How to Sell Bitcoins in the Philippines
Once you have Bitcoins, of course, the other thing you can do is sell it. Depending on how you approach the subject, how to sell bitcoin in the Philippines can be as simple as a straight conversion to pesos, or might require some work, like selling it to another person, in a physical location. Below is a list that you can try:
How to Sell Bitcoin Online in the Philippines
Sell by converting Online
When we say sell your bitcoin, it means you want to get paid in fiat money. In our case, we want to get paid in Pesos. Here are some of the options for selling your bitcoins online.
Sell your Bitcoins via Coins.ph
If you already have bitcoins at Coins.ph, you can sell those coins directly using the platform.
- Click your bitcoin wallet.
- Specify the amount that you want to sell.
- Click convert!
Remember that there are a lot of things you can do with your Coins.ph account. For more information, click here.
Sell your Bitcoins using BuyBitcoin.ph
As a Buy and Sell BTC site, Buybitcoin.ph presents an uncluttered way of selling bitcoins in 2 – 3 steps.
- Specify the amount of Bitcoins you want to sell
- You can choose to specify the amount you want to sell or drag the slider on their site.
- Select how you want to get paid in Pesos.
- Below are a list of options the website accepts:
- Eastwest Bank
- China Bank
- Security Bank
- Below are a list of options the website accepts:
With Buybitcoin.ph, you can be sure that you have the amount within your bank account once the conversion has been confirmed. For more information on Buybitcoin.ph, click here.
Sell your Bitcoins using Bitbit.cash
Update: August 2018, the Peso Wallet is temporarily disabled on BitBit.cash
If you buy bitcoins using buybitcoin.ph and used Bitbit.cash as your wallet, you can then sell your bitcoin using the Bitbit.cash app.
- Click your bitcoin wallet within the bitbit.cash app.
- Click “Click to convert BTC balance” (This can be found on the right side of the website).
- Enter the designated amount of bitcoins you want to convert into pesos.
- Click submit.
- Like Coins.ph, you can pay bills, send money to friends, or buy mobile load within the Bitbit.cash app. For more information, click here.
Sell Using Bitcoin Exchanges
The services mentioned above allows you to sell your bitcoins via a simple click within their websites. That is very advantageous to anyone who wants a simple way to sell their coins. However, it is important to note that you can’t set your sell rate with them. They are the ones who set the amount of money they will pay when you sell your bitcoins.
That’s the reason why some people opt to use Bitcoin Exchanges. A bitcoin exchange is where users can trade bitcoins at their own set prices. Think of it just like the regular stock market. You can also trade your bitcoins for other crypt coins.
- To know more about bitcoin exchange services, click here.
How to sell bitcoins using Bitcoin Exchanges & Trading Sites
While we will tackle bitcoin exchanges in another article, below is a brief introduction on how you can sell your bitcoins in a bitcoin exchange. For this example, we will use Coinage.ph, which is a BTC exchange site in the Philippines.
- First, you need to have accounts in the following:
- Your preferred bitcoin exchange site
- A bank account
- Go to your preferred bitcoin exchange site (we will use coinage.ph in this example)
- Put the price you want to receive for the bitcoins you want to sell.
- Note – in foreign BTC sites, you will have to set your price in USD. That’s because it is the preferred currency of exchange right now. Remember to use a conversion tool if you are thinking Pesos so that you get to translate it to USD
- Wait for someone to accept your offer
- Once the deal is done, you can then withdraw the money to your preferred bank account.
The speed of the transaction depends on your sell rate. If you sell within the market value, the transaction will be almost immediate.
Just a note, if you don’t know what you are doing, do not attempt to use BTC exchange sites. Some people will take advantage of beginners and will set their prices well beyond the market value.
How to Sell Your Bitcoins Directly in the Philippines
Some users are more comfortable in selling their bitcoins to another person. This involves actually meeting up in a physical location.
Benefits of Selling your Bitcoins Directly
- You can negotiate your own price.
- Reduce the risk of fraud.
- There is a guarantee that the money will be received.
- You get to connect with other people interested with Bitcoins
Of course, there are still some caveats when selling directly. You need to keep note of the following:
- Before making a transaction, check first if the person you are transacting with is trustworthy. It is recommended that you join Bitcoin Buy and Sell Groups where there is a feedback system in place. This way, you will know if you are dealing with a legit buyer or not.
- Negotiate your prices and other things online before meeting in person. This way, you don’t need to prolong your meetup and just get on with the transaction immediately.
- Meet at a conspicuous public place. Avoid meeting in places that you think are not safe. Of course, what’s safe for you may or not be what’s safe for the other party. Because of that, it is very important that you decide on the meetup location before the day of your meetup.
Contrary to the general opinion, there are hassle-free ways to sell bitcoins here in the Philippines. As bitcoins continue to become popular, the number of places where you can sell them will only increase in time.
How about you? How do you sell your bitcoins in the Philippines? Do you have other ways of doing it? Let us know in the comments below!