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How to buy EOS in the Philippines

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Fact checked

All about the EOS coin, and where to buy it.

“EOS” isn’t an acronym. It’s simply what the system is called. Some of the suggestions about what it could stand for are “EOS Operating System,” or “Ethereum On Steroids.”

The second interpretation is what’s attracting many traders. The Ethereum smart contract system has already proved itself, but it isn’t very user-friendly and has some scaling problems. Some people believe that by overcoming these, EOS will become the new Ethereum.

EOS is designed to be a much more scalable and easy-to-use version of Ethereum, but with a similar range of functionality. It aims to offer a blockchain network where anyone can participate safely and without any particular technical knowledge, while also offering a full range of advanced features where desired.

Its specific features include:

  • A user-friendly software interface for the platform
  • Horizontal and vertical scalability
  • Human-friendly features such as the ability to set delayed transactions
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy EOS in the Philippines

You can buy or trade for EOS at any of the following exchanges.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Coins.ph Bitcoin App
Bank transfer,Cash,CLIQQ Kiosk,DragonPay
PHP

1
cryptocurrency

Buy bitcoin via a service based in the Philippines with no bank account needed.
Bank transfer (ACH),Credit card,Bank transfer (SEPA), Faster Payments Service,Skrill
USD, EUR, GBP, RUB

23
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Use your USD, EUR or RUB to buy and sell cryptocurrency at competitive exchange rates and with high maximums for verified accounts.
Bank transfer (ACH),Cash,Credit card,Cryptocurrency,PayPal
AUD, USD, EUR, GBP, CAD, CNY & 120+ more

1
cryptocurrency

Trade fiat currency for bitcoin in person or online with this peer-to-peer exchange offering competitive fees and wide delivery options.
Credit card,Bank transfer (SEPA),SOFORT,SWIFT,Fedwire
USD, EUR, AUD, CAD, GBP, JPY

10
cryptocurrencies

Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
Credit card,Debit card
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Cash,Credit card,Cryptocurrency,PayPal,Western Union
DZD, XCD, ARS, AMD, AWG, AUD, AZN, BSD, BHD, BDT & 140+ more

1
cryptocurrency

Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than 300 other payment methods.
Credit card,Cryptocurrency,Debit card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

210
cryptocurrencies

Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Credit card,Cryptocurrency,Debit card,Bank transfer (via third party)
USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 23+ more

202
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
xCoins P2P Bitcoin Lending
Bank transfer,Credit card,Debit card,eCheck,PayPal
USD

1
cryptocurrency

Buy bitcoin instantly with credit card, PayPal or bank account on this peer-to-peer lending platform.
Indacoin Cryptocurrency Exchange
Credit card,Debit card
USD, EUR, RUB

158
cryptocurrencies

Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
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Wallets for EOS

Just as for any cryptocurrency, you’ll need a compatible wallet.

Currently EOS is still being handled on the Ethereum blockchain as an ERC-20 token, but the eventual plan is to migrate it onto its own network. You’ll be able to take all of your tokens with you when that happens.

Until the EOS network is live, any ERC-20 compatible cryptocurrency wallet that can hold Ethereum should also be able to hold EOS tokens.

How does EOS work?

The main feature of EOS is its computer software. It’s designed to make full use of a machine’s processing power, such as by letting users schedule applications across multiple CPU cores or clusters. This essentially puts a lot more processing power into the blockchain at much lower cost, while retaining features that are similar to Ethereum, such as smart contracts.

In addition, EOS uses a unique processing algorithm, called delegated proof of stake (DPoS) This is intended to be a more efficient and flexible way of doing things.

With these features you get an advanced blockchain network with a range of advanced functionality, plus:

  • No transaction fees
  • Exceptional scalability, and a system able to handle millions of transactions per second
How DPoS works

When blocks on a blockchain are created, they process transactions. However, someone has to create these blocks at the cost of electricity and processing power.

The EOS DPoS system is designed to automate the work, while minimizing the costs involved. It aims to lower them to the extent that the entire network can be run without transaction fees. It does this by ensuring that users are automatically compensated with small amounts of EOS for producing blocks.

There is no set limit on the number of EOS tokens, so the system can theoretically run indefinitely, and the tokens awarded to block creators don’t actually have to come from anywhere. They can simply be generated as needed, in a process that imitates very gradual inflation.

To prevent tokens from becoming worthless, despite having an unlimited supply, inflation is set at a gradual and predictable amount.

Under DPoS, the system automatically picks block creators from among all users who opt into it. The selection is random, but weighted by the number of EOS tokens a user holds. The more EOS coins someone has, the more likely their collection is to “earn interest” over time as they contribute to the system

This is how the public EOS system works.

EOS can also be operated in closed blockchains under admin control. For example, a company might purchase EOS tokens and then distribute them to its administrators to conduct its own transactions on its own network.

What gives EOS tokens value?

The DPoS system means EOS token holders can gradually increase on the amount held in their account to help cover the electronic, computing and other costs of using the system.

Plus, an EOS token buy-in is required to use the system. When the number of users increases quicker than the gradual inflation built into the system, the value of each token is also likely to increase.

What makes EOS so user-friendly?

EOS aims to create a platform that anyone can use. It does this with a few features in particular.

  • Human-readable account addresses. EOS permits accounts from 2-32 characters in length that can serve as secure and reliable identifiers.
  • Protections for its users. It wants to get beyond the “buyer beware” nature of cryptocurrency today.
  • Clearer information. You won’t need programming or other technical knowledge to understand contracts on the blockchain.
  • Reversals and delays. Contracts can be implemented with a delay, as desired. For example, you might have instant transactions to buy a cup of coffee with EOS, or a week-long cooling down period when purchasing a house or car.
  • Account restoration. If a user’s account keys are stolen they can be recovered within 30 days. This is done with a designated account partner who allows the original user to recover their account with two factor authentication. The idea is that thieves have nothing to gain from recovering an account, because they’ll only risk exposing themselves for no gain.
  • Separate ecosystems for users. Businesses might have their own EOS environments customized in their own ways, while the general public might interact in the primary EOS ecosystem.

Things to consider before buying EOS?

In some ways the goals, of EOS are more ambitious than any other cryptocurrency. Few other cryptocurrencies have developed a scalable and sustainable model for rewarding user engagement and operation of the network, and tied it into a user friendly experience.

Ethereum in particular is known to be a useful currency, but hampered by scaling problems and a poor user experience, making it a good foundation for EOS to build on.

If it manages to solve these problems successfully, it might become one of the world’s dominant blockchains.

However, it’s still in the relatively early stages of development, and some of the main challenges, like a migration to its own blockchain, are still ahead of it.

It’s also possible that some of the user-friendly features might have unforeseen results and end up being a poor match for user needs on the blockchain.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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