Bitcoin is a digital currency that was created in 2009 by an anonymous person (or group) named Satoshi Nakamoto. Bitcoin transactions don’t require any banks or middlemen. Just like what you can do with other currency such as PHP and USD, you can use bitcoin to shop online and do typical money transactions.
What makes people go crazy about Bitcoin is it’s skyrocketing value this 2017. It is now worth thousands of dollars per coin and a lot of people are getting hyped about becoming rich through Bitcoin trading.
Bitcoins can be used to buy and sell anonymously. Local and international transactions with bitcoins are cheap because it is not regulated by anybody. This is good for businesses because peer-to-peer transactions cost will be negligible to zero. Most people today buy bitcoins as an investment because of it’s increasing value trend.
Bitcoin is decentralized. It is not created by any central bank nor regulated by government or country. Government cannot hold someone’s wealth and therefore the owner can do anything with their money.
Bitcoins cannot be stolen. No one can steal bitcoins unless others have access to a computer where they can send the bitcoins to their own account. With cloud based wallets, as long as you keep your accounts protected, your wallets will be fine.
Here’s a Bitcoin to PHP exchange update:
How to get started with Bitcoins?
You can start transacting bitcoins through the marketplace. These “bitcoin exchange” facilitates buying and selling of bitcoins using different currencies. Here in the Philippines, the most popular one is coins.ph.
Coins Ph is one of the leading platforms in Philippines that uses Blockchain Technology which enables everybody to do safe money transaction by simply using their phones or browsers in their computers.
You will be given a cloud based wallet in CoinsPh which you can use directly in Peso or in Bitcoin. You can trade, buy things you want, pay your bill, buy cellphone load, and etc.
There’s no reason why you will not create your very own coins account today. The direction of things are going digital and money transaction is not an excuse. I bet you don’t want to stay in the caves for the rest of your lives, do you? (ayoko din eh LOL)
How to create an account with Coins.Ph
Starting an account with CoinsPh is free and easy.
1. First off, you need to go to CoinsPh website and click Create an Account
2. You can create an account using either an email address or mobile number. Enter your password and hit Continue.
IMPORTANT: You password must be composed of at least 8 characters with at least one number. To make your account more secured, you need to choose a unique password only for coins.ph. Do not use password that you already used with other accounts online.
3. CoinsPh will send you a code to verify your ownership of the email address or number. You will receive a verification email or SMS message. Copy the verification code into the verification page and you’ll have your account ready.
Note: If by any means you did not received any verification code, you can hit the “Resend email” to send the code once again.
4. That’s it! You can now buy stuff you want online, pay your bills, and many more!
Verify your CoinsPh Account Further
If you want to do more with your account in Coins Ph, you need to do further verification. There are 3 Levels of verification:
Level 1 – Email Verification.
Level 2 – Phone Verification, Identity verification, and Selfie verification.
In this level, you need to upload a government ID together with your selfie. You need to wait at least 3 business days for coinsph’s team to review your details. Just make sure to double check everything on the image that everything is clear before you upload it.
In my case, I used my Unified Multipurpose ID, took a close photo of it and did a selfie with it. My account got verified the next day as far as I remember. (I already forgot LOL) But as per CoinsPh team, you need to wait 3 business days for your selfie verification.
Level 3 – Address Verification.
Here, you need to enter your permanent address and current address. You also need to upload either of the following documents:
- Bank Statement
- Credit Card Billing
- Utility Bill (within the last 6 months) (my recommended document)
- Mobile Phone Bill (within the last 6 months)
- Barangay Clearance / Barangay Certification of Residence
- Income Tax Return
- Mail from a University
- Transcript of Records (within the last 6 months)
You need to capture a clear image of your chosen document to be uploaded. You need to state the document’s expiration date if there’s any.
Cash In and Cash Out Limits
For different levels of account verification, you will have different cash in and cash out limits.
Level 1 – Allows you to cash-in P2000 and cash-out P0.00.
Level 2 – Enables you to cash-in P50k and cash-out P50k.
Most people will be fine with their accounts level 2 verified but if you want more, no one will stop you specially if you’ll be using your account for your business.
Level 3 – Allows you to cash-in P400k and cash-out P400k.
For those who want to go further, you can can request for Custom Limits. You can also setup a Business Account with coinsph.
CoinsPh’s list of accepted IDs:
- Driver’s License
- GSIS ID
- PRC ID
- Postal ID
- Voter’s ID
- NBI Clearance
- AFP ID
- GSIS e-Card
- Integrated Bar of the Philippines ID
- OFW ID
- OWWA ID
- Police Clearance Certificate
- Seaman’s Book
- Senior Citizen Card
- DSWD Certification
For students of age 14 – 17 years old, you can use Student ID w/ Consent form of guardian.