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Bitcoin 101: A Guide on Using Bitcoins

Bit what?

| August 4, 2017

What are the advantages of using Bitcoins?

As mentioned above, it can be shared by parties without having to go to the bank  or other such institutions. Second, a person can purchase almost anything with Bitcoin—some are even using it for illegal purposes (oopsy!). It is a paperless transaction and privacy is protected. These are secured by miners: they check the transaction first before actually confirming it. The money that is stored in Bitcoin wallet can be converted into real cash.

 

What are the disadvantages of using Bitcoins?

Via Giphy

Of course, not everything is perfect. The value of the Bitcoin is turbulent—it can go up or fall rapidly at any given time. And as with everything in the virtual world, it can be prone to hacking. Once a transaction has been hacked, what’s gone is gone forever. It is not regulated, and as most transactions are done anonymously, there’s really no way to be assured of its security.

 

Bitcoin in the Philippines.

Yaaaas, Bitcoin is quite popular mostly in Asia—and of course, the Philippines! Bitcoins are used in the country for online transaction and transfer of remittances from abroad. Interested in having one? Visit buybitcoin (https://www.buybitcoin.ph/) or coins (https://coins.ph/) to have an account and start buying and selling Bitcoins

The Bangko Sentral ng Pilipinas  (BSP) has acknowledge the existence of Bitcoins, and  they aim to regulate the money transactions: these must only be used for payments and remittances. This is to ensure consumer protection and financial stability in the country. Also, you know, money laundering and combating the financing of terrorism. It must be noted that the BSP does not endorse the use of virtual currency (but at least, users are protected!).

 

Where can Bitcoins be purchased in local stores and establishments?

You can go to the local banks that allow purchases of Bitcoins. They can be found here.

Remember that Bitcoins is a relatively new way of doing transactions. Its future is largely dependent on people’s acceptance of it as a means of doing business. As with everything else on the virtual world, proceed cautiously.

 

What do you think of Bitcoins? Share with us your thoughts below!