Guide On How To Open BPI Savings Account

Now that we are done with the Philippines' largest bank, let's go to the oldest: Bank of the Philippine Islands or BPI for short.

Established on August 1, 1851 under Spanish colonial rule, BPI was originally known as El Banco Español Filipino de Isabel II, named after then Queen of Spain, Isabel II. How's that for tenurity. Haha.

BPI was the first to be established in the Philippines, and was responsible for starting the country's banking and finance industry. Fast forward to the present, BPI is still one of the top banks in the Philippines. In this post is a  complete guide on how to open a savings account in BPI.

But first, why open a BPI Savings account?

Like BDO, BPI is one of the largest banks here in the Philippines which means that BPI ATM machines are scattered all over the country and easily accessible which is very convnient for those who are always on the go.

If you are not the outgoing type or who does most of their transactions online like myself, you'll be glad to know that they also have a mobile and online banking platform.

BPI Savings Account Requirements

Before you personally go to any BPI branch, you need to prepare the account opening requirements.

1. 2 Valid IDs. You have to prepare 2 recognized valid IDs as one of your application requirements. If you’re not aware what to bring, here’s a series of typical valid IDs you can use:

Police Clearance
Passport
Barangay Clearance
Voter’s ID
Unified Multipurpose ID,
Senior Citizen Card
PRC ID
Postal ID
Philhealth
Driver’s License

For your IDs to be accepted they should be an original copy valid or not expired, photo bearing and issued bu an official authority.

2. 1 Utility Bill. This is for verification of your billing address. If the receipt is not under your name, you still can use it. Just as long as you are living on the same address, it will be accepted. Common utility bills you can bring: Electricity Bill, Internet or Cable Bill, Water Bill, Credit Card Bills.

3. 2 Copies of 2×2 Latest Photo. You may also want to bring 1×1 version of your photo just in case.

4. Initial deposit amount. To open your account, you need to deposit a certain amount of money for it to be activated. There are different required initial deposit amount. Be sure to bring exact amount or bigger amount if possible before going in to the BPI branch.

Step-by-Step Procedure in Opening a BPI Savings Account

1. You need to personally go to the nearest BPI branch in your place and bring the requirements with you.

Tip: Do not open an account on a branch within the malls as it is always certain that it would be crowded. Pick a branch that also offers a Cash Accept Machine (CAM) so you won't be hassled by long queues for your future transactions.

2. Secure a queue number then proceed to the New Accounts section and ask for an application form for opening a savings account. Fill out all the blanks spaces that are necessary to be filled out. Double check or even triple check everything before passing it on to the bank teller. Avoid erasures. Be prepared to feel like a celebrity doing autographs while you sign a lot of forms.

3. Provide the required initial deposit.

P200 BPI Kaya Savings
P500 Express Teller Savings
P10,000 Passbook Savings

4. You need to wait for 1 to 2 days for your account to be activated. Claiming your ATM or Passbook will take around a week before you can get it. Usually, you can claim it after 5-7 banking days. You can always ask the bank teller if you got inquiries.

5. Once you have the card and had it activated, enroll your account to online and phone banking feature. This is just optional but with the advanced lifestyle we already have, online transactions are very much common and even more convenient. Enabling your card with mobile and online banking features is now a necessity.

BPI Kaya Savings VS Express Teller Savings VS Passbook Savings Account ATM 

The primary difference between these 3 accounts is the initial deposit amount and the maintaining balance. BPI Kaya Savings has the lowest initial balance and has no maintaining balance. This is good when you need to withdraw all of your funds in the future but still would want to keep the account. Keep in mind though that every withdrawal will cost you P5 even if its's done via their own ATM machine. Based on my experience, it also charges for every online transactions you make. This is why I decided to apply for the Express Teller Savings.

Express Teller Savings are for those who are able to maintain at least P3,000 funds on their account and for those who do their transaction mostly online as it does not charge for every online transaction.

Passbook Savings is best for people who want their deposits and withdrawals recorded, old school style.

BPI VS BPI Family

Although they are both owned by the same mother company, BPI and BPI Family Bank accounts are handled by two different sets of banks. It is not possible to deposit money into a BPI Family Bank account at a BPI branch, and vice versa. BPI lean towards corporate account while BPI Family is more into personal or individual account.

