Bitcoin provides a great way to receive payments from other people (e.g. clients and customers abroad) because it allows you to get paid and cash out into Pesos immediately, without having to go through any complicated signup processes or paying excessive fees.
Here's what to do:
1) Give your wallet address
Once you give your wallet address to the person who wants to send you Bitcoin, that person can then make a wallet-to-wallet bitcoin transfer directly from their own wallet, into yours.
Don't have a wallet yet?
Easy! Every coins.ph account comes with its own wallet address. Just sign up for an account and you'll be ready to receive Bitcoin right away.
Alternatively, you can open a wallet account with a third-party service such as Blockchain.info, Hive, Multibit, etc. To learn more about how wallets work, click here.
Not sure where to find your wallet address?
If you are using your coins.ph wallet to receive the bitcoin, you can find your wallet address by clicking the [Receive Bitcoin] button, found on the lefthand navigation panel of your coins.ph dashboard.
2) Receive your bitcoin
To confirm that you've received the bitcoin, check the transaction history of your wallet account.
If you are using your coins.ph wallet, you can find this by going to https://coins.ph/wallet and viewing your list of incoming and outgoing transactions.
You can also use a blockchain browser service such as Blockchain.info and Blockexplorer. These services are free and very easy to use.
When using Blockchain.info, all you need to do is type "https://blockchain.info/address/" then add your wallet address at the end.
For example, if your wallet address is 1LqZDLCSdSSvv6SMtz15WoYeTQyN3DEn7A, just type: "https://blockchain.info/address/1LqZDLCSdSSvv6SMtz15WoYeTQyN3DEn7A" and you will be able to view all incoming and outgoing transactions coming in and out of your wallet.
Look for a green arrow like this:
3) Use your bitcoin!
After you've received your Bitcoin payment, you can do one or all of the following:
- turn your Bitcoin into cash by placing a sell order
- send your Bitcoin to someone else
- buy something with Bitcoin online