Here’s the latest and safest way on how to buy bitcoins online in the Philippines. Many friends and followers always asked me about bitcoin and cryptocurrencies. I did not want to make a post about it unless I understand the concepts about it and until I personally got my own bitcoin. So after a few weeks of studying and learning about bitcoin, I finally decided to invest on it and share with you guys how to buy bitcoin, why you should invest bitcoin, how you should invest it and how you should keep them secure.
This might be a bit long bitcoin series of posts but trust me, you should read every post I will be making about bitcoin, from start to finish because investing bitcoin is the riskiest kind of investment I have shared here in Dailypik. Yes, it is riskier than investing stocks and riskier than Forex trading.
To read the complete series, go to this page: Investing Bitcoin
Before you invest on Bitcoin, let me remind you that cryptocurrencies are riskier than stocks. Just like other investments, you must have keen knowledge about what you invest with. There are many scams about Bitcoins circulating around the web so be cautious. That is why I only share here the most legit and safe way I know so far, if you are in the Philippines.
I also encourage you only invest 1% or less of your money on Bitcoin. As a passive investor, that is what I can recommend. If you are active investor, that’s another situation.
The methods of investing and protecting bitcoins that I will share here are applicable for non-techie like me. Bitcoins and other cryptocurrencies are technical in nature. If you are not an IT or a person who has no complex background with coding, programs, etc. then this post is for you.
I’ve seen people who buy bitcoin then after that, they just let them stay there in their BTC wallet, whatever they’re using. Honey, that is not enough. Bitcoins are prone to web thieves and BTC wallets websites could crash anytime. Do not let that happen to your cryptocurrencies. Back them up (see my tips below).
How to Buy Bitcoins in the Philippines
Right now, there is no official bitcoin or other cryptocurrencies online broker yet in the Philippines approved by the SEC. The BSP is still drafting rules and laws about cryptocurrencies. I know it is ironic to say that because bitcoin is not regulated by any government or entity. It exists on its own and controlled by the internet and the users.
However, we can buy or sell bitcoins. We just have to deal with real and safe bitcoin wallet providers and bitcoin international brokers if you prefer the latter. Save the time of finding out which is the most legit way because I’ve done that already. All you have to do and follow the steps below.
What you’ll need:
Reasons why you need Coins.ph account:
Coins.ph is the most legit and safest way to buy bitcoins in the Philippines so far and the most trusted digital currency company in Southeast Asia. I personally recommend it in buying bitcoins because they are licensed by the BSP for the financial services they offer on their platform although the BSP does not issue bitcoins and cryptocurrencies.
Another reason, transaction fee is cheap as coins.ph uses pesos. We can also fund our account easily in 7-11, Cebuana, M Lhuillier and using online banking.
Always remember, do not keep or maintain your BTC on your bitcoin wallet because it is dangerous.”
Reasons why you need Blockchain.info account:
Once you bought bitcoins using coins.ph, make sure you transfer your BTC using Blockchain.info to protect your bitcoins. Coins.ph is a good platform but it is not safe enough to keep and maintain your bitcoins in your BTC wallet.
Blockchain.info is a bigger platform used worldwide and it is maintained by experts to secure all transactions using the most effective ways to protect authentications and access to your bitcoin wallet. It also features ways to back up your BTC wallet or print out a paper back up in the form of PDF though it has a flaw.
Reasons why you need Ledger Nano S:
Because bitcoins and cryptocurrencies are traded online and are not regulated by any government, there are huge risks that any moment your bitcoins will be vanished or stolen by hackers. Like the recent thieves who stole $32 million of Ethereum. Every online platform that involves bitcoin has a flaw.
Your bitcoins will only be safe if you store them in an offline wallet.
I recommend Ledger Nano S because it is the best one in the world. Grab one here!
I repeat, do not keep your bitcoins on your online BTC wallet. Always keep an offline copy like Ledger Nano S.”
How to Buy Bitcoins using coins.ph
- Open an account at Coins.ph
- Log in
- Cash in to fund your account
- Convert your cash (any amount you want) to BTC
Once you have your bitcoins at coins.ph, the next thing you need to do is transfer them to Blockchain because it has super secure features to protect and back up your cryptocurrencies. Ethereum is also available at Blockchain in case you want to invest Ethereum as well.