How to Buy Bitcoin in Philippines: Step-by-Step Guide for Beginners

Are you embarking on your journey into the exciting realm of cryptocurrency investment?

If you’re in the Philippines and curious about how to buy Bitcoin – the biggest and best-known of the current digital currencies –  you’ve come to the right place. In this comprehensive guide, we’ll help you navigate the process of buying Bitcoin, from understanding its potential as an investment to the practical steps of actually making a purchase. Whatever your questions, we’ve got you covered!

Is Bitcoin a Good Investment?

You’ve almost certainly heard of Bitcoin – and stories of its astonishing rise. In 2010, the first ever Bitcoin purchase saw 10,000 Bitcoins exchanged for a couple of pizzas. Today, that quantity of Bitcoin is worth hundreds of millions of dollars. Bitcoin’s scarcity and decentralized nature have earned it the nickname “digital gold.” Many see it as a safeguard against traditional markets and a store of value. Yet, like any investment, Bitcoin has its share of risks, notably in its price volatility.

This article is not intended as investment advice. Bitcoin has returned big rewards to those who bought and sold at the right time. There is plenty of reason to be excited. You must just be aware of the associated risks. There are no guarantees. 

How Do Beginners Buy Bitcoin in Philippines?

For newcomers, buying Bitcoin may seem complex. However, the process can be broken down into steps:

1. Choose a Reliable Exchange/Decentralized Wallet: Select a reputable cryptocurrency exchange in the Philippines. Popular options include Saakuru App, Coins.Ph and PDAX.
2. Create an Account: Sign up on the chosen exchange and complete the verification process as local regulations require.
3. Place an Order: Deposit funds into your exchange account using various payment methods, such as bank transfers, e-wallets, or cash deposits. Once your account is funded, place an order to buy Bitcoin.
4. Complete the Purchase: Once your order is filled, the purchased Bitcoin will be credited to your exchange account or wallet.

How to Buy Bitcoin with a Debit Card?

Buying Bitcoin with a debit card can be a convenient option. Many exchanges support debit card purchases, making the process even easier. Here’s how you can buy Bitcoin with a debit card:

1. Choose an Exchange/Wallet: Opt for an exchange that allows Bitcoin purchases with a debit card, like Saakuru App, via AlchemyPay.
2. Register and Verify: Create an account on the chosen platform, complete the necessary verification steps, and link your debit card.
3. Add Funds: Navigate to the “Funds” or “Wallet” section of the exchange, and select the option to add funds using your debit card.
4. Buy Bitcoin: Once your card is linked and funds are added, select the amount of Bitcoin you wish to buy, and confirm the transaction

How Much Does It Cost to Buy Bitcoin in Philippines?

The cost of buying Bitcoin varies depending on its current market price. Bitcoin’s value is quoted in Philippine Pesos (PHP) on local exchanges. You have the ability to buy fractions of a Bitcoin if the price is you wish to do so. Additionally, exchanges may charge network fees, impacting the total cost. AlchemyPay has enabled its users to buy small amounts of cryptocurrency (minimum 1 USD) on its onramp.

How to Send Bitcoin Instantly in Philippines?

Sending Bitcoin instantly involves a few simple steps. Here’s a  guide to help you through the process:

1. Access Your Wallet: Open your crypto wallet. If you don’t have one, choose a reputable wallet provider, and set up an account such as with the Saakuru App wallet.
2. Navigate to Send: Look for the “Send” or “Send Bitcoin” option within your wallet’s user interface.
3. Enter Recipient Address: Input the recipient’s Bitcoin wallet address. Ensure the address is accurate, as cryptocurrency transactions are irreversible.
4. Enter Amount: Specify the amount of Bitcoin you wish to send. Some wallets also display the equivalent value in your local currency.
5. Review Details: Double-check the recipient’s address and the amount you’re sending. Verify all details before proceeding.
6. Transaction Fee: A transaction fee might be required depending on network congestion and wallet settings. This fee ensures that your transaction is processed promptly. Some wallets may automatically calculate the cost.
7. Authentication: Authenticate the transaction using your wallet’s security features, such as a PIN, password, or biometric verification. Once you’ve reviewed and confirmed the transaction details, initiate the send.
8. Transaction Confirmation: After confirming the transaction, the Bitcoin will be sent from your wallet to the recipient’s wallet address. You will receive a confirmation notification.

Conclusion

Buying Bitcoin in the Philippines has become easier than ever, with numerous exchanges and platforms offering various methods for purchasing this popular cryptocurrency. Before you dive into the world of Bitcoin, it’s crucial to educate yourself about its potential as an investment, the risks involved, and the practical steps to make a purchase. Following the steps outlined in this guide, as well as conducting thorough research, you can navigate the process confidently and commence your journey into cryptocurrency.

References

• https://primexbt.com/for-traders/is-bitcoin-a-good-investment/

• https://www.fortunebuilders.com/how-to-invest-in-bitcoin/

• https://www.investopedia.com/how-to-buy-bitcoin-with-a-credit-card-7500941