The BSP regulated mobile money service, GCash, allows users to buy load, pay bills, send and receive money, and purchase items. Did you know that you can register your number even if you’re not a Globe or TM subscriber? You can also purchase bitcoin and other cryptocurrencies using GCash, and here’s how.
Update: Because of Globe and Coins.ph participation in the government’s PESONet and InstaPay initiative, transferring between Coins.ph and GCash has become more efficient than ever. At the moment the transfer is handled by DragonPay but transfer from Coins to GCash is through InstaPay.
This mobile money service initially made for Globe and TM subscribers is now available to all networks. Users can now easily download the app on the Play Store or App Store and register using their number. With its wider reach, you can also use GCash to buy bitcoin or other cryptocurrencies.
Use GCash to Buy Bitcoin (GCash Bitcoin)
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Since GCash is almost similar to using Coins.ph, buying bitcoin using GCash is easy. You will just need enough funds to cover the cost plus the fee and you can now buy your bitcoin or other cryptocurrencies.
What you’ll need:
- Verified GCash account
- Available Peso balance in the GCash wallet
- Active Coins.ph account (Register here!)
Step 1: Open your GCash App
Open your GCash app and make sure you have enough balance to cover your bitcoin purchase. You can choose from its wide array of cash-in options. Take note that there is a 10% outlet fee. For example, if you’ll buy Php 1000 worth of bitcoin, it will charge you Php 1010, make sure you have enough balance.
Step 2: Open your Coins.ph
Open your Coins.ph app and tap on Cash In then scroll down on the next page and choose Globe GCash. On the next interface, choose Globe GCASH (via Dragonpay) then it will go to the next page where you will need to manually enter the amount you want to cash in. The maximum amount is Php 2500 and it will charge you Php 25 (10% fee). Don’t forget to click on Confirm.
Read the instructions and tap on Pay with DragonPay
Step 3: Paying with DragonPay
After tapping on Pay with DragonPay, you will get directed on to this page. Disregard the note that says “Globe Number” and just put the number associated with your GCash wallet. Tap on Pay. You will then receive a text message that you need to reply with your GCash Pin. After successfully sending your PIN, you have now funded your Coins.ph account. Feel free to convert it to BTC, ETH, BCH, or XRP.
How to Cash Out Bitcoin Through GCash
- On Coins.ph, convert your Bitcoin to Pesos
- On the dashboard, choose “Cash Out”
- Go to E-Wallets
- Select Gcash (or the Gcash Icon)
- Enter the amount to cash out
- Delivery time is 10 minutes through InstaPay. Fee is Php 10.
This article is published on BitPinas: How to Buy Bitcoin and Cryptocurrency Using GCash
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