The Philippines has seen a remarkable surge in cryptocurrency users these last few years. Since mas madaming challenges ang fiat currency and bank transactions when it’s used personally or ng mga businesses, the crypto market has caught the attention of more and more Filipinos by the day.
With the growing trend of investing sa crypto, may malaking demand for an efficient and reliable crypto wallet that can function as a storage and primary facilitator para sa mga transactions. Find the optimal wallet for your every need as a crypto user, including keeping your investment safe and secure when you read this article by BC.GAME.
What cryptocurrency is used in the Philippines?
Cryptocurrencies in the Philippines are used for various purposes dito, such as purchases of goods and services. Here are the most popular digital assets used ng mga Filipinos:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Litecoin (LTC)
- Ripple (XRP)
- Uniswap (UNI).
What is a crypto wallet?
It is a digital wallet that comes in the form of a physical device or a software application that allows people na magtago, send, and maka-receive ng cryptocurrencies. This tool works similarly to a traditional wallet but is designed to hold digital currencies like Bitcoin, Tether, and Ethereum. Crypto wallets have private keys that will give you access to the storage and your assets. Think of them as mga pin codes na ginagamit mo for your bank accounts.
The popularity of crypto wallets has grown significantly as new investors keep rising as they seek to invest in the best digital assets in the blockchain. This shows promise to the industry kasi this indicates a broader crypto acceptance for various purposes.
Types of crypto wallet in the Philippines
A crypto wallet Philippines can come in various forms that offer unique features, levels of security, and convenience. Here are the two main types of wallets you should know of:
This type comes in the form of a software-based wallet connected to the internet. They offer accessibility sa mga apps and web-based platforms. The private keys are stored on devices connected to the internet ranging from computers to smartphones.
People within the crypto space see the value of hot wallets, pero may mga downsides pa din ito sa mga transactions and security because of possible hacks. To combat that, hot wallets utilise encryption technology and two-factor authentication for enhanced security. Hot wallets come in different forms, these are:
Web-based wallets or online wallets are those you can only access gamit ang preferred web browser mo. They are from third-party services, while private keys are stored on the wallet provider’s servers. May mga concerns about sa security ng wallets na ‘to kasi online lang siya lagi, meaning they might get located by hackers equipped with malware.
However, web wallets use secure private key management and encryption technology that protects sensitive data, such as the user’s login credentials. In short, your information is safe even if the wallet is stored online. If you’re looking for popular web wallet platforms na pwede mong gamitin, you can try MyEtherWallet and MetaMask.
This type is downloaded to your desktop or laptop. You can download the application or the entire blockchain, which gives the user absolute control and access to their assets. This is in contrast to web wallets that require an internet connection, kasi mas reduced ang risk for online attacks kapag gamit mo ang desktop wallet.
Security is crucial for a desktop wallet so they’re not exposed to online vulnerabilities since the assets are stored locally. The best examples of this type include top-tier options such as Exodus, Atomic Wallet, and Electrum.
A mobile wallet is the most popular type among the aforementioned ones since users can store crypto using mobile devices such as smartphones and tablets. It provides convenience as people can use their crypto on the go in transactions by scanning QR codes.
Mobile wallets differ in allowing users to retain control over their private keys, while the others rely on custodial services to be more convenient. They also implement security measures such as biometric authentication and allow storage of multiple digital currencies. The best examples of mobile wallets are Rainbow, Trust Wallet, Exodus, and Metamask.
Also known as hardware or offline wallets, the cold storage/cold wallet is a physical device designed to store and manage crypto without the internet. The major advantage of this type is enhanced security as users have to manually transfer their transaction data to an online platform and then to the blockchain.
The following are the variations of cold wallets:
These are small devices na makaka-help secure your private keys and you can use them para sa mga transactions mo. Hardware wallets produce and store all those private keys within the device, all without needing to connect to the internet.
The device has a screen and buttons that help you identify whether your private keys are protected. Ito ay one of the safest options for crypto, with hardware wallets including KeepKey, the Ledger Nano series, and Trezor.
