Bitcoin, the world’s best-performing cryptocurrency is reaching new all-time highs week after weeks. Sometimes it shatters records in mere days. Sometimes within hours.
As more Filipinos become aware of bitcoin and cryptocurrency, it is possible that Coins.ph, one of the biggest bitcoin sites in the country, gets bombarded with more signups and more transactions than it can handle. Evidence was the notice of service degradation we saw at the Coins.ph dashboard some days ago. It also went offline for around an hour yesterday. This was enough for the company to email its users, reminding everyone that bitcoin can crash anytime.
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Bitcoin’s value climbed to new heights in 2017. While the future of bitcoin looks bright, we’d like to remind our customers that trading bitcoin and other virtual currencies does carry a high level of risk.
The value of bitcoin can rise and fall over short or long periods, and prices will have a large range of fluctuations. If you choose to buy bitcoin, you should be prepared to sustain a total loss of the money you have invested.
We encourage our customers to read the full BSP advisory on virtual currencies to understand the risks of buying, holding, or trading bitcoin.
The Coins.ph Team
BSP Advisory on Bitcoins
We’ve mentioned time and time again on BitPinas that the Bangko Sentral ng Pilipinas does not recommend cryptocurrency. But the government firm cannot brush it aside either. So they have an “engage but not prohibit” approach with virtual currencies. Coins.ph recommends everyone to read the BSP’s warning on cryptocurrency, which you can find here.
At the same time, the rising number of ICOs prompted the Security and Exchange Commission to study the application of the country’s Securities Regulation Code to regulate Initial Coin Offerings in the Philippines.
Bitcoin to PHP
As of press time, the BitPinas Price Index shows bitcoin’s value crossing above Php 730,000. This is a new all-time high and many analysts predict that it will not end there.
Coins and other Bitcoin Exchange Sites
Coins.ph is not just a bitcoin exchange site. It doubles as an e-payment platform where users can pay their bills, buy mobile load, send, and receive money. If you have a Coins.ph account, you have a bitcoin wallet and a Peso wallet. You can use the bitcoin wallet to send, receive, and hold bitcoins. The peso wallet can be used to do peso transactions and even convert your pesos to bitcoin. Coins.ph also has a referral program to encourage user signs ups.