Cryptocurrency has been receiving much attention the past months here in the Philippines.
Its unbelievable growth last quarter of 2017 is something that is simply quite hard to ignore. Facebook and Telegram groups for Filipino crypto-enthusiasts has been growing in numbers too, not to mention steem new user sign-ups.
Despite this, the options to convert crypto to fiat is very minimal, using coinsph as the most popular one most likely because of its ease of use, or via Abra and Buybitcoin. Another option is peer to peer transaction, one just have to exercise outmost caution in choosing whom to transact with.
There is one other option- buy or sell BTC via Bitcoin ATM. As of writing, few machines are in existence here, 7 in total located in various major cities.
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There is one in Sunette Towers in Makati which is open 24/7.
I have not personaly tried using this, but a friend has shared his recent experience in withdrawing funds via the ATM.
What You Need Prepared
You would need to access your bitcoin wallet to do the transfer, and these are essential to be able to do so:
- Mobile device
- Internet connection
- Keys to access wallet
- Mobile phone with an active number.
If you have this ready, then you're good to go!
How to Withdraw
Enter the amount in you want to withdraw. The machine would show the BTC value to send to a specific address.
Example:
Send 0.01 BTC to addresss 1PLydMrf....A redemption number on paper will be provided, make sure to keep this as it is essential in completing the transaction.
Deposit BTC to the address given. Qrcode will be provided also, best to use this to avoid typographical errors.
Once sent, wait for 1/3 confirmations.
If confirmation has been done for the transaction, go back to the machine and enter the redemption number. If transfer is successful, it will then allow you to withdraw in fiat.
Important Notes
- Maximum transaction is Php 100,000 at a time.
- Exchange rates are a bit high
- Identification and confirmation of withdrawal via SMS is needed.
And there you go. Easy peasy? This is something I might try soon, mainly for the experience, and I'm sure happy that I would feel better prepared when I do my first BTC ATM transaction!
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