BitPinas. Monero focuses on having private and censorship-resistant transactions to keep your real-life identity safe and secure. We will give you a brief introduction about Monero and how to buy it here in the Philippines.
This article had a very minor update on October 2, 2018.
Table of Contents.
What is Monero?
Monero (XMR) was first introduced on April 18, 2014. Unlike Bitcoin that has a transparent blockchain, Monero uses cryptography that shields sending, receiving, and the amount from prying eyes.
By default, all transactions (sending, receiving, and the amount) using Monero are made obscured so that the privacy of all the Monero users are always on.
Also, it is *fungible. Monero cannot be tainted by any previous transactions. It is safe to have without risk of censorship.
*Fungible – a good or asset’s interchangeability with other individual goods or assets of the same type. – Investopedia
How to buy Monero in the Philippines
Update: October 2, 2018: Buy Monero on Abra
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for MOERO within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
Update August 31, 2018:
Just like any other cryptocurrency aside from Bitcoin in the Philippines, you can not readily get Monero instantly. You will need to get another wallet aside from your current BTC wallet and register an account in a crypto exchange site. (Read: Bitcoin Wallet Philippines – How and Where to Store Your Bitcoins in PH)
Buy Monero from Cryptocurrency Exchanges
Many exchanges globally trade Monero. We will use Binance as an example.
Steps in buying Monero in Binance
- Sign up and have your account ready.
- Ready your Bitcoins in your Coins.ph or Bitbit.cash.
- Send BTC from Coins.ph to your Binance BTC wallet.
- Create your Binance BTC wallet address by clicking on the + sign.
- Buy Monero using your Bitcoin in Binance.
- After purchasing, transfer your XMR to a wallet of your choice.
Other ways to buy Monero
- You can buy XMR by joining legit Facebook Monero groups.
- Poloniex Crypto Exchange
- HitBTC Crypto Exchange
Monero Philippines Tips
- If you’re able to get in contact with another Monero user and wishes to do an exchange, make sure that both parties will meet in a secured public location.
- Currently, Bitbit.cash and Coins.ph don’t support Monero. You can use your Monero desktop wallet instead.
- Make sure not to keep your XMR in Crypto Exchange sites as it is vulnerable to hacking. Tuck them away in your wallet as soon as you can.
Unlike Bitcoin that all transactions are out in the open, Minero is on privacy default. It hides all the transaction to protect its users’ activities. If you’re cautious about your movement in the digital world, Monero’s a good cryptocurrency for you.