There are many ways to get Bitcoin. You can either create the bitcoin yourself through mining, or you buy Bitcoins. But how can you buy bitcoins in the Philippines? In this article, we will discuss using Coins.ph.
Table of Contents
- 1 Overview
- 2 How to Buy Bitcoins using Coins.ph
- 3 How to Sell Bitcoins using Coins.ph
- 4 Advantages of using Coins.ph
- 5 Disadvantage of Coins.ph
- 6 Coins.ph Limits and Verifications
- 7 What you can do with your bitcoins at Coins.ph
- 8 Overall
While there’s an extensive list of places you can buy bitcoin online, we in the Philippines have the option to buy bitcoins with just one trip to the convenience store and an Internet Connection.
One such website where you can buy and sell bitcoins is BSP-accreditated Coins.ph. Using their site, it is easy for you to convert your pesos into Bitcoin (and vice versa). What’s more, you do not need a bank account or credit card to do so.
How to Buy Bitcoins using Coins.ph
- Sign up here.
- Don’t forget to link your mobile number. You will need it.
- Top up your account.
- Go to 7-Eleven’s Cliq Kiosk and specify the amount you want to put on your Coin.ph wallet
- Pay the amount to the counter
- The money should then be reflected to your wallet within minutes (sometimes immediately)
- Go to the Coins.ph app (or Coins.ph website)
- Use the convert button to turn the peso amount into Bitcoins.
How to Sell Bitcoins using Coins.ph
- Click your Bitcoin wallet
- Click “Convert”
- Specify the amount in Pesos that you want to be converted from Btc
Advantages of using Coins.ph
- Cash in using 7-eleven. 7-eleven has thousands of stores in the Philippines.
- Easy quick conversion tool within the app.
- Coins.ph is recognized by the Bangko Sentral ng Pilipinas. This means the business is legally authorized to operate.
- Also because of this, you can safely link your bank account so that you can immediately buy bitcoins with BPI, Union Bank, and Security Bank.
Disadvantage of Coins.ph
- There’s a minimal convenience fee. However, this is still low compared to trying to buy bitcoins on foreign bitcoin exchanges.
- Needs KYC (Know your Customer). This means Coins identify who you are and asked about your income source. Some people may think this is too sensitive to share, and it really is. But Coins also need to make sure its service is not used by people who want to engage in dubious transactions, which might also affect other customers.
With Bitcoin as both private and transparent, some people might not be comfortable with Coins.ph asking for their users to be KYC’d. However, this is something that the BSP instructed Bitcoin Services in the Philippines to do. More about this on the next topic:
Coins.ph Limits and Verifications
With regulations set up by the BSP and Coins.ph itself, the service wants to make sure anyone is not using their service for dubious transactions. As such, they set up limits to a user’s account which are then removed via verification of the person’s identity and ability to pay.
|Level||Cash In||Cash Out|
|1||₱ 2,000||₱ 0.00|
|2||₱ 50,000||₱ 50,000|
|3||₱ 400,000||₱ 400,000|
|Level||Cash In||Cash Out|
|1||₱ 50,000||₱ 50,000|
|2||₱ 400,000||₱ 400,000|
Verification per Level
- Level 1 – Email and Phone Verification
- Level 2 – ID and Selfie Verification
- Level 3 – Address Verification
What you can do with your bitcoins at Coins.ph
With your bitcoins tucked at Coins, you can do either of the following
- Save and wait for the Bitcoin value to grow against the Peso
- Send bitcoin to other bitcoin addresses
- Buy bitcoins from websites and shopping sites that accept it
- Convert it back to Peso on a favorable BTC to Peso exchange rate.
Having an account in Coins.ph is one of the most simple ways to start engaging in bitcoin transactions in the Philippines. With their verification system and approval from the BSP, there is safety guarantee for everyone who wants to use the service for dealing with Bitcoins.
Do you have a Coins.ph account? Do you have questions about it? Or do you use other Bitcoin Services? Let us know in the comments below!
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Notes and Disclaimer: