Bitcoin is a digital currency which is called cryptocurrency. This is something new to me so as with my online friends. Based on what I read online it’s a digital currency that helps verify transactions made online like banking systems through some encryption techniques.
No one controls the bitcoin (“decentralized”) unlike the regular currency we are using in the country (“Philippine Peso”) which is being regulated by BSP “Bangko Sentral ng Pilipinas”.
Bitcoin terminology shouldn’t be that complicated.
- Are not in printed form like hard copies printed on paper
- Produced by running computers all over the world that uses a software that solves mathematical problems.
- Satoshi Nakamoto is the man behind this cryptocurrency. Bitcoin payment is done electronically that allows us to transfer an amount to anyone with very low transaction fees. His idea is to produce a currency which is independent of any central authority.
- Bitcoins are gained through mining.
- You could earning bitcoins by visiting bitcoin faucets. Higher income can be earned through Bitcoin Cloud Mining.
In order for you to receive bitcoins-you’ll be needing a bitcoin wallet. In the Philippines – most of the people are using coins.ph. It’s a website that allows you to buy and sell bitcoins. You could buy it from different merchants nationwide. The fastest way to buy it is through 7-11 convenient store because they bitcoins can be bought instantly.
- Signup on coins.ph
- There is a limit set for the amount you could send and amount you can withdraw unless you sent several documents to the support team like a copy of your identification card and billing statement so that they could verify your address.
- Buy Philippine Peso (PHP) or BTC.
- An order or reference number will be generated and that is the one that you need to show to the cashier when paying.
- Keep the receipt as a proof of your payment when error happens to the system. All that you have to do is to contact the support team.
By using bitcoin you could send money anywhere instantly. You could trade bitcoins, you could invest online and the good part is that it’s rate is growing each day. It’s volatile – sometimes it’s rate is low and sometimes it’s high. I wonder how much is the rate of the BTC after the halving on July 11, 2016.
BTC rate as of this date: 1 Bitcoin equals 460.14 US Dollar