BPI Savings Account Products

BPI Kaya Savings:

Initial Deposit: P200
Required Maintaining balance: None

BPI Express Teller Savings:

Initial Deposit: P500
Required Maintaining balance: P3,000/month
Required balance to earn interest: P5,000
Interest rate: 0.250% (per annum)

BPI Passbook Savings Account:

Initial Deposit: P10,00
Required Maintaining balance: P10,000/month
Required balance to earn interest: P25,000
Interest rate: 0.250% (per annum)

Save-up Automatic Savings:

This requires that you already have a BPI ATM savings account to automatically transfer your savings. This BPI savings account is another good option if you want to automate your savings.

No initial deposit
Automated savings
Can be enrolled to BPI online banking
You have 2 variant options (a) Save up high that has high interest or (b) Save up with free accident and free life insurance

Jumpstart savings:

This BPI savings account is designed for kids. If you want to open BPI savings account for your kids, this is a good option.

Initial deposit: P100
Required maintaining balance: P1,000/month
Required balance to earn interest: P2,000
Interest rate: 0.250% (per annum)
Guaranteed savings (portion of the funds can be protected from withdrawal)
Allowance transfer facility (used to automate transfer of allowance from your other BPI savings account)
Can be used as debit and privilege card

Maxi-Saver Savings:

This BPI saving account will give you higher interest than usual account. You’ll get a bonus of 0.5% interest if no withdrawal made in a MONTH.

Initial deposit: P50,000 for ATM or P75,000 for Passbook
Required maintaining balance: P50,000 for ATM or P75,000 for Passbook
Required balance to earn interest: P50,000 for ATM or P75,000 for Passbook
Interest rate:
Less than Php 50,000 – N.A.
50,000 – 499,999 – 0.250%
500,000 – 999,999 – 0.375%
1M and above – 1.000%
With 0.5% BONUS p.a. if no withdrawal within a month

Giude On How To Open BDO Savings Account

If there's a Family Feud survey to name the most popular banks in the Philippines, responses will surely include Banco De Oro, BDO for short, hands down.

Being one, if not the largest, banks in he Philippines and a member of SM Group of Companies, there’s no doubt will always be the top choice for every Pinoy who wants to open a savings account.

In this post is my take on how to open a BDO Savings Account in the Philippines.

But first, why open a BDO Savings account?

As mentioned, BDO is one of the largest banks here in the Philippines which means that BDO ATM machines are scattered all over the country and easily accessible which is very convnient for those who are always on the go.

Since BDO is owned by the SM Group, you are sure to see at least a single branch in every SM Mall in the Philippines, which means longer banking hours. BDO branches are available from Mondays to Fridays and even on weekends too, and those branches located inside SM Malls operates up to 7:00PM.

If you are not the outgoing type or who does most of their transactions online like myself, you'll be glad to know that they’ve got what I believe one of the user and interface friendly mobile and online banking platform.

BDO Savings Account Requirements

Before you personally go to any BDO office, you need to prepare the account opening requirements.

1. 2 Valid IDs. You have to prepare 2 recognized valid IDs as one of your application requirements. If you’re not aware what to bring, here’s a series of typical valid IDs you can use:

Police Clearance
Passport
Barangay Clearance
Voter’s ID
Unified Multipurpose ID,
Senior Citizen Card
PRC ID
Postal ID
Philhealth
Driver’s License

For your IDs to be accepted they should be an original copy valid or not expired, photo bearing and issued bu an official authority.

2. 1 Utility Bill. This is for verification of your billing address. If the receipt is not under your name, you still can use it. Just as long as you are living on the same address, it will be accepted. Common utility bills you can bring: Electricity Bill, Internet or Cable Bill, Water Bill, Credit Card Bills.

3. 2 Copies of 2×2 Latest Photo. You may also want to bring 1×1 version of your photo just in case.

4. Initial deposit amount. To open your account, you need to deposit a certain amount of money for it to be activated. There are different required initial deposit amount. Be sure to bring exact amount or bigger amount if possible before going in to the BDO Bank office.

Step-by-Step Procedure in Opening a BDO Savings Account

1. You need to personally go to the nearest BDO branch in your place and bring the requirements with you.

Tip: Do not open an account on a branch within the malls as it is always certain that it would be crowded. Pick a branch that also offers a Cash Accept Machine (CAM) so you won't be hassled by long queues for your future transactions.

