Three quick things you might want to know right away:
- There is a newbie faq on the bitcoin subreddit. You might want to check it out.
- You can buy a fraction of a bitcoin. You don't have to buy it whole. 1 bitcoin right now costs 725,000 pesos. If you have 7250 you want to invest, you can own 0.01 bitcoin.
- Bitcoin is just one kind of cryptocurrency. There are other cryptocurrencies - many other types of coins - aside from bitcoin. Theres Ethereum, IOTA, Ripple, Litecoin, NEO, and many, many others. Kung anong kinaiba nila sa isa't isa, di ko alam kung ano. Bitcoin lang kasi ang nag pioneer ng underlying technology ng cryptocurrency kung kaya siya ang pinakamahal at pinakakilala.
I'm not an expert, but I'll share what I know or have observed: (1) Too late na ba mag-invest sa bitcoin?
When bitcoin hit $100, $1000, and $10000, people were also asking that same question. So the answer is: No one knows. For all we know, pwedeng biglang mag-crash nalang bukas ang bitcoin at di na makabawi. Pwede din tumuloy-tuloy siya hanggang $100,000. Your guess is as good as mine. (2) How does bitcoin work?
I don't know the nitty gritty, but this
was a helpful analogy for a high-level understanding of the concept.
A lot of people say that if you don't understand it, don't invest in it. On the other hand, if the price goes up and I get out before the price goes down, then I made a profit, so I don't have to understand it. Ako, personally, I consider dabbling in cryptocurrencies as an experiment. Gusto ko masabayan kung saan papunta yung technology and I also want to make a profit in the process. (3) Is bitcoin legal? Me tax ba to?
IANAL, but AFAIK bitcoin is not illegal. Sa alam ko, walang tax to. You can look at bitcoin two ways:
- Parang nagconvert ka lang ng PHP to USD and vice versa tapos lumaki yung pera mo dahil sa conversion rate.
- Parang nag-invest ka lang sa mutual funds tapos tumubo yung pera mo dahil tumaas yung stocks.
Alam ko in both cases hindi mo kailangan mag-bayad ng tax. If someone knows more about this, please share.
*edit: Apparently, Mutual Funds are taxed but value is reflected to NAVPS. There is also taxes in redemption which I think is 12% VAT in redemption fee between you and the MF company.
Also, someone else mentioned the question of whether or not bitcoin profits should be considered as capital gains* (4) DON'T INVEST WHAT YOU CAN'T AFFORD TO LOSE
I cannot stress that enough. Wag kayong mag-all in sa bitcoin. Wag niyong i-sacrifice yung mga essential niyo na gastusin sa araw araw, yung mga utang na kailangan niyong bayaran, buoin niyo muna yung emergency funds ninyo, at mag-invest muna kayo sa mas stable na investment (i.e. - MF, UITF) bago niyo paglaruan ang bitcoin.
Bitcoin and cryptocurrency as an investment is very volatile. On any given day, you can gain twice or lose half of your money. At dahil bago palang at di subok yung technology, pwedeng may mga vulnerabilities pa eto na pwede i-exploit ng hackers/scammers.
Wag niyong isugal kung di niyo kayang mawala. Parang pag-ibig lang. (5) How do I get started with bitcoin in the PH?
The two entry points I hear the most often are: coins.ph and Abra. I've only tried coins.ph. This is what you can do:
- Go to their website (coins.ph) and sign up for an account.
- You have to verify your email first if you want to get anything done.
- After verifying your email, you are on Level 1 verification. This means that you can only credit 2000 pesos to your coins.ph peso wallet per day and you cannot cash out at all.
- To get to higher verification levels with bigger limits, you'll need:
- Level 2 - phone, identification (govt ID), and selfie (your picture holding the govt ID you entered)
- Level 3 - address verification (no idea how this works)
- Business - business verification (no idea how this works)
- After verification, you can credit pesos to your peso wallet in a lot of ways. Easiest, instant credit way is via 7-11's eConnect payment facility. Max is 20,000 pesos per transaction. There is also a 2% service fee. Yes, this means that you will walk up to the cashier in your suking 7-11 with a 20,400 peso cash payment if you want to do the max transaction. They might get shooked.
- Once your "load" is credited to your coins.ph peso wallet, converting it to bitcoin is done with a simple swipe in the app. Goodbye pesos. Hello bitcoin.
Do note that a lot of people consider the rates of coins.ph to be too high and there are better options. Please do your research if this matters significantly to you. (6) Ano yung mining?
