Over the past few years, the number of people using Bitcoin in the Philippines has grown significantly. The country now ranks fifth in the world for cryptocurrency adoption, with 28% of the population reporting that they own crypto. Bitcoin and cryptocurrencies are designed to allow fast, secure and cheap online transactions, making them suitable for sending money anywhere and to anyone.
The popularity of Bitcoin and the advantages that it offers are reflected in Bitcoin price. In a short space of time, the digital asset has increased significantly in value, making it an attractive investment too. While there’s no way to predict how the crypto market will change in the future, past performances of Bitcoin are very good. If you’d like to invest or use it to send money, you’ll first need to know more about it and how it works.
What is Bitcoin?
Bitcoin is a type of digital asset known as a cryptocurrency. It was the first-ever cryptocurrency and remains the most popular. Bitcoin and other cryptos are built on technology known as blockchain, which allows data to be stored and shared effectively. Each transaction made using Bitcoin is stored on a block, which has to be validated by computers on the Bitcoin network. This ensures that transactions can’t be faked and means that the system is trustless, with no middleman or bank necessary.
Instead of storing their coins in a bank account, Bitcoin holders use digital wallets. These are tools used to interface with the Bitcoin network. Through a Bitcoin wallet, it’s possible to send and receive coins, just as you can with a bank account. Unlike a bank account, though, your transactions are irreversible.
Buying Bitcoin in the Philippines
If you want to start using Bitcoin, you’ll need to buy it from an exchange. Unlike other money services where you can send Piso directly, you need first to exchange your pesos. Choose a trusted exchange like Binance and create an account to get started. Once you’ve set up your account, you’ll need to add funds with a bank transfer.
With funds available in your exchange account, you’ll be able to open a trade for Bitcoin. Some exchanges make it even simpler, allowing you to purchase crypto with your card or eWallet quickly. Either way, you’ll have your Bitcoin ready once the trade is completed. Bear in mind that you don’t need to purchase whole Bitcoins; you can buy any denomination you like, provided you have the funds available.
Bitcoin Wallets and Sending Bitcoin
Whether you want to store your Bitcoin safely or send it to others around the world, you’ll need to open a Bitcoin wallet. This is an interface tool which can access your coins on the Bitcoin network. Most Bitcoin wallets are free and simple to set up, but there are lots of different options.
If you prefer to keep your coins locked away, hardware wallets offer the highest level of security. However, they’re less accessible. Web or mobile wallets are the most popular choice for Filipinos who want to use their Bitcoin for payments and transfers.
Whichever wallet you choose, be sure to always keep your private key and seed phrase safe and secure. Giving these away will give others access to your coins. The only thing you should share with other people is your wallet address, which allows them to send you Bitcoin. Mobile wallets often come with a QR code which can be scanned to let you share your wallet address more easily. Bear in mind that most Bitcoin wallets can only hold Bitcoin, so don’t try to use it to receive other cryptocurrencies.