Cryptocurrency has gained a lot of traction in the last few years. Once, a man used 10,000 bitcoins to buy two pizzas. Now, those bitcoins are worth more than $80 million. The decentralised nature and the possibilities for potential growth make it a very good investment option. However, the risks and uncertainty associated with the digital asset still keep some people from buying it. If you’re one of those people, this blog is for you. Here, we will discuss how to buy bitcoins in the Philippines and what you must look for to ensure a safe and secure transaction.
What Is Bitcoin?
Before learning how to buy bitcoins in the Philippines, we must first understand the basics of Bitcoin. Bitcoin is a token from the blockchain of the same name. It is the biggest cryptocurrency in the world, and it operates through a decentralised network called Blockchain. Most cryptocurrencies are traded through crypto exchanges.
How To Buy Bitcoins In The Philippines?
There are a number of ways you can buy bitcoins in the Philippines. Some of them are as follows:
Crypto Exchanges
Crypto exchanges are platforms where buyers and sellers can connect. These platforms allow you to buy bitcoins in the Philippines using Philippine Pesos. Generally, these platforms offer user-friendly interfaces and various payment methods, making them the go-to platforms for beginners. Some examples of crypto exchanges in the Philippines include Coins. Px, Paxful and Remitano.
Peer-To-Peer Marketplace
Unlike a crypto exchange, which offers a marketplace for selling and buying cryptocurrencies, Peer-To-Peer marketplaces connect individuals with others who want to sell or buy cryptocurrencies. They offer much better flexibility in terms of payment methods and exchange rates. However, you must be careful as you’re dealing directly with another person, and platforms cannot do anything if you initiate a transaction. Moreover, these platforms are not very user-friendly. Some of the examples of P2P trading platforms include LocalBitcoins and Paxful.
Brokers
One of the best ways to buy bitcoins in the Philippines is through a broker. There are many brokers online that deal with cryptocurrency. If you already have a broker who you use to make your other investments, we suggest going with that broker instead of a new one. However, one caveat with brokers is that they can charge you excessive fees, which is not ideal for small transactions as it can significantly impact your ROI (Return on Investment).
Factors To Consider When Buying Bitcoins In The Philippines
Before investing your hard-earned money in cryptocurrency, here are some factors you have to consider.
Security
When making Bitcoins online in the Philippines, the security implications are among the most important things to consider. Choose a platform that has a strong image for secure transactions.
Fees
People don’t consider fees to be a very definitive factor when investing. However, your brokerage or transaction fees can be the difference between profit and loss, especially in small transactions. So, make sure that the platform you use to buy bitcoins in the Philippines has low transaction fees.
Payment Method
Another factor that can make a big difference is the payment methods accepted by the platform. Consider the platform that offers your preferred payment methods, such as card transactions, internet banking, or cash deposits.
User Interface
Many people take the platform’s user interface lightly. For a beginner, it’s extremely important that the interface is friendly. Choose a platform with a user-friendly interface and clear instructions.
Important Considerations
There are some considerations that you have to keep in mind in order to make your experience better.
Volatility
Keep in mind that crypto is highly volatile, and it fluctuates a lot. Be prepared for price swings, and don’t invest all your money in a single cryptocurrency.
Taxes And Fees
Another thing to consider when investing in cryptocurrency is the tax implications and the fees extorted by the government and the platform you use.
Start Your Cryptocurrency Journey Today!
Cryptocurrency is one of the best investments. The CEO of Ripple has estimated the cryptocurrency market to reach $5 trillion by the end of 2024. It is everything you need to know for buying bitcoins in the Philippines. This guide tells you all the things you have to keep in mind while investing in bitcoins. When you choose a desired platform, make your wallet, add money into your wallet, and buy bitcoins without any hassle.
