Bitcoins and the Philippines: What, How, and Where

The digital world is evolving at a break-neck pace. One of the most recent innovations is the Bitcoin. It’s a currency used the world over, yet no one seems to really know what it is, how it works, and (most importantly), where to get it.

Here’s what you need to know about Bitcoin:

 

What is Bitcoin?

 

WHAT IS BITCOIN? This video pretty much explains everything you need to know about bitcoin. Video courtesy of weusecoins.

 

According to Bitcoin.org, it’s a decentralized digital currency. It’s essentially a digital coin that you can use between two people without the need for a bank. It’s a very young economy, only popping up in 2008. People have been debating about who invented it to this very day, but a certain Satoshi Nakamoto is credited with creating it. The name is an account name for someone who’s registered to the P2P Foundation.

How does it work?

Bitcoin works much like any other currency, except for the fact that it is not tied to a bank or a government. This means it can be used for mobile payments anytime, anywhere. Its use does not involve default fees since it’s not tied to any bank, i.e. you get to decide how much you charge for a bitcoin transaction.

A currency at heart, you can use Bitcoin to buy goods and services. Bitmarket.ph has a list of merchants they are partnered with, which looks to be the largest list in the country (if there’s a bigger list, please let us know in the comments section).

Where can you get Bitcoin?

 

 

There are a number of ways to get Bitcoin in the Philippines. The easiest way is to go through Bitcoin exchanges like Coinage, coins.ph, or BuyBitcoin.ph.

 

 

Another way of getting Bitcoin is via PrepaidBitcoin Cards which you can buy through PrepaidBitcoin.ph. They are available in P200, P500, and P1,000 denominations.

If, for some reason, you can’t go online to buy Bitcoin, you can visit the Bitmarket.ph office building, located at Unit 606, GC Corporate Plaza, 150 Legaspi St., Legaspi Village, Makati City. They have the country’s first and (so far) only Bitcoin ATM from Skyhook. Visit bitmarket.ph/atm to know more about the Bitcoin ATM.

Not one to read? Here’s a handy infographic courtesy of Bitmarket.ph:

 

 

Source: When in Manila, Bitmarket.ph