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[How to/Discussion] Bitcoin, Cryptocurrency,, and legal implications in the PH

Three quick things you might want to know right away:
I'm not an expert, but I'll share what I know or have observed:
(1) Too late na ba mag-invest sa bitcoin?
When bitcoin hit $100, $1000, and $10000, people were also asking that same question. So the answer is: No one knows. For all we know, pwedeng biglang mag-crash nalang bukas ang bitcoin at di na makabawi. Pwede din tumuloy-tuloy siya hanggang $100,000. Your guess is as good as mine.
(2) How does bitcoin work?
I don't know the nitty gritty, but this was a helpful analogy for a high-level understanding of the concept.
A lot of people say that if you don't understand it, don't invest in it. On the other hand, if the price goes up and I get out before the price goes down, then I made a profit, so I don't have to understand it. Ako, personally, I consider dabbling in cryptocurrencies as an experiment. Gusto ko masabayan kung saan papunta yung technology and I also want to make a profit in the process.
(3) Is bitcoin legal? Me tax ba to?
IANAL, but AFAIK bitcoin is not illegal. Sa alam ko, walang tax to. You can look at bitcoin two ways:
Alam ko in both cases hindi mo kailangan mag-bayad ng tax. If someone knows more about this, please share.
*edit: Apparently, Mutual Funds are taxed but value is reflected to NAVPS. There is also taxes in redemption which I think is 12% VAT in redemption fee between you and the MF company.
Also, someone else mentioned the question of whether or not bitcoin profits should be considered as capital gains*
I cannot stress that enough. Wag kayong mag-all in sa bitcoin. Wag niyong i-sacrifice yung mga essential niyo na gastusin sa araw araw, yung mga utang na kailangan niyong bayaran, buoin niyo muna yung emergency funds ninyo, at mag-invest muna kayo sa mas stable na investment (i.e. - MF, UITF) bago niyo paglaruan ang bitcoin.
Bitcoin and cryptocurrency as an investment is very volatile. On any given day, you can gain twice or lose half of your money. At dahil bago palang at di subok yung technology, pwedeng may mga vulnerabilities pa eto na pwede i-exploit ng hackers/scammers.
Wag niyong isugal kung di niyo kayang mawala. Parang pag-ibig lang.
(5) How do I get started with bitcoin in the PH?
The two entry points I hear the most often are: and Abra. I've only tried This is what you can do:
Do note that a lot of people consider the rates of to be too high and there are better options. Please do your research if this matters significantly to you.
(6) Ano yung mining?
Not into mining. Ang alam ko lang ay may kinalaman to sa kung paano nakadesign ang cryptocurrency, at hindi lang bitcoin ang pwede i-mine. Basically, kailangan mo ng computer na sobrang lakas para gumawa ng madaming computations, para makakuha ng coins. Pero maliit at mabagal lang yung ROI mo dito kung sakali. Tipong madaming buwan bago mo mabawi yung ginastos mo para sa mining rig + sangkatutak na kuryente na kailangan nito. Di ko na pinatulan tong mining.
NOTE: Just to show how unstable this whole cryptocurrency thing is, just today, a popular mining marketplace called NiceHash went down, and along with it, over $60M dollars worth of coins. Some say it got hacked, some say tinangay nung site owner yung pera.
(7) Paano mag-trade?
Pag sinabing trading, eto yung buying and selling of different cryptocurrencies. Para magawa mo to, kailangan mong mag-sign up sa isang exchange at ilipat yung coins mo dun. Halimbawa ng mga cryptocurrency trading exchanges: bittrex, bitfinex, coinbase, poloniex, etc. Otherwise, ang concept niya ay parang trading lang idn sa stock market.
NOTE: Wag ka magtrade kung di mo alam ang ginagawa mo at di mo kayang isugal yung pera mo on top of yung sugal ng pagi-invest sa bitcoin. Madaming nasusunugan ng pera sa trading. Pinaglaruan ko to sandali at malaki pa ang lugi ko na di ko pa nababawi. I should have around +35% of the money I have now if I didn't trade. So try trading at your own risk. It can make or break your cryptocurrency experience.
(8) As much as possible, use a hardware wallet
Just so you know, this is supposedly the most efficient way to secure your coins. Personally, I haven't gotten a hardware wallet yet. I use Bread wallet, which is an open-source software wallet. Sabi naman ng madami secure daw ang Bread. I keep all of my bitcoin in Bread, except for the bitcoin I play around with for trading. If you have 1 or more full bitcoin, you might want to get a hardware wallet though.
(9) Cashing Out
If we still use as an example, they have multiple cash out options (cebuana lhullier, mlhullier, security bank, etc). So you can convert your bitcoin back to php and when it's in your php wallet, you can cash it out.
Note though:
Also, someone mentioned as a cash out option
Ano pa ba? Ask and share your cryptocurrency questions, stories, tips, and tricks.
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If you’re working in the private sector, chances are you’re more than well-versed on how contributions work. Contributions whether in the Social Security System (SSS), PhilHealth, and Pag-IBIG HDMF. In this context, we’ll just focus on the SSS. In addition to that, contributions are directly paid and taken care of by your employer. Virtual Pag-IBIG is an online government agency service that allows you to do Pag-IBIG Fund transactions through their platform 24/7. It’s responsive to desk and laptops, and even mobile devices so you can look for information, apply for loans, and other Pag-IBIG tasks quickly and conveniently. Whatever you want to use it for, the Pag-IBIG Housing Loan is an affordable way to own a home. Here’s a complete list of Pag-IBIG housing loan requirements, plus tips on increasing your chances of getting it approved. Pag-IBIG housing loan application requirements. Below are the standard requirements for a Pag-IBIG housing loan. Pag-IBIG Fund Hotline: 724.4244 If you have worked in different companies in different location, most probably your Pag-IBIG contributions and records aren't consolidated yet. What you can do is go to Pag-IBIG Fund's office where you're present company is remitting your contributions. Paying Pag-Ibig Amortization via Metrobank Direct The birth of the Home Development Mutual Fund (HDMF), more popularly known as the Pag-IBIG Fund, was an answer to the need for a national savings program and an affordable shelter financing for the Filipino worker.

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