Do you get free bitcoin in your Maya app too? Here’s what you can do with it – Manila Bulletin

Although the money app has not made any formal announcement about this free Bitcoin giveaway and billboard, several users are getting curious. If you are one of those who received free Bitcoin on your Maya app, here is a quick background on this and what you can do with it.

Crypto explained

Cryptocurrencies are decentralized digital currencies that can be used to make transactions online. Traditional currencies like the Philippine peso are needed to buy cryptocurrencies like Bitcoin, and these currencies can then be used for online purchases or to make money. Crypto enthusiasts usually buy cryptocurrencies like Bitcoin, wait for their value to increase and sell them for a profit.

The crypto exchange has gained immense popularity, prompting the Bangko Sentral ng Pilipinas (BSP) to adopt a balanced approach – allowing the market to develop and then issue responsive regulations among entities that engage in activities that provide facilities for remittance or exchange of virtual assets. All these entities are required to secure a Virtual Asset Services Providers (VASP) licence.

The Maya app (formerly PayMaya) launched its Crypto feature in April 2022. The app allows users to buy, sell and hold cryptocurrencies for as little as 1 peso. It has a VASP license from the BSP, and Bitcoin is among the cryptocurrencies traded via the Maya Crypto feature.

What can you do with Bitcoin?

If you are one of the lucky recipients of free Bitcoin from Maya, you have the option to sell it right away, so you can immediately get money from it, which you can use as extra funds when paying your bills, buying cargo , shop for groceries, or even save at Maya Savings.

According to the Maya website, this is how you can sell Bitcoin in the app:

1. On the Maya home page, tap Crypto.
2. Tap Sell at the bottom of the screen, then select your desired cryptocurrency – in this case, Bitcoin.
3. Select a percentage value to sell a portion of your currently owned asset. You will see the corresponding PHP value based on an estimated market price. Then tap Next at the top right of the screen.
4. A Confirm Sale tab will appear. On this tab you will see the amount of cryptocurrency you will sell and the amount of PHP you will receive through this transaction. Once you are ok with the details, you can confirm the purchase and push to sell in the confirmation window.

You can also hold onto it, as most crypto enthusiasts do, and wait for its value to increase. You can choose to wait for weeks, months or even years to make a significant profit.

No matter how you want to spend your free Bitcoin, this is a great way to start your crypto journey. If you want to learn more about cryptocurrencies, Maya’s crypto feature has helpful guides on the Learn tab.

Several users have received free Bitcoin

Based on reports, several Maya app users are receiving free Bitcoin in their accounts even before these billboards have been discovered. Users wonder the reason behind these Bitcoins they received.