2. Secure a queue number then proceed to the New Accounts section and ask for an application form for opening a savings account. Fill out all the blanks spaces that are necessary to be filled out. Double check or even triple check everything before passing it on to the bank teller. Avoid erasures. Be prepared to feel like a celebrity doing autographs while you sign a lot of forms.

3. Provide the required initial deposit:

P2,000 (BDO ATM Savings Account)
P5,000 (BDO Passbook Savings Account)

4. You need to wait for 1 to 2 days for your account to be activated. Claiming your ATM or Passbook will take around a week before you can get it. Usually, you can claim it after 5-7 banking days. You can always ask the bank teller if you got inquiries.

5. Once you have the card and had it activated, enroll your account to online and phone banking feature. This is just optional but with the advanced lifestyle we already have, online transactions are very much common and even more convenient. Enabling your card with mobile and online banking features is now a necessity.

Passbook Savings Account VS ATM Debit Card Account

Most of the time, these 2 accounts are the ones you’re going to probably choose between.

The primary difference between these 2 accounts is that the minimum initial deposit and the minimum monthly average daily balance is much higher on the Passbook Savings account. What you get for this higher maintaining balance on the Passbook Savings account is a Passbook. Both accounts have an ATM Debit Card. Other than that, there are no differences between accounts as both earn the same amount of interest.

In my opinion, if you really want to control your spending and savings, just get a passbook account without the debit card as the temptation to swipe or withdraw funds are always there. If you have easy access to Internet, I recommend getting an ATM Debit Card because of its lower minimum initial deposit and maintaining balance. With a good internet connection and a smartphone, you can access your transactions, account balances, pay your bills, and so much more on BDO’s mobile app. I myself have a passbook account but mostly do my transaction online so whenever I update my passbook, I was always told to have it updated at least every three months.

BDO Savings Account Products

Peso Passbook Savings Account (with or without ATM)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P5000
Required maintaining balance: P10,000/month
Required daily balance to earn interest: P10,000
Interest rate per annum: 0.25%

Peso ATM (without passbook)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P2000
Required maintaining balance: P2,000/month
Required daily balance to earn interest: P5,000
Interest rate per annum: 0.25%

Optimum Peso Savings Account (Personal)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P30,000
Required maintaining balance: P30,000/month
Required daily balance to earn interest: P30,000

Optimum Peso Savings Account (Corporate)

Deposit Balance Requirements and Rates:
Minimum initial deposit: P50,000
Required maintaining balance: P50,000/month
Required daily balance to earn interest: P50,000

Junior Savers

Deposit Balance Requirements and Rates:
Minimum initial deposit: P100
Required maintaining balance: P100/month
Required daily balance to earn interest: P2,000
Interest rate per annum: 0.25%

Prime Savers

Deposit Balance Requirements and Rates:
Minimum initial deposit: P2,000
Required maintaining balance: P2,000/month
Required daily balance to earn interest: P5,000
Interest rate per annum: 0.25%

Direct Deposit Peso Savings Account

Deposit Balance Requirements and Rates:
Minimum initial deposit: P0.00
Required maintaining balance: P0.00/month
Required daily balance to earn interest: P5,000
Interest rate per annum: 0.25%

Reference: BDO

Starbucks Destinations Series: 2017 Maligayang Pasko Card

Officially released for the Christmas holiday season on November 2nd, 2017 and exclusive to the Philippines is Maligayang Pasko - the Filipino translation of Merry Christmas.

Yes, this is not an official Philippine regional card but it is exclusive to the Philippines so that alone makes it on my list. Hopefully Starbucks will also do a Happy New Year card which is Manigong Bagong Taon in Filipino in their next reiteration of the holiday cards.

This design with an old-fashioned Christmas ornament is the universal "Merry Christmas" template for 2017 Christmas Cards. It would be amazing if we have a card that displays Pinoy elements during the Christmas season like the Simbang Gabi, Puto Bumbong, Noche Buena, Carolling, Parol Making and the like. Hopeful this year.

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted. 

Infographic: Secured Credit Card

As a follow up to my post, I came across an infographic from iMoney way back from March 2015 which I believe is still relevant at the moment except for Metrobank's Save and Swipe program and Unionbank's secured credit card. I believe those two are not being advertise publicly and you have to visit a local branch or at least open or have a savings account with them. Worry not, here are two more banks where you can apply for a secured credit card. 

Security Bank's Fast Track Programme

Required Deposit for Hold-Out: Php 15,000

Limit: 80% of the hold-out amount

Conversion: No

More information here. 

