Cryptocurrency has taken the world by storm for the past few years. More people in countries like the Philippines have started to invest in cryptocurrencies and a lot more are getting interested. Bitcoin which is widely regarded as the first modern cryptocurrency started the trend and now other types of cryptocurrency have surfaced and changed the way people purchase or sell different products and services.When it comes to bitcoin in the Philippines, the recent developments that have come from the innovations and adoption of cryptocurrencies have shown that digital currency in the country will only get better with time.
With the way the world is trending towards faster and more efficient payments, it has truly been a huge step forward. If you are new to the world of cryptocurrency, allow us to explain it for you in the easiest way possible.
Cryptocurrency is a digital or virtual currency, secured by typography that makes it nearly impossible to counterfeit or double spend. It is basically digital money and there is no physical coin or bill- it is all online. It is stored in a digital wallet, either online, on your computer, or on other hardware. Most people use cryptocurrency for quick payments and avoiding transaction fees while some see it as an investment and wait for its value to go up. Cryptocurrency can be bought by using a credit card or you can get it through a process called “mining”.
Another way to look at cryptocurrency is like arcade tokens or chips in a casino. Some companies have issued their own cryptocurrencies so if you want to obtain their goods or services, you will have to exchange real currency for cryptocurrency. These cryptocurrencies work by using what is called a blockchain, a decentralized technology spread across many computers that manages and records transactions.
Now that we are familiar with cryptocurrency and how it can make your transactions much more efficient, it is imperative to know where to buy cryptocurrency. Here are some of the most recommended places where you can buy, sell, or exchange cryptocurrency whether you are in the Philippines or other parts of the world.
- Coinbase– Coinbase is one of the biggest and most respected Bitcoin platforms in the United States. It is one of the easiest places to start with when it comes to Bitcoin because it offers both an exchange and a wallet. Along with Bitcoin, Coinbase also supports Bitcoin Cash, Ethereum, and Litecoin. All you have to do is sign up, connect your bank account, and you will be able to convert your funds into Bitcoin and/or back to dollars at will. The Coinbase wallet is also very secure as it uses two-factor authentication and keeps backups of important data.
- Coins.PH– Coins.ph is a great place to buy bitcoins if you are in the Philippines or would want to live in the country. This is one of the first platforms in the Philippines where people could buy bitcoins and the company says that it now has 5 million users. The company started in 201 and is recognized by the central bank.
- Robinhood– Robinhood is a great way to buy or sell cryptocurrencies because it has no fees. Its mobile app supports cryptocurrency trades and market data making it a lot easier for you. While Robinhood is a mobile-first platform, you can also trade on your desktop. Robinhood started as a fee-free stock brokerage that recently expanded into the world of digital currencies.
- Cash App– The Cash App is one of the well-known places where you can buy and sell cryptocurrencies without any fees at all. Not only is it great for sending money to your family members or your friends, but its feature of being able to buy and sell Bitcoin takes it to a whole other level. The Cash app comes from the company Square, a huge financial technology company that includes many other services aside from Bitcoin.
- Coinmama– Coinmama was founded in 2013 and is trusted by millions of customers worldwide. It is an all-in-one exchange and digital wallet that makes it easy to buy Bitcoin and other currencies in U.S. Dollars or Euros. The biggest advantage in Coinmama is that it allows customers from almost any country in the world to buy and sell cryptocurrency. While Coinmama does not have a mobile app, its website boasts high-quality and user-friendly features. However, keep in mind that with Coinmama, there is a 3.90% commission fee on buy transactions and 0.90% on sell transactions. If you are using a credit or debit card, an additional 5% is added.
- Bitstamp– Bitstamp is one of the oldest cryptocurrency exchanges as it was founded in 2011. A good feature for this platform is that customers can buy more different cryptocurrencies than they can on Coinbase. It also accepts bank transfer and credit or debit cards with Euros or U.S. Dollars. However, the downside of Bitstamp is that it is not as easy to use as other exchange platforms like Coinmama or Coinbase. it also charges higher fees to purchase small amounts using a credit card.
These are just a few of the places and platforms where you can buy, sell, or exchange cryptocurrencies. If you are a beginner, be very careful with the decisions you make and base it on factors such as security, transaction fees, the number of payment options available, and the cryptocurrency options offered. Cryptocurrency can be confusing or intimidating at first but once you get the hang of it, it can make your transactions easier and even make you more money.
Some things to look out for are cryptocurrency scams. As more people are getting interested and engaging in cryptocurrency, more scammers have emerged. Keep in mind that there are no guarantees that you’ll make money in cryptocurrencies and watch out for scammers that promise free money in dollars or cryptocurrency.
Jumpstart Your Cryptocurrency Trade with Coexstar
In the Philippines, Coexstar PH is one of the best virtual currency exchanges to buy and sell the world’s famous coins. It is registered in the Securities and Exchange Commission (SEC) and regulated by the Bangko Sentral ng Pilipinas (BSP). All activities in the platform are subject to the rules and regulations of the BSP and Anti-Money Laundering Act (AMLA).
Coexstar is a company that users can trust as they provide a secure and convenient exchange platform that is efficient, effective, and reliable. Sign up today or visit their website to learn more.