As a crypto-currency, Bitcoin is becoming more and more popular all over the world. In fact, there are now a number of businesses that accept Bitcoin as payment. If you’re based in the Philippines and looking to get into the Bitcoin market, then you’ll need to find a good wallet to store your coins. In this review, we’ll go over the top 5 bitcoin wallets in the Philippines.
What exactly is Bitcoin in the Philippines?
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
How do I get a Bitcoin wallet in the Philippines?
In order to get a Bitcoin wallet in the Philippines, you first need to find a reputable exchange that supports Filipino Pesos (PHP). Once you’ve found an exchange, you can create an account and deposit PHP into your account. Once you have PHP in your account, you can then trade it for Bitcoin.
But, you’re not going to want to keep your Bitcoin on an exchange. Exchanges are susceptible to hacks and you’re not the only one with access to your coins. This is why you need a Bitcoin wallet. A Bitcoin wallet is a software program where Bitcoins are stored. Wallets are either offline or online. Offline wallets, also known as cold storage, are considered to be more secure because they’re not connected to the internet. Online wallets, on the other hand, are considered to be less secure because they’re constantly connected to the internet.
A 2022 List of the Best Bitcoin Wallets Used in the Philippines
Ledger nano X
Ledger nano X is a hardware wallet that supports over 1,100 cryptocurrencies. The device connects to your smartphone or computer and has a built-in display so that you can easily verify your transactions. Ledger nano X also has a companion app that allows you to manage your coins, create and manage wallets, and exchange cryptocurrencies.
How Does Ledger Nano X work?
Like other hardware wallets, Ledger nano X stores your private keys on the device itself. The device is PIN-protected and has a 24-word recovery phrase that you can use to recover your coins if your device is lost or stolen. Ledger nano X also supports multiple accounts and can be used with Ledger Live, which is a desktop application that allows you to manage your Ledger devices and cryptocurrencies.
Pros and Cons of Using Ledger Nano X
Pros:
– Supports a large number of cryptocurrencies
– Easy to use
– PIN-protected
– Has a recovery phrase
Cons:
– Can be expensive
– Requires a Ledger Live account to use
Trezor Model T
Trezor Model T is a hardware wallet that supports over 1,000 cryptocurrencies. TREZOR T is a hardware wallet equipped with a touchscreen that allows you to store cryptocurrencies offline. If you are in the phillipines, you can use this to easily buy, sell and store your Bitcoin.
How does Trezor Model T work?
Trezor Model T is a non-custodial wallet. This means that you are the only one who has access to your private keys and that Trezor cannot access your coins. In order to use Trezor Model T, you need to connect it to a computer or smartphone. Once connected, you can use the touchscreen to confirm transactions and access your cryptocurrency wallets. Its best feature is its built-in display that allows you to confirm each transaction with a single tap. This also makes Trezor Model T one of the most user-friendly wallets on the market.
Pros and Cons of Using Trezor Model T
Pros:
– Supports a large number of cryptocurrencies
– Has a built-in display
– Easy to use
Cons:
– Can be expensive
– Requires a connection to a computer or smartphone
Coinbase Wallet
Coinbase Wallet is an online wallet that supports Bitcoin, Ethereum, Litecoin, and other major cryptocurrencies. Coinbase is one of the most popular cryptocurrency exchanges and allows you to buy, sell, and store your coins on their platform. Coinbase also has a companion app that allows you to manage your coins, create and manage wallets, and exchange cryptocurrencies.
Coinbase Wallet is a non-custodial wallet. This means that you are the only one with access to your private keys and that Coinbase cannot access your coins. To use Coinbase Wallet, you only need internet access on a mobile phone. This contrasts with hardware wallets that need to be connected to a computer.
Coinbase Wallet also has a built-in exchange that allows you to easily buy, sell, and store your coins on the platform. Unlike Ledger nano X and Trezor, the Coinbase bitcoin wallet is a software wallet. This means that your private keys are stored on your computer or smartphone. While this makes Coinbase Wallet less secure than hardware wallets, it is also more convenient to use.