Asia United Bank (AUB) Secured Credit Card

Required Deposit for Hold-Out: Php 25,000

Limit: 80% of the hold-out amount

Conversion: No

More information here.

BPI - More information here.
RCBC - More information here.

What is a Secured Credit Card?

Though it has only been more than two years since I have acquired my first ever credit card, I've noticed lately that some people from work approach me asking for tips on how to avail of one. Being from a BPO company, I'm very much familiar on how hard it is to apply for one especially if you  have less than 2 years of tenure on your company or your salary doesn't meet the minimum requirements. I've had my share of rejection and one thing that I'm sure of is it's easier when starting with a secured credit card.  With this, here are some things I knew about secured credit cards.

What's a secured credit card?

A secured credit card is just like a regular credit card, but the main difference is that you're required to make a deposit which will be held against its credit limit. Your credit limit will usually be a percentage of your security deposit usually 80-90% or it may be the same as your deposit. Many banks place your deposit into a savings account where it stays until you close your account, upgrade to a regular credit card or default on your credit card balance which in this case, it would be used to pay for the unpaid balance. A secured credit card is often recommended for those who are constantly being declined a regular credit card, those who haven't yet established a  good credit or financil history or those who have damaged credit.

Secured credit cards vs. regular credit cards

Aside from the held deposit, secured credit cards are like most other types of credit cards. Every swipe that you make on a secured credit card reduce your available credit and you're required to make at least a monthly minimum payment toward your credit card balance. If your card issuer has a grace period, you can avoid paying finance charges by paying your balance in full before your next statement. Late payments and over-the-limit transactions are penalized with a fee just like any regular credit cards.

Even though your credit limit is secured, you're still required to make at least minimum payments on your balance every month. Not doing so may taint your credit score, and if you default from paying by at least three months depending on the card issuer, your account will be closed and your held deposit will cover the unpaid balance.

Why start with a secured credit card? 
Regular credit cards have stricter credit qualifications like a minimum tenure in a company or a minimim gross monthly or annual salary which make it hard for most to be approved for these cards. Personally, I know few people who have trouble getting approved for regular credit card that they have settled for a secured one.  for a secured credit card much easier than a regular credit card. After a few months of  proving that they are financially responsible, the regular credit card came in succesion, even without them applying for it.

Converting to Regular Credit Card
Most card issuers review your account after a certain amount of time, most likely 12 months at the time you will be charged an annual fee. Of the 4 banks who offer secured credit cards (BPI, RCBC, AUB and Security Bank) though I also heard that Metrobank, Eastwest and BDO offer their clients a version of their secured card, and based on my personal experience, only BPI allows conversion without reapplying. Even if your secured credit card issuer doesn't upgrade you to an regular credit card, you may qualify for one with another credit card issuer after six to twelve months if your secured credit card has reported your credit history to one of the major credit bureaus.

On my next post, I will try to consolidate my experience with 2 of the three secured credit card issuers.  Will do.

Cheers!

Starbucks Destinations Series: 2017 Philippines Special Edition Kape Vinta Card

Officially released with the 2017 Christmas and holiday Cards last November 2, 2017 and exclusive to the Philippines is the Kape Vinta card. Kape Vinta is Tagalog for Coffee Boat.

This special market exclusive card is inspired by the Starbucks Kape Vinta whole bean artwork. This Philippine-exclusive card is included in every 2018 Starbucks Planner, a first in the history of Starbucks planner promotions, at least in the Philippines. This means that this card is not available at a store level and you would need to avail of the 2018 planner to have one.

To capture the essence of shared passions for great coffee between Starbucks and the people of the Philippines, one of the country's most distinguished painters, Mr. Mauro Malang Santos, created the stamp for the coffee.

"The Kape Vinta Blend artwork, a new and distinct Starbucks design, embraces the proud traditions and cultures of Filipinos. It is my gift to the Starbucks coffee experience," said Mr. Santos. "Starbucks conscious devotion to its people and coffee greatly inspired me in producing the artwork."

I really like this card. Directly competing for my fondness with the Agila Card, I feel this particular card design captured what a Philippine exclusive card should be.

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted. 

Starbucks Destinations Series: 2017 Edition Pilipinas Starbucks Card | Philippines

Image from Starbucks.ph

To celebrate its 4th year in the country, Starbucks released the 2017 Edition Pilipinas Card. Its design is inspired by the coffee aroma moving through the air and depicted in graceful patterns and fluid movements like folk dances that symbolize the traditions of Philippine culture.