Not into mining. Ang alam ko lang ay may kinalaman to sa kung paano nakadesign ang cryptocurrency, at hindi lang bitcoin ang pwede i-mine. Basically, kailangan mo ng computer na sobrang lakas para gumawa ng madaming computations, para makakuha ng coins. Pero maliit at mabagal lang yung ROI mo dito kung sakali. Tipong madaming buwan bago mo mabawi yung ginastos mo para sa mining rig + sangkatutak na kuryente na kailangan nito. Di ko na pinatulan tong mining. NOTE: Just to show how unstable this whole cryptocurrency thing is, just today, a popular mining marketplace called NiceHash went down, and along with it, over $60M dollars worth of coins. Some say it got hacked, some say tinangay nung site owner yung pera. (7) Paano mag-trade?
Pag sinabing trading, eto yung buying and selling of different cryptocurrencies. Para magawa mo to, kailangan mong mag-sign up sa isang exchange at ilipat yung coins mo dun. Halimbawa ng mga cryptocurrency trading exchanges: bittrex, bitfinex, coinbase, poloniex, etc. Otherwise, ang concept niya ay parang trading lang idn sa stock market. NOTE: Wag ka magtrade kung di mo alam ang ginagawa mo at di mo kayang isugal yung pera mo on top of yung sugal ng pagi-invest sa bitcoin. Madaming nasusunugan ng pera sa trading. Pinaglaruan ko to sandali at malaki pa ang lugi ko na di ko pa nababawi. I should have around +35% of the money I have now if I didn't trade. So try trading at your own risk. It can make or break your cryptocurrency experience. (8) As much as possible, use a hardware wallet
Just so you know, this is supposedly the most efficient way to secure your coins. Personally, I haven't gotten a hardware wallet yet. I use Bread wallet, which is an open-source software wallet. Sabi naman ng madami secure daw ang Bread. I keep all of my bitcoin in Bread, except for the bitcoin I play around with for trading. If you have 1 or more full bitcoin, you might want to get a hardware wallet though. (9) Cashing Out
If we still use coins.ph as an example, they have multiple cash out options (cebuana lhullier, mlhullier, security bank, etc). So you can convert your bitcoin back to php and when it's in your php wallet, you can cash it out.
- Your cash out limits are restricted based on your verification level in coins.ph
- Converting bitcoin to php will get counted against your cash in limits
- Hindi ko pa nasusubukan mag cash out so take all this with a grain of salt!
Also, someone mentioned buybitcoin.ph as a cash out option Ano pa ba? Ask and share your cryptocurrency questions, stories, tips, and tricks.
Whatever you want to use it for, the Pag-IBIG Housing Loan is an affordable way to own a home. Here’s a complete list of Pag-IBIG housing loan requirements, plus tips on increasing your chances of getting it approved. Pag-IBIG housing loan application requirements. Below are the standard requirements for a Pag-IBIG housing loan. Bitcoin and cryptocurrency as an investment is very volatile. On any given day, you can gain twice or lose half of your money. At dahil bago palang at di subok yung technology, pwedeng may mga vulnerabilities pa eto na pwede i-exploit ng hackers/scammers. Wag niyong isugal kung di niyo kayang mawala. Parang pag-ibig lang. How to apply for PhilSys National ID. For the general public, the steps for PhilSys ID registration are: Step 1: Go to the nearest PhilSys registration center. PSA regional and provincial offices; Local civil registry offices (located in your city/municipal hall) GSIS, SSS, PhilHealth, and HDMF/Pag-IBIG Fund branches; COMELEC How to find Pag-IBIG acquired assets. You can visit your nearest Pag-IBIG office and request for a list of foreclosed properties from their Marketing and Sales-Acquired Assets Management Group there. Alternatively, you can also check their listings via the official Pag-IBIG Fund website. PHILIPPINES: COINS.PH Coins.ph is the easiest way to send money, buy load, pay bills, buy game credits and buy bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP)- no bank account or credit card needed. NEW: Instantly buy credits for HOOQ, iflix, Viu and more from your Coins app! Ch…
Fully verified dapat ang coins.ph nyo madami gamit na apps 1.pambayad ng bills meralco,water bills 2.reloading station 3.remittance 4.pamabayad gaya ng pag ibig,sss,nbi 5.pde gamitin s trading ... HOW TO EARN 80,000 PESOS FROM PAG IBIG MP2 - Duration: 12:56. ... how to confirm btc ( bitcoin ) unconfirmed transaction ! 100% working ! mlm nitin - Duration: 6:11. Paano Kumita ng Dividends ang inyong Pag-IBIG MP2 Savings? - Duration: 8:33. OFW Power 114,878 views. 8:33. Below are the standard requirements for a Pag-IBIG housing loan. 1. Two copies of accomplished Pag-IBIG housing loan application form ... One back-to-back photocopy of a government issued ID of ... Pag ibig Savings Online Payment System - Duration: 2:42. Filprimehomes - House and Lot, Condo for Sale Mega Manila, Philippines Recommended for you