallet (the one you created on My Ether Wallet).
Buy Ethereum at Quoinex
Quoinex is a cryptocurrency exchange service based in Singapore that supports Philippine Fiat (Philippine Peso). 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 ethereum.
- Sign up at Quionex.com.
- Verify your account by submitting required documents, such as government IDs.
- Once you are verified, you can fund your account. You can easily see the link to this at the top of the Quoinex page.
- The easiest way to buy ether in the Philippines is through Quoinex’s Quick Exchange. A link is also on top of the Quoinex homepage.
- Select your PHP money and convert into BTC
- Use your BTC in your Quionex account to buy ETH
- Select Ethereum as the coins you want to get.
- Click exchange!
Other ways to Buy Ethereum
- You can buy Ether at other exchange sites, but since we tried it at Bittrex and Quoinex, they are the ones we used in this article.
- You can join FB groups where you can negotiate and do meetups (and subsequently trade ethers).
- At Cex.io, you can buy Ether with your credit card.
- Fund your Coins.ph account then convert it to bitcoin.
- Open Shapeshift.io
- It will ask you what are the coins you will convert:
- For “Deposit”, click “Bitcoin”
- For “Receive”, click “Ethereum”
- Next, it will ask your refund bitcoin address and the Etherium wallet address. You should have an Ether wallet in My Ether Wallet.
- After that, it will ask you to send the BTC amount to a wallet address.
- Once that is confirmed, Shapeshift will convert the BTC you paid into Ethereum. It will be delivered immediately on your Ether wallet.
Why can’t I just keep my Ether at exchanges?
You are trusting the exchanges of your Ethereum because they have your private keys, not you. In the event that the exchange site gets hacked, all your coins (and investment) will be gone. It is common practice to put your coins in a wallet and only keep it in the exchanges the amount you will use for trading.
- Tip: After buying ether on the exchanges, depending on your risk appetite, move the coins out of the exchange and put it in your own ethereum wallet (You have this when you signed up for My Ether Wallet).
List of Ethereum Wallets
Website Cryptocompare lists the following wallets that support Ether:
- Read more about Cryptocurrency Wallets in this article!
Can I keep my Ether at Coins.ph?
Update March 27, 2018: Yes!
Can I trade Ether in person?
You can definitely do that. You can join Facebook Ethereum Groups based in the Philippines and negotiate before meeting in person. Of course, you have to be wary of those kinds of transactions. Make sure you have vetted the person you are transacting to before giving money to them.
And that’s it. Above are the steps to buy Ethereum currently in the Philippines. While definitely not as convenient as bitcoin, Ethereum is a really popular cryptocurrency that we should get interested to.
Notes and Disclaimer:
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- Invest in bitcoins (or in any altcoins) only the amount you can afford to lose!
- Don’t put all your eggs in one basket. Spread your bitcoin and cryptocurrency investment.
- Before investing in any cryptocurrency, check the people behind it, its mission, and other details to ensure that they are worth investing for. Don’t invest in something you don’t know.
- This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.