Pros and Cons of Using Coinbase Wallet
Pros:
-Convenient and easy to use
– Has a built-in exchange
– Supports a large number of cryptocurrencies
Cons:
– Less secure than hardware wallets
Trust Wallet
The Trust Wallet is an online wallet that supports Bitcoin, Ethereum, Litecoin, and other major cryptocurrencies. Trust Wallet is the official mobile wallet of Binance. It allows you to store your coins, including bitcoin. This crypto wallet is compatible with most cryptocurrencies, including ERC20, BEP2, and TRX10 tokens. Trust Wallet was built for convenience, allowing users to accumulate, send, receive, and stake over 1 million cryptocurrencies and non-fungible tokens. If you are in the Philippines, you can use Trust Wallet to buy or sell Bitcoin.
One of the best features of Trust Wallet is its built-in security features. These include two-factor authentication, a biometric lock, and a host of other security measures. However, since trust wallet only stores and swaps crypto, you will not be able to withdraw your crypto directly to your bank account as fiat.
To convert your crypto to fiat, you need to swap the crypto for Bitcoin or Ethereum on Trust Wallet. Afterward, send the Bitcoin or Ethereum to a crypto exchange that allows you to cash out your cryptocurrencies. Once you have sold your cryptocurrencies, you can withdraw the fiat currency from the crypto exchange to your bank account.
Pros and Cons of Using Trust Wallet
Pros:
– Beginner-friendly
-Free to use and download
-supports a large number of cryptocurrencies
– has built-in security features
Cons:
– you cannot withdraw crypto directly to your bank account as fiat
Exodus Wallet
The Exodus wallet is a software wallet that supports Bitcoin, Ethereum, Litecoin, and other major cryptocurrencies. The Exodus wallet is available on desktop and mobile devices. It is one of the most popular cryptocurrency wallets and has over 1 million users. The Exodus wallet is beginner-friendly and allows you to easily buy, sell, and store your coins on the platform.
One of the best features of Exodus Wallet is its built-in ShapeShift exchange. This allows you to convert your cryptocurrencies into other cryptocurrencies easily. However, since Exodus is a software wallet, your private keys are stored on your computer or smartphone. This makes Exodus Wallet less secure than hardware wallets.
Pros and Cons of Using Exodus Wallet
Pros:
– User-friendly platform
– Has a built-in ShapeShift exchange
– Supports a large number of cryptocurrencies
Cons:
– Less secure than hardware wallets
Factors to Look Out For With Bitcoin Wallets in the Philippines
So far, we have looked at the three best bitcoin wallets in the Philippines. But what factors should you look out for when choosing a bitcoin wallet in the Philippines? Here are some factors to consider:
Security
Security is one of the most important factors to consider when choosing a bitcoin wallet. You want to make sure that your private keys are stored in a secure place. If you are looking for a more secure option, then you should consider a hardware wallet.
Ease of Use
Another important factor to consider is how easy the wallet is to use. You want to make sure that you can easily buy, sell, and store your coins on the platform.
Supported Cryptocurrencies
When choosing a bitcoin wallet, you also want to ensure that it supports the cryptocurrencies you want to trade.
Customer Support
Finally, you also want to ensure that the wallet has good customer support in case of any problems.
Tips to Remember With Trading Bitcoin In The Philippines
Now that we have looked at the best bitcoin wallets in the Philippines, let’s also take a look at some tips to remember when trading bitcoin in the Philippines.
1. Do Your Own Research
One of the most important things to remember when trading bitcoin is to do your own research. You want to ensure you understand what you are doing before you invest any money.
2. Use a Reputable Exchange
Another important tip is to use a reputable exchange. There are many different exchanges available, so make sure to do your research to find one that is safe and trustworthy.
3. Be Careful With Your Private Keys
Finally, when trading bitcoin, you must be careful with your private keys. Make sure to store them in a secure place.
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