In the Philippines, there are a number of ways to buy bitcoin. You can go to 7-eleven or you can go to the bank or pawnshop.
- How to buy bitcoin using Coins.ph
- How to buy bitcoins using Abra
- Buy bitcoin Bitbit or Buybitcoin.ph
Bitcoins are often held in mobile wallets in hope that its value will increase in due time. Last year (2016), bitcoin started the year at $1,000 to 1 bitcoin. By December, the value is $20,000 to 1 bitcoin. That’s around ₱1 Million!
At the time I wrote this, bitcoin’s value has decreased to around $13,000. So now that the price is lower, people tend to buy bitcoins this time around and sell when its value is higher. So you can say the timing of this article is a bit off. Still, if you wish to sell your bitcoins today, or you plan to sell it in the future, then this article is for you.
This article is a bit different to our “How to Sell Bitcoin” article we posted before. This article will focus on how to convert your bitcoins into cold hard cash. Meaning paper bills, something you can touch and use to pay at SM or at your suking tindahan.
How to Withdraw Bitcoin to Cash in the Philippines
Table of Contents
- 1 How to Withdraw Bitcoin to Cash in the Philippines
- 2 How to convert bitcoin to Php using Coins.ph
- 3 Cashing Out on BitBit
- 4 Cashing Out using Rebit
- 5 Cashing Out Using Abra
- 6 Other ways to cash out your bitcoins
- 7 Overall
How to convert bitcoin to Php using Coins.ph
Coins.ph has 3 recommended ways to cash out:
- Via Cebuana Llulier
- Using Security Bank eGive Cash
- Via Gcash
The three options above are same-day processing. This means if you wish to cash out and receive the money today, the options above are for you.
Delivery by Tomorrow
If you choose the methods below to cash out today, expect to receive your cash the next day.
- Remittance Outlets
- Palawan Express
- M Lhuillier Kwarta Padala
- LBC Peso Padala
- RD Pawnshop
- Tambunting Pawnshop
- Cash Cards
- BDO Cash Card
- RCBC My Wallet
- Smart Money Card
Delivery Within 3 Days
- LBC PesoPak
Payout Fees on Coins.ph
Remember that each option above has a minimum amount for you to cash out. Please be guided accordingly (note: this may change without prior notice. We’re on relying on the data available on the Coins.ph website).
|Amount and Payout Fees per Cashout Method|
|Method||Minimum Amount||Payout Fee|
|Cebuana||₱15||Starts at ₱7|
|GCash||₱15||Starts at ₱0.30|
|Banks||Usually ₱50 or above||Varies|
|LBC Peso Padala||₱100||Starts at ₱6|
|M Lhuillier||₱15||Starts at ₱3|
|Palawan Express||₱15||Starts at ₱3|
|BDO Cash Card||₱100||₱15|
|RCBC My Wallet||₱15||₱20|
|Smart Money Card||₱15||₱50|
|LBC Peso Pak||₱100||Starts at ₱35|
|Coins Cash Card||₱15||₱20|
Cashing Out on BitBit
The last time we checked, cashing out on Bitbit is disabled by its company – SCI Ventures. The company recommended cashing out using its Rebit Platform. So please proceed to the next paragraph.
Cashing Out using Rebit
Rebit’s tagline is to send money anywhere in the world to the Philippines using bitcoin. The idea is that the receive will get cash equal to the amount of bitcoin you sent. The keyword is “anywhere”, which means you can use the platform to cash out to yourself.
How to cash out using Rebit.ph
The instructions below assumes that you already have bitcoin in a btc wallet somewhere and that you already have an account with Rebit.
- Choose “The Philippines” in the first label so that it will read “Send money to the Philippines from the Philippines with Bitcoin”.
- Click “Get Started”.
- Choose “Cash Pick-up”.
- Put the amount you wish to send. The minimum is ₱300.00
- Select the type of Delivery. Take note of the following:
- Receive money via remittance centers (Allow 2 – 4 working hours. Delivery Fees may be applied).
- Receive money via a local bank account (Allow 2 – 4 hours).
- Put the recipient’s details (which are your details since you are sending the cash to yourself.
- Click Review (You can also add delivery instructions).
- Click confirm.
- Send the corresponding BTC to the wallet address specified by Rebit.
- After that is confirmed, Rebit will facilitate converting it into pesos and thereby delivering it to the method your chose earlier.
Important note: Make sure the btc addresses are correct! Bitcoin transactions are non-reversible.
Cashing Out Using Abra
- Via Tambunting Pawnshop
- Via partner banks (please check the Abra app)
Other ways to cash out your bitcoins
Apart from the above, another way to cash out your bitcoins is to sell it personally, or look for someone willing to buy your bitcoins for cash.
How bitcoin direct selling normally works
Usually, the seller will transfer the bitcoin to the buyer’s bitcoin wallet address. The buyer will then give the cash to the seller. Note: 1 BTC costs a lot of ₱ and it might be very dangerous to do these kinds of transactions out in the open. Make sure you trust the buyer completely before proceeding with such transactions. Alternatively, if you are the buyer, make sure you trust the seller completely.
Where to sell bitcoins directly
There should be local Facebook groups where people buy and sell cryptocurrency. Also, check out localbitcoins.com to find sellers in the Philippines. Again, we stress that extreme caution must be exercised in such transactions.
Cashing out your bitcoins into cash can be daunting if you do not know the steps, or if you don’t know where and how to do it. It can be very easy if your bitcoins are already in local apps such as Coins.ph. If you have it from a wallet somewhere, we recommend transferring it to Coins.ph first or you can use SCI’s Rebit App. Lastly, test this with small amounts first to be sure that you know what you are doing.
- Where to keep your cryptocurrency
- How to buy bitcoins
- How to transfer your bitcoins from Coins.ph to Poloniex
- A Growing List of Blockchain Jobs in the Philippines
- List of Licensed Virtual Currency Exchanges in the Philippines
- List of Cryptocurrency Exchanges in the Philippines
- List of CEZA-Approved Offshore Crypto Exchanges
- List of Cryptocurrency Wallets
- List of Bitcoin Wallets
- List of LoyalCoin Partners
- Philippines Blockchain Business Directory
- List of Philippine Blockchain Events
- Bitcoin to PHP
- Cryptocurrency Charts in Pesos
Notes and Disclaimer: