Crypto Investment Guide For Filipinos: Getting Started

Bitcoin and other cryptocurrencies have become increasingly popular in the Philippines, with many people seeking to invest in them. However, it is important to remember that the cryptocurrency market is highly volatile, and there are risks involved. Before investing in crypto, it is essential to do your research and understand the technology behind it.

There are several ways to buy and sell crypto in the Philippines, including peer-to-peer platforms, direct exchanges, and spot exchanges. Popular platforms include Binance, Coins.ph, PDAX, and Rebit.ph. It is also important to choose a secure digital wallet to store your crypto assets.

This paragraph provides an introduction to the topic of investing in crypto in the Philippines, discussing the popularity of crypto in the country, the risks involved, and the different platforms and wallets available.

How to buy Bitcoin with PayPal

There are several ways to buy Bitcoin with PayPal. Here is a step-by-step guide on how to do it using the eToro platform:

Create an account and log in

Go to the eToro website and create an account. Once you have registered and logged in, navigate to the cryptocurrency page and select Bitcoin, or use the search bar to find it.

Choose between Trade or Order

You will then have two options: Trade or Order. Trading allows you to buy a specified amount of Bitcoin at the current price, while ordering lets you set a BTC price target and the number of coins you want to purchase. Your order will be executed once Bitcoin hits your target price.

Choose the amount and deposit

Choose the amount of Bitcoin you would like to buy and hit "Deposit". Note that you will need to have a complete and approved profile to execute the order. This means providing proof of your identity and address.

Select PayPal as your deposit method

Finally, select PayPal as the way you will deposit money into your account. Please note that the ability to buy Bitcoin using PayPal is not available in every country.

Other Options

If you do not want to use eToro, you can also buy Bitcoin with PayPal through a peer-to-peer platform such as local Bitcoin, or through crypto exchanges like CEX.IO and Binance.

With peer-to-peer platforms, you can choose from different payment methods, including PayPal, and select a seller that provides a great price with a good history of trades.

With CEX.IO, log into your account and choose "Instant Buy". Select the number of tokens you want to buy, choose PayPal as your payment method, and click "Buy Now" to finish the transaction.

Binance is another popular option for buying Bitcoin in the Philippines. It has launched a P2P or peer-to-peer trading platform where the seller and buyer can directly exchange their fiat and crypto assets.

How to create a Bitcoin wallet

Creating a Bitcoin wallet in the Philippines is a straightforward process. Here is a step-by-step guide on how to create a secure Bitcoin wallet:

Step 1: Choose a Reliable Wallet Provider

First, you need to select a suitable wallet provider that meets your needs. Some popular options include Coins.ph, Bitbit.ph (by Satoshi Citadel Industries), Exodus, Electrum, and Trust Wallet. It is worth noting that Coins.ph and Satoshi Citadel Industries are licensed by the central bank to conduct virtual currency (VC) exchange.

Step 2: Download the Wallet App

Once you have chosen your preferred wallet provider, download the corresponding app to your mobile device or laptop/desktop. This step ensures that you can easily access your crypto assets on the go. Make sure to download the app from the official app store or the wallet provider's website to avoid any security risks.

Step 3: Create an Account

After installing the app, create an account by providing basic information such as your name, email address, and a strong password. In some cases, you may also need to complete an identity verification process, which typically involves submitting a government-issued ID and a selfie.

Step 4: Understand Your Wallet Address and Keys

Your Bitcoin wallet will have a unique wallet address, which is a combination of up to 34 random digits and letters, both uppercase and lowercase. This address is where you will receive or send Bitcoin. It is essential to note that Bitcoin addresses are case-sensitive, so ensure you input them accurately.

Additionally, understand the concept of public and private keys. Your public key is like your wallet address, where others can send you Bitcoin. In contrast, your private key is like a password that only you should know. Keep your private key secure, as anyone with access to it can take control of your funds.

Step 5: Transfer Your Assets

Now that your Bitcoin wallet is set up, you can start using it by transferring assets into your wallet. You can deposit funds from a bank account, exchange cryptocurrencies, or receive them from another wallet. Most software wallets support multiple cryptocurrencies, so you can diversify your assets.

Additional Security Considerations:

• Two-factor authentication (2FA): Enable 2FA for added security. This typically involves using your password and a verification code sent via text or an app.
• Backup and recovery options: Ensure your wallet provides backup and recovery options in case of device loss or malfunction.
• Cold storage: Consider using a hardware wallet or paper wallet for added security. These options store your private keys offline, keeping them safe from online hackers.

Creating a Bitcoin wallet is a relatively simple process, but it is essential to prioritize security and choose a reputable wallet provider to protect your crypto assets effectively.

How to link your cards to your Bitcoin wallet

To link your cards to your Bitcoin wallet, follow these steps:

First, you will need to create a Bitcoin wallet. This can be done by installing software on your mobile device or computer. There are various Bitcoin wallet apps available, such as the Bitcoin.com Wallet app, which allow you to safely and easily send, receive, buy, sell, and trade Bitcoin and other cryptocurrencies.

Once you have created your Bitcoin wallet, you can link your cards by following these general steps:

• Log into your Bitcoin wallet or exchange account where your crypto funds are stored.
• Navigate to the withdrawal section and select it.
• Choose the option to add a debit card and enter your card details if you haven't already.
• Specify the amount of crypto you want to convert and send to your debit card.
• Confirm the withdrawal by reviewing the details, accepting any applicable fees, and submitting your request.

It's important to note that not all platforms offer direct withdrawals to debit cards, and there may be specific limitations or fees involved. The availability and efficiency of the withdrawal process can depend on factors such as the type of card, supported currencies, and geographical restrictions.

