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HOW A BITCOIN TRANSACTION WORKS IN PH?

In contrast to banking, a bitcoin transaction is simpler. To send bitcoin, you need a bitcoin wallet, which lets you store bitcoin, send bitcoin, or receive bitcoin. You also need your recipient’s bitcoin wallet address.

If you find bitcoin confusing, you’re not alone. Many Filipinos also want to know what bitcoin is, where to buy bitcoin, and how it works. While the mechanics behind bitcoin are pretty complex, it can be used just like you would any traditional currency like the Philippine peso.

Bitcoin, just like standard money, is a medium of exchange. It has value, can be converted to pesos, and can be used to purchase goods and services from merchants. Bitcoin is not controlled by a single government or organization, though companies that operate bitcoin services are regulated in the Philippines by the Bangko Sentral.

To get a general understanding of how bitcoin works, it helps to compare it against a bank transaction.

HOW BANKS SEND MONEY TO EACH OTHER

Now let’s say you’re working in Singapore and want to send money to your parents in the Philippines. The infographic illustrates how a typical international wire transfer would look like when you’re sending money from your Singapore bank to a Philippine-based bank.

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