Too girly for my taste but great design nonetheless.

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted. 

Starbucks Destinations Series: 2016 Cebu Card | Philippines

Released along side the Manila card last August 8, 2016, the Cebu Starbucks Card highlighted the Marcelo Fernan Bridge and the Mactan-Mandaue Bridge as viewed from the hilltops of Cebu that are decked with Sinulog flowers.

I liked the Manila version better. I'm not actually fond of the color blue and though the design is an iconic one and does represent Cebu, I still think of the Magellan's Cross whenever Cebu is mentioned.

Cheers!

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted. 

Starbucks Destinations Series: 2016 Manila Card | Philippines

A Starbucks city card!  For 2 years now, Starbucks has kept its customers on their toes with regular releases of beautifully-designed Philippine editions of Starbucks Cards. Last August 8, 2016 and in celebration of its 3rd anniversary, Starbucks Philippines offered these cards with designs evoking a sense of pride about the rich history of their respective cities.

Inspired by “Summer Night in Manila,” the Manila Starbucks Card design focuses on the iconic Philippine commuter jeepney travelling the busy city at night. The colorful and intricate designs on the body of what is dubbed as the king of the roads in Metro Manila represent the vibrant culture of the Filipinos. This, along with Cebu are the first region specific cards from the Philippines.

Another personal favorite. I just hope they won't stop with Manila and Cebu. Just like what they did with the Global Icon and the You Are Here Series, I hope they will also come up with more region specific cards. The above mentioned series got at least 15 designs plus there are limited edition merchandise every now and then especially during festivals like the Panagbenga. China does it on their cards. I hope we do too. You can never run out of ideas. :)

Cheers!

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted. 

Starbucks Destinations Series: 18th Anniversary Philippines Limited Edition

Released December 4, 2015, this Card celebrates Starbucks' 18th year in the Philippines. The card features a chalkboard scribbled with greetings in different local translations of "have a nice day" or "good day" such as “magandang araw”, “maayong adlaw ”, “mayap a aldo queca” and came with a matching envelope. This was also the second Philippines-inspired card for the year 2015. I personally liked this better than the 2015 Pilipinas Card and it ranks among my top three favorites. I really liked the chalkboard motif as it brings a sense of nostalgia in a time where modern advertising is the norm.

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted. 

Starbucks Destinations Series: 2015 Edition Pilipinas Starbucks Card | Philippines

Image from Starbucks.ph

Released July 2015, this is the second year for the Pilipinas Card, made exclusively for the Philippines. It is inspired by the colors and elements of fiestas and festivals in the Philippines which are some of the most exciting, diverse, and colorful celebrations in the world.

Personally, this is my least favorite of the editions of Starbucks Pilipinas cards. Maybe because of the fact that the Philippines has so many festivals (Ati-atihan, Sinulog, Panagbenga, Moriones, Dinagyang, Masskara, Kadayawan just to name a few) that this card didn't embody any of it. Hopefully this idea may bring forth future festival inspired as well as region specific designs.

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted.

Starbucks Destinations Series: 2014 Edition Pilipinas Starbucks Card | Philippines

Image from Starbucks.ph

The Philippines had its first taste of the Starbucks Experience with its very first branch at the 6750 Ayala Building in Makati City way back December 4, 1997 but it was only in the Summer of 2013 that the Starbucks Card is introduced to the Philippines.

This specific card is very memorable to me not only because this card celebrates the Starbucks Card's 1st year in the country, but this was the very reason I got hooked on collecting Starbucks cards in the first place. Back then, from the the time this card was released, I always see to it that I avail all Philippine issued cards until such time that I my collection turned to city or country specific designs. Hence, the birth of this series.

Released July 2014, this is the first Starbucks Card made exclusively for the Philippines, and was inspired by the colors of the Philippine national flag and the Philippine Eagle. Its design is quite unique with a basket weave background and the eagle outlined in yellow, blue and red.