This type is printed or its public keys are written down. This will help you ensure the keys are stored offline and makaka-avoid ka ng potential hacks. You can make paper wallets with dedicated offline software or websites, just make sure you have a place to store the wallets, so you won’t lose them.
Factors to consider in choosing a crypto wallet
A crypto wallet is your gateway in the world of digital currencies which is why kailangan mong malaman ang iba’t ibang factors to consider when choosing a good one. Aside from solid convenience and fantastic user experience, ito ang mga factors that you need to check before settling on a wallet:
Ang top priority mo dapat when choosing a crypto wallet is its security to protect your assets. Since crypto operates on decentralised blockchain networks, there’s no central authority to run to in case of lost or stolen funds. Users themselves are solely responsible for the security of their funds.
The security measures that most wallets have ay two-factor authentication, passcode protection, at private key management. These factors are security infrastructure that one must look into to prevent security breaches and hacks.
Available supported cryptocurrencies
Depending on which crypto coin you want to invest in, you need to look at the wallets you can use. This is the deciding factor for choosing a wallet because some might not offer the specific crypto you want to buy or keep.
Different wallets have all kinds of levels of support for tokens. Check mo muna ang compatibility nito with certain cryptocurrencies to the wallet you chose because it can be a deal-breaker to some.
Before you choose a wallet, you need to check its reputation. You can check out reviews that can help you identify a wallet’s pain points and strengths. By looking into a wallet’s track record in terms of security, reliability, and convenience, makakatulong ito sa’yo to reduce the possibility of falling for fraudulent schemes that can lead to the loss of funds.
Since a crypto wallet is crucial in storing your cryptocurrencies and private keys, it should also be useful for backing up important data. The most common reason why having secure backups is needed is because the wallet might get lost or corrupted. With the backup, you can still recover your funds without issues.
There are two kinds of backups for crypto wallets which are:
- Manual backups: This involves taking personal responsibility for protecting your wallet’s information like private keys, seed phrases, and wallet files. Create physical or digital copies of those details and place them in secure locations.
- Cloud backups: This involves using a third-party service provider to store all your encrypted wallet data. This helps you get high-level security measures to protect your information.
Popular crypto wallets: Which crypto wallet is best in Philippines?
If you’re looking for the best crypto wallet in Philippines, ito ang mga top contenders that can suit your preference and ensures secure and seamless transactions:
This is a Philippines-based company founded in 2014 that helps facilitate money transfers using the blockchain. Some Filipinos know this platform as the best crypto trading platform Philippines kasi it’s easy to access. By joining this platform, madali mo nang magagamit ang services they offer at mga financial features similar to top online banking apps.
Coins.ph has services like bill payments, bank deposits, or sending prepaid load to your smartphone. At the same time, you can use it for your cryptocurrency storage and transactions because it is seen as the best Bitcoin wallet in Philippines. It mostly functions as a mobile wallet, so if you want to trade digital currencies, use Coin.ph’s Coins Pro to get started.
Metamask is an extension you can download as a browser extension or plugin. This wallet is used for Ethereum and other ERC-20 tokens. You can get superb user security and anonymity with Metamask, making it a good choice for anyone dealing with Ethereum.
It is compatible with the Ethereum ecosystem, making it the go-to option for those using decentralised apps. In terms of accessibility, people can either use it with their desktop or take it on the go with the mobile app. They have to take note that this is not usable for Bitcoin, so use this if you plan on investing in Ethereum.
eToro is a regulated and licenced platform for crypto and other assets. They have launched a wallet called eToro Money where people can easily use assets for purchases and store cryptocurrencies while receiving and sending tokens.
The user will have an unlosable private key that can help them recover access to the crypto wallet when necessary. eToro Money also has an on-chain address which helps users access the assets.
This is an open-source wallet where Bitcoin is the only cryptocurrency you can store. It is used across multiple devices like your computer and smartphone. Electrum is also beginner-friendly, where users can send and receive BTC while creating invoices and encrypting messages, among other features.
Electrum’s open-source nature makes it more available to the public. Those who know how to code can check Electrum’s backend and help find potential errors or weaknesses. That can inform the primary team behind the wallet to update the code and improve their service for users.
