Updated August 3, 2018. SCI Ventures implemented some temporary changes to the Bitbit app which affects the process of buying and selling cryptocurrency in the platform. We have updated this article to reflect this new process.
Here at BitPinas, we are covering the numerous ways you can buy and sell bitcoins in the Philippines. While they are few, the process to buy and sell BTC is fast and can be done as long as you are connected to the Internet. What’s more, a trip to the convenience store allows you to buy BTC immediately. In this article, I will tell you how to buy and sell BTC using Bitbit.cash.
Table of Contents.
Bitbit is a cryptocurrency mobile wallet that allows you to store bitcoins securely. Use it to keep your cryptocurrency or send it to another wallet.
How to Buy Bitcoins Using Bitbit
At the moment, you can only store bitcoins in Bitbit. There is no option to buy bitcoin directly. However, since it works with other SCI products, the process can still be simple.
Don’t forget to link your mobile number. Also, you can sign in using your BuyBitcoin.ph account. This interconnectedness will be helpful for you if you are also buying your Bitcoins using your BuyBitcoin.ph account.
We are going to buy our bitcoins through the BuyBitcoin.ph portal.
How to Add Funds to Bitbit using 7-eleven
- Go to your BuyBitcoin.ph account.
- On the dashboard, click “Top Up”. You will be redirected to the “PHP Wallet”.
- Select a deposit method. You can deposit via bank but we’ll choose 7-eleven for this discussion.
- Put an amount and then click “Submit”.
- Take note of the “Reference Code”.
- Go to 7-eleven’s Cliqq Kiosk.
- Select “e-money” then select “Bitbit or Buybitcoin.ph”.
- Enter the reference code then pay to the cashier.
- Your funds are now in the Buybitcoin.ph Peso Wallet.
- Go back to Buybitcoin.ph, specifically here.
- Proceed to buy bitcoin equivalent to an amount that is not greater than your funds.
- Below the buy box, select “send to your Bitbit Wallet”.
- Your bitcoin should now appear in your Bitbit wallet.
How to sell Bitcoins using Bitbit.cash
- On Buybitcoin.ph, click “Sell” at the top of the page.
- Enter the details on the number of bitcoins you want to sell, the cash out method and your details (name and phone number).
- Once you click “Submit”, the page loads a QR code and a Bitcoin Address where you should send the BTC.
- Now, go to Bitbit’s BTC wallet app on your smartphone.
- Click “Send”.
- Select “Scan a QR”
- Take a picture of the QR Code or manually enter the public address mentioned.
- Note: Make sure you input the correct address. Try using a desktop to open both Buybitcoin.ph and Bitbit so that you can just copy the address with ease.
- Your bitcoins are sold.
Are there Disadvantages of using Bitbit.cash?
- There’s a convenience fee depending on the method you use to buy or sell. However, the transaction process is easier compared to when you buy or sell using international BTC exchanges. Remember that there’s a fee in every transaction.
- Needs KYC
- Bitbit.cash knows who you are because of KYC (Know Your Customer). This is a system put in place to prevent fraud. For more information on the rules of the BSP, click here.
With Bitcoin transactions both private and transparent, you might not be comfortable in sending your private information to Bitbit.cash. However, we should know that this is an instruction from the Bangko Sentral ng Pilipinas (BSP) and must be followed by the company.
Bitbit.cash Limits and Verifications
Below are the daily limits and corresponding verifications to unlock them:
|Level||Verification Needed||Daily Limit|
|0||Sign Up||Php 1,000|
|1||Email Address & Mobile Number||Php 5,000|
|2||Personal Information (I.D)|
Identity (Selfie with I.D submitted)
Address Verification (Utility or CC Bill)
|3||Source of Income||Php 500,000|
One good news is that since Bitbit and BuyBitcoin.ph are from the same company so getting verified on one of those websites will you automatically verify you on the other.
What can you do with your Bitcoins at Bitbit.cash
With your bitcoins tucked at Bitbit, you can do any of the following:
- Hold on to your bitcoins and wait as it increases its Peso Value.
- Send bitcoin to another wallet.
- Convert it back to Php so you can use that Php to buy mobile load, pay bills, etc.
Bitbit.cash is an easy way to start engaging and dealing with Bitcoin transactions in the Philippines. As they are recognized by the BSP, you can, therefore, be sure to have safe transactions. Always remember to deal with bitcoins only with the amount you are willing to lose.
Do you have a Bitbit.cash account? Do you have questions about the website? Do you use other Bitcoin wallets? Let us know and keep in touch with the comments below!