Additionally, the conversion rate at the time of withdrawal will determine the final amount deposited into your account, so staying informed about current market rates is essential.

By following these steps, you can link your cards to your Bitcoin wallet and conveniently access your crypto funds for everyday transactions.

How to buy Bitcoin with cash

There are several ways to buy Bitcoin with cash, each with its own advantages and drawbacks. Here is a step-by-step guide on how to purchase Bitcoin with cash, along with some important considerations to keep in mind.

Buy Bitcoin from an Individual:

You can use a peer-to-peer platform such as LocalCoinSwap or Paxful to connect with individuals willing to sell Bitcoin. This method allows for various payment options, including cash-in-person, bank transfers, and even goods traded for crypto. When using these platforms, it is essential to select a reputable seller with a good transaction history and positive feedback.

Buy Bitcoin from a Bitcoin ATM:

Bitcoin ATMs, or BTMs, are convenient as they are often available 24/7 and can be found in various locations worldwide. They allow you to purchase Bitcoin by depositing cash directly into your wallet. To locate a nearby Bitcoin ATM, you can use online directories or smartphone apps like CoinATMRadar (worldwide) or CoinFlip (US-only). It is important to note that BTMs may charge higher fees and offer less favourable exchange rates compared to other methods.

Buy Bitcoin Through Cash Deposit at a Bank:

This method involves using a service like LocalCoinSwap, Paxful, Athena Bitcoin, or Liberty X to arrange a cash deposit at a bank. You will receive the seller's bank details, after which you can visit the relevant bank branch and fill out a deposit form. This option is more secure than meeting a stranger in person, but it is limited to banking hours and can be slower.

Buy Bitcoin with Cash at a Convenience Store or Pharmacy:

In the US, you can use LibertyX, a crypto ATM company, to buy Bitcoin for cash at major retailers like Walgreens, CVS, and Rite Aid. Download the LibertyX app, enter your Bitcoin address, and select the retailer. At the store, the cashier will scan your barcode, and you can pay between $20 and $500, receiving the corresponding Bitcoin amount in your wallet within minutes.

Buy Bitcoin with Cash by Mail (Not Recommended):

This method involves finding a reliable seller who accepts cash through the mail. You can use online marketplaces or forums to connect with sellers. While this option may provide privacy, it carries the risk of loss, theft, or mishandling of cash during transit. It is also slower and less convenient than other methods.

Important Considerations:

• Privacy and Anonymity: Buying Bitcoin with cash can offer more privacy and anonymity compared to conventional methods. Cash purchases usually do not require submitting extensive documentation for identity verification.
• Speed: Cash purchases can save time as you avoid waiting for bank transfers or exchange verifications.
• Risk: Buying Bitcoin with cash is generally riskier than most online methods, such as purchasing with a credit card or PayPal.
• Fees and Exchange Rates: Consider the fees and exchange rates offered by different platforms and methods. For example, Bitcoin ATMs may charge higher fees, and peer-to-peer platforms may have varying rates set by individual sellers.
• Safety: Always take necessary precautions to ensure your safety when meeting individuals in person to conduct transactions.
• Regulations and Taxes: Stay informed about crypto regulations in your country or jurisdiction, as they may impact your ability to buy and sell Bitcoin. Consult with a tax professional to understand your tax obligations when purchasing Bitcoin with cash.

By following these steps and considerations, you can safely and effectively purchase Bitcoin with cash, joining the growing community of cryptocurrency enthusiasts in the Philippines and beyond.

How to buy Bitcoin with a credit card

If you're looking to buy Bitcoin with a credit card in the Philippines, there are several options available to you. Here's a step-by-step guide on how to get started:

• Choose a Crypto Exchange: Select a reputable crypto exchange or broker that offers Bitcoin trading and is available in the Philippines. Examples include Binance, PDAX, and Changelly.
• Sign Up and Verify Your Account: Visit the website or download the app of your chosen platform. Create an account by providing your personal details and completing the KYC (Know Your Customer) process. This typically involves submitting proof of identity and proof of address documents.
• Link Your Credit Card: In the platform's settings or payment options, link your credit card by providing the card number, expiration date, CVV code, and any other required information.
• Buy Bitcoin: Navigate to the "Buy" or "Trade" section of the platform. Select Bitcoin as the cryptocurrency you want to purchase. Specify the amount you want to spend, whether in Philippine pesos or US dollars. Review the transaction details, including any fees or charges, before confirming the purchase.
• Store Your Bitcoin: Consider transferring your Bitcoin to a secure crypto wallet, such as a software wallet (e.g., Trust Wallet, Exodus) or a hardware wallet (e.g., Ledger, Trezor). This step is optional, as some platforms, like Binance and PDAX, provide built-in wallets.

It's important to note that buying Bitcoin with a credit card may incur higher fees than other payment methods, and the price of Bitcoin can be highly volatile. Always ensure you understand the risks involved and only invest what you can afford to lose.

Additional Tips for Buying Bitcoin in the Philippines

• Compare Fees: Different platforms may offer varying fees and exchange rates for buying Bitcoin with a credit card. It's worth comparing multiple options to find the most cost-effective choice.
• Security: Prioritize platforms that implement robust security measures, such as two-factor authentication, SSL encryption, and cold storage options.
• Payment Options: In addition to credit cards, consider other payment methods available on the platform, such as debit cards, bank transfers, or e-wallets.
• Regulatory Compliance: Ensure the platform you choose is registered and compliant with the Bangko Sentral ng Pilipinas (BSP) regulations to minimize the risk of scams or fraud.
• Research and Education: Stay informed about the latest news, market trends, and developments in the cryptocurrency space. Understand the risks and potential rewards before investing.

Frequently asked questions