MANILA, Philippines – Philippine Bitcoin enthusiasts will be pleased to know that a Philippine Bitcoin exchange, BuyBitcoin.ph, is now available for use.
The site lets users buy and sell Bitcoins – a form of decentralized digital currency – and appears to be positioning itself as an alternative remittance service.
Overseas Filipino Workers (OFWs) can use the exchange to do faster conversions of money, turning bitcoins into cash that can be picked up by relatives in the Philippines. (READ: What do bitcoin and remittances have in common?)
To do this, users can sell Bitcoins on the service. The sell order lets you 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.
According to TechInAsia, BuyBitcoin.ph co-founder Lasse Olesen said cash payments were currently the most secure channel.
He added that the exchange is planning to add additional payment avenues, including online transfers, this year. – Rappler.com