Philippines gets its first Bitcoin exchange

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Bitcoin PHA new online Bitcoin exchange, BuyBitcoin.ph, has been launched in the Philippines, offering an alternative method of sending money to the Philippines, according to bitcoin website CoinDesk.

Bitcoin is a virtual currency that can be transmitted at very low costs internationally and used to directly purchase items or services online. According to CoinDesk, Bitcoin is “the first example of a growing category of money known as cryptocurrency.”

The payments are made directly from one person to another without passing through a central bank or clearing house. Bitcoins can also be traded for other currencies and can be used to send remittances from Filipino expats around the world, a market that BuyBitcoin.ph is targetting. By eliminating the middle man, BuyBitcoin.ph offers a cheaper and faster alternative to banks or money transfer companies.

Overseas Filipino Workers can use the exchange to do faster conversions of money, turning Bitcoins into cash that can be picked up by relatives in the Philippines. To do this, users can sell Bitcoins on the service. The sell order lets them choose a Bank of the Philippine Islands (BPI), Metrobank or BDO account to send the money to. Once a user sends his Bitcoin to a given Bitcoin address and the transaction is completed, the exchange sends money to the bank account noted in the sell order.

Users can also purchase Bitcoins from the service by setting up a purchase order on the site, then depositing cash in a BPI account. As of January 13,the buy/sell exchange rate was 38,463.81/34,512.36 Philippine peso per Bitcoin.

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A new online Bitcoin exchange, BuyBitcoin.ph, has been launched in the Philippines, offering an alternative method of sending money to the Philippines, according to bitcoin website CoinDesk. Bitcoin is a virtual currency that can be transmitted at very low costs internationally and used to directly purchase items or services online. According to CoinDesk, Bitcoin is "the first example of a growing category of money known as cryptocurrency." The payments are made directly from one person to another without passing through a central bank or clearing house. Bitcoins can also be traded for other currencies and can be used to send remittances...

Reading Time: 1 minute

Bitcoin PHA new online Bitcoin exchange, BuyBitcoin.ph, has been launched in the Philippines, offering an alternative method of sending money to the Philippines, according to bitcoin website CoinDesk.

Bitcoin is a virtual currency that can be transmitted at very low costs internationally and used to directly purchase items or services online. According to CoinDesk, Bitcoin is “the first example of a growing category of money known as cryptocurrency.”

The payments are made directly from one person to another without passing through a central bank or clearing house. Bitcoins can also be traded for other currencies and can be used to send remittances from Filipino expats around the world, a market that BuyBitcoin.ph is targetting. By eliminating the middle man, BuyBitcoin.ph offers a cheaper and faster alternative to banks or money transfer companies.

Overseas Filipino Workers can use the exchange to do faster conversions of money, turning Bitcoins into cash that can be picked up by relatives in the Philippines. To do this, users can sell Bitcoins on the service. The sell order lets them choose a Bank of the Philippine Islands (BPI), Metrobank or BDO account to send the money to. Once a user sends his Bitcoin to a given Bitcoin address and the transaction is completed, the exchange sends money to the bank account noted in the sell order.

Users can also purchase Bitcoins from the service by setting up a purchase order on the site, then depositing cash in a BPI account. As of January 13,the buy/sell exchange rate was 38,463.81/34,512.36 Philippine peso per Bitcoin.

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