It seems that Maya (formerly PayMaya) has been giving out free Bitcoin to its users in the past few days. Recently, netizens are becoming curious about billboards calling the attention of specific Maya app users to check their crypto wallets. Some netizens are asking what the fuss is all about with this free bitcoin giveaway from Maya.
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While the money app hasn’t released any formal announcement about this free Bitcoin giveaway and billboard sightings, more users are getting curious. If you’re one of those who received free Bitcoin on your Maya app, here’s a quick background on this and what you can do with it.
Crypto Explained
Cryptocurrencies are decentralized digital currencies that one can use 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 earn money. Crypto enthusiasts usually purchase 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 subsequently issuing responsive regulations among entities that engage in activities that provide facilities for the transfer or exchange of virtual assets. All these entities are required to secure a Virtual Asset Services Providers (VASP) license.
The Maya app (formerly PayMaya) launched its Crypto feature in April 2022. The app allows users to buy, sell, and hold cryptocurrencies for as low as 1 peso. It holds 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 additional funds when you pay your bills, buy load, shop for groceries, or even save on Maya Savings.
According to the Maya website, here’s how you can sell Bitcoin in the app:
- Tap Crypto on the Maya homepage.
- Tap Sell on the bottom of the screen, then select the desired cryptocurrency – in this case, Bitcoin.
- Select a percentage value to sell a part of your currently owned asset. You will see the equivalent PHP value based on an estimated market price. Then tap Next on the upper right hand of the screen.
- A Confirm Sale tab will pop up. On this tab, you will see the amount of cryptocurrency you will be selling and the amount of PHP you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to sell within the provided confirmation window.
You can also hold on to it, like most crypto enthusiasts do, and wait for its value to increase. You can choose to wait for weeks, months, or even years, to earn a significant profit.
However you want to use 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 their Learn tab.
More Users Have Received Free Bitcoin
Based on reports, more Maya app users receive free Bitcoin in their accounts even before these billboards have been spotted. Users are wondering about the reason behind these Bitcoins they received.
Why is Maya giving away free Bitcoin?
To date, there are no explanations for why free Bitcoin is being given away via the Maya app. It remains unclear how individuals are selected – what made them qualify to receive these free Bitcoin?
Pending an official statement from Maya, Maya users are advised to update their app to the latest version and check their Crypto wallet to see if they have received free Bitcoin.