Is Bitcoin Legal In – the Philippines?


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Is bitcoin legal the Philippines?

Yes. ✅

Although bitcoin and cryptocurrencies aren’t considered as legal tender by the central bank of the Philippines (Bangko Sentral ng Pilipinas), the Filipino people are completely free to buy, sell, and trade bitcoin and cryptocurrencies.

This applies whether you’re from Metro Manila, Cebu, Cavite, Bulacan, Pangasinan, or whatever province in the Philippines.

Has bitcoin been banned in the Philippines in the past?

No ❌. There hasn’t been a bitcoin ban in the Philippines in the past.

Where can I buy or sell bitcoin in the Philippines?

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While there are a few bitcoin ATMs scattered around Manila, we heavily suggest the usage of online services instead— for lower fees, better prices in general, more convenience, and for your personal security.

We suggest buying and selling bitcoin on free and reputable platforms such as LocalBitcoins instead, with your preferred currency and preferred payment method.

Though LocalBitcoins is a great platform, always make sure to only transact people with high feedback scores, and with a good number confirmed number of trades.

Where can I trade cryptocurrencies in the Philippines?

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If you’re planning on trading other cryptocurrencies besides bitcoin, like Ethereum (ETH), Ripple (XRP) and Litecoin (LTC), or whatever your favorite cryptocurrency is, you can do so through secure and reputable platforms like Binance.

Where do I store my bitcoin and cryptocurrencies?

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If you only have small amounts of your money on bitcoin and cryptocurrencies, you can use mobile software wallets such as BRD or Coinomi.

On the other hand, if you have a good amount of your money invested in bitcoin and cryptocurrencies, we heavily suggest storing your funds on a good hardware wallet for your funds to be as secure as possible.

Please take the security of your funds seriously. For more information on bitcoin and cryptocurrency wallets in general and how secure or unsecure they are, please refer to CryptoSec’s definitive guide to bitcoin & cryptocurrency wallets.

Risks

Volatility

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Take note that while you can make a lot of money by trading and investing in bitcoin or cryptocurrencies, you could also lose a lot of money. Bitcoin and cryptocurrencies are heavily volatile assets in terms of price so trade with caution.

Scams

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There are a lot of scams in the bitcoin and the cryptocurrency space due to the pseudonymous nature of most if not all cryptocurrencies. Always think twice when sending in money, typing in your login credentials on websites, and when responding to unsolicited messages.

We heavily suggest learning about bitcoin & cryptocurrency scams to prevent yourself from falling for them.

Some links


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