Okay, so you might have heard Android pay, Apple pay, or Google wallet that you can just link your bank account or credit card account and start paying through the app, though this is not yet available in the Philippines the developed countries are now enjoying this innovation. The mentioned virtual wallets are using real cash from your bank account but what my topic in this blog post is about virtual wallets that accept bitcoin. Bitcoin is now available in the Philippines; it is rapidly attracting Filipinos because the majority of us are into remittance transactions or somehow familiar about it then introduces bitcoin as a new currency. Learn what is Bitcoin here
The majority of the Filipinos are not into the financial investment so they would prefer wallets that are functional for their day-to-day activities that are why these three major bitcoin wallets are booming in the Philippines. They don’t just offer bitcoin trading, but the core services are remittance or transfer and purchasing or paying bills.
Three Major Bitcoin Wallets
Coins.ph – as of this writing coins.ph is the number 1 bitcoin wallet in the country because of what I have mentioned earlier that their services are focused on remittance and purchasing using the new currency and regular money. They have many affiliated local banks, bayad centers, remittance centers, and 7/11 stores which make the cash-in and cash-out more convenient.
Plus you can send money to your loved ones and let them receive it through Security Bank ATM’s even if they don’t have a card nor an account; it’s called ATM Cash Pickup through Security Bank’s eGiveCashfeature. I think the only downside for Coins.ph is they have limits for cash-in, and you need to provide more details of yourself as part of their KnowYourCustomer regulation.
Rebit.ph – another well-known bitcoin wallet because of it’s extensive social media campaign. Rebit offers similar functions however, it’s not like as an all-around platform because you cannot buy bitcoins directly and have limited affiliations to the country’s bayad centers though they are recognized by these remittance centers (Cebuana Lhuillier, M. Lhuillier, Palawan Express and LBC).
Bitbit.cash – another wallet available in the Philippines, bitbit.cash comes from the local word “bitbit” means carry, a virtual way of carrying your cash or bitcoins through their platform. Unlike Coins.ph that purchasing the bitcoin to cash-in is a breeze, bitbit leverage their other product which is buybitcoin.ph and I think that’s a little hassle.
Bitbit.cash and buybitcoin.ph are powered and owned by Satoshi Citadel Industries a financial technology company building the Blockchain ecosystem in the Philippines.
Purchasing Bitcoins
BuyBitcoin – If you’re more interested in buying bitcoins alone, then buybitcoin.ph is the number 1 bitcoin exchange. It’s the oldest bitcoin exchange platform in the country and been trusted by many. It has minimalistic interface and process; before you don’t have to give a lot of information or undergo a KnowYourCustomer regulation but now I think they’re implementing that to registered users.
BitcoinATM– this is new and I think first in the Philippines, purchasing and selling bitcoins through an Automatic Teller Machine (ATM). However, they only have one machine and that’s located in Sunette Tower Hotel Manila Lobby, Durban St, Makati, Metro Manila, Philippines. This is very new indeed and if the bitcoins will really become known by the majority of the Pinoys then I think more banks would offer the same feature soon.
Remitano – Remitano is an international player, a product of Babylon Solutions Limited from Seychelles. They are more into escrowed trading of bitcoin. They also have their own bitcoin wallet and can send bitcoin internationally.
LocalBitcoins– another bitcoin trading is localbitcoins, from Finland. LocalBitcoins, you can post trade then buy or sell with a very minimal percentage.
Bitcoin is still new for the Filipinos but with the help of smartphones, internet access, and campaign materials posted in the bayad centers it’s no doubt that soon bitcoin users and usage will proliferate.