Trezor Model T
This hardware wallet can protect your crypto using cold storage as the only way to access that is by connecting the Trezor to your computer or mobile devices through a USB connection. The Trezor Suite app helps facilitate your assets and this wallet to purchase and trade cryptocurrencies.
Model T also has a touchscreen display making it easier to type on. Two buttons help you cycle through number options to enter your PIN code to access your assets. You can store both your cryptocurrencies and non-fungible tokens (NFTs) in this hardware wallet.
Pros and cons of using crypto wallets
Crypto wallets play a vital role in cryptocurrency management, however, there are advantages and disadvantages that users must take note of. Find out more about them here:
Advantages of crypto wallets
Maraming advantages ang crypto wallets, with some not knowing what they are before creating their own wallets. Since you need to know the best crypto wallet app Philippines, make sure na before you do that, you know the advantages na kailangan mong makita bago ka gumawa ng crypto wallet, as you can see below:
- Financial inclusion – By providing a secure financial service for people within the crypto market, people who want to be part of the market get introduced to an inclusive environment with the crypto market and all of its assets.
- Low transaction costs – Blockchain technology helps reduce the need for middlemen and minimises transaction costs present in traditional banking systems. This makes using cryptocurrencies and wallets more affordable to those with limited assets.
- Accessibility – Mobile crypto wallets are easy to install with just a few clicks, and using them is pretty straightforward. This makes getting into the crypto space easier than ever before because people will rely on the wallet to provide the best service possible to make it further with crypto investments and transactions.
- A long-term investment – Crypto assets are projected to last for a long time with their digital nature. Innovation continues in the tech world, and cryptocurrencies are still at the forefront. The value will continue to rise for crypto tokens, and investing now will only make it balloon as you go further.
- Secure transactions – Compared to your transactions using fiat or banks, crypto wallet transfers will not get caught by hackers and compromised. With a crypto wallet, you can rest assured that your assets are safe behind layers of security.
Disadvantages of crypto wallets
Despite the convenience and features that crypto wallets provide to users, there are certain challenges that every user must be aware of:
- Lack of infrastructure – The crypto ecosystem is still growing, which can look like the infrastructure for crypto wallets to be lacking. Only a few wallets are supported by regulatory frameworks, which can harm some users because they might miss out on specific features like more payment gateways and more adoption of cryptocurrencies.
- Exchange rate risks – The value of cryptocurrencies is volatile, which can lead to people souring on their value. They might want to exchange their tokens for fiat, whose value might go up and down depending on the day. A reminder that you should sell when the value is high because it might suddenly drop.
- Cybersecurity issues – Most crypto wallets have to be online and while they are doing their best to protect users and their assets, they are still susceptible to cyber-attacks from talented hackers.
- Lack of awareness – Some people are still unaware of cryptocurrencies and wallets. There is still superb growth for wallets, but getting to a more mainstream audience and building awareness improves the crypto market tenfold.
Capitalise on your crypto wallets at BC.GAME
Crypto wallets play a vital role in various industries and activities, like playing games in an online casino. Whether you’re a newbie or a seasoned investor, you should always keep the important factors in choosing the best wallet in mind to protect your funds.
If you’re venturing into the realm of crypto casinos, BC.GAME stands as one of the best platforms in the industry. Aside from providing a top-notch gaming experience and rewarding VIP benefits, the site utilises cryptocurrencies for seamless transactions. Have a great time in the world of crypto as you enjoy your journey here at BC.GAME.
Frequently asked questions
Here are the most commonly asked questions to anyone using a crypto wallet:
What is the best exchange to buy crypto in the Philippines?
Coins.ph is a favourite as the best crypto exchange Philippines offers, especially since it is familiar to most people in the Philippines’ crypto community. At the same time, you can still buy from the most popular exchanges like Binance, Coinbase, Bybit, and KuCoin.
What crypto wallets can I use in the Philippines?
You have access to options of the best wallet for cryptocurrency Philippines available online. Here are a few of the wallets you can use:
- Trezor hardware wallets