From Buckscard:

The subject is the Philippine Eagle - one of the largest, rarest and most powerful birds in the world. It is also known as the monkey-eating eagle, the great Philippine eagle, the haribon or Haring Ibon (king of birds). Other local names have been given to this species that can grow up to 1.021 meters from the tip of its bill to its tail and its eyes are a dusky blue color. This species' nests can be found in trees 120 feet from the ground. Philippine eagle eggs are typically little smaller than a fist. Courting starts as early as July and the building of nests typically lasts from September to December. The female eagle becomes lethargic and refuses to eat eight to ten days before laying an egg. It will then lay an egg between the afternoon and twilight. Incubating the egg takes 58 to 68 days and both parents participate. After hatching, the chick remains in the nest for five months.

The design is until now, one, if not my most favorite of all Pilipinas edition cards.

Cheers!

One from eBay.

Blogger's Note: Starbucks Destinations Series is my attempt to chronicle my thoughts on different city and country specific Starbucks Cards. Most photos and some descriptions are taken mainly from both official and non official Starbucks pages. I do not claim ownership of the photos unless otherwise noted. 

BDO - Korean Visa Multiple Entry Privilege

Just got the above photo on my inbox and I was surprised that it says "Promo is extended until December 31, 2018.". Back in March 2017, I posted about this promotion and it definitely says that the promo was until December 31, 2019.

Though I already have a 3 year multiple entry visa to Korea which will expire August of next year, having a 2018 end date means that I won't be able to take advantage of this promotion and renew for another 3 years. There goes my plan in renewing my visa by December next year. Bummer.

You can see more details here.

Will call BDO about this but I'm pretty sure that I will just be slapped with some corporate terms and conditions on how they can change their promotion without prior notice. Hopefully BPI's similar promotion is still good until 2019.

*cross fingers*

Cloud Mining Scam - Aurora

This has been on my draft since October 2017, making it a "Year Later" post. I've tried cloud mining and learned the hard way that it does not work and it is most likely a scam. That, or I'm didn't really know what I was doing at that time.

Here it goes:

This is a "One month later" post.

Of course, this started last October 20, 2017. Through mindless browsing, I got interested in cloud mining, specifically via Aurora.

What?!

A quick Wikipedia search would say that: Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. Since Cloud Mining is provided as a service there is generally some cost and this can result in lower returns for the miner. There are many cloud mining scams.

Huh?!

I don't know if I have a dumb moment a month ago but I did try. In my own understanding, much like an investment, I let go of my PHP500 hoping that after a month, I would get a much higher return on investment. Cross fingers.

First, I created a Coins.ph account, and loaded PHP500 via 7-11. This would serve as my bitcoin wallet.
Damage: PHP510 (PHP10 for payment service fee)

Then, I created an Aurora account. This was my chosen cloud mining site. I purchased PHP400 worth of hashpower which made my hashpower from the free 100 GH/s to 658 GH/s.
Damage: PHP415.56

Day 0, technically October 21, 2017. Before I went to bed, here are my stats:

Total earned balance: 0.10 USD
Daily earnings: 0.90 USD
Weekly earnings: 6.32 USD
Monthly earnings: 27.47 USD
Total hashpower: 658 GH/s
Earned ref-hashpower: 0 GH/s
Total withdrawn: 0.00 USD

Wait, there's more. In an act of greater stupidity, I created another account. LOL. This time, no purchasing of hash power. I just want to have a comparison on the difference buying hashpower would make.

Here's the stats of my free account which is created almost 3 hours after my first one:

Total earned balance: 0.00 USD
Daily earnings: 0.14 USD
Weekly earnings: 0.96 USD
Monthly earnings: 4.19 USD
Total hashpower: 100 GH/s
Earned ref-hashpower: 0 GH/s
Total withdrawn: 0.00 USD

Will update after a week. Goodluck to me!

I never reached that week. It looked promising for the first few days and I really restrained myself from investing more. Thank you, willpower. Aurora disappeared into nowhere along with my PHP415.56. Even though deep inside I know that it would not work, at least the experience gave me a first hand look on such modus operandi and it made me value my hard earned money even more. I'm pretty sure that there legit sites out there and I'm just one of those who didn't review his homework first, but never again.

Lesson learned.

I'm Back. Again.

Ten months of no posts. What happened?

1. I got tired of writing, or I'm still uncomfortable pouring my heart out on this blog where I'm not so sure about my anonymity.
2. Got busy with personal life.
3. My laptop broke.
4. Binge-watching Netflix's Once Upon A Time and American Horror Story.
5. Everything else.

Hopefully, now that I got myself a new Chromebook, I would be excited enough to blog again.

Cross fingers.