Bitcoin Forum

Have you heard about of the MONEYBEES? (https://www.moneybees.ph/)

this is:

https://i.ibb.co/QX36C68/Moneybess-topic1.png (https://ibb.co/t3TbxbZ)

Moneybees Partnered:

https://i.ibb.co/C184Mtn/Moneybees-topic.png (https://ibb.co/7YCBRzG)

In Tambunting Pawnshop and M.B Aguirre Pawnshop, its branches are immediately nationwide remittance outlets and Pawn jewelry and gadgets where you can buy and sell cryptocurrency or bitcoin via Moneybees.

It is not unlikely that the other remittance outlets here accept the buy and sell of bitcoin or cryptocurrency via Moneybees. This is a good demonstration that the crytocurrency industry is expanding here in our country.

Digital currencies have grown far beyond the imagination of anyone. Some of the major reasons for crypto adoption across the world are Inflation, cross-border payments, assets tokenization, and nonfungible tokens (NFTs). Additionally, crypto comes with some of the main features including  Censorship resistant value storage, Preventing losses and scams, Short Settlement Times and Low Fees, private transactions, and more.

Op, I assume the country in question is the Philippines? Whether I'm right or not, I think it would be nice to have the info about the country you're talking about in the original post. I haven't heard of this company before. Is it a centralized payment service for crypto transactions? Does it convert the funds into fiat for merchants, or does it help them accept Bitcoin specifically (without converting it into fiat)? I'm happy that Bitcoin payments are spreading in your country, and in a way I understand why people turn to third-party services for that: while people could send Bitcoin directly to a specific address, that could also take a while, and a centralized service is, I imagine, working instantly.

Yes, it's about the Philippines and if I'm not mistaken it has grown tremendously in the last 5-6 years.

Perhaps the new Marcos Jr government is friendly towards bitcoin and crypto in general and the President knows that it is a game changer specially developing countries like the Philippines.

And as far as Money remittances it, the country is also one of the top the send money back to their families, behind India, Mexico and China.

So it makes sense for them to go digital with crypto in the front.

It is always hard to identify what is right way to follow

For sure, you are from the Philippines. This is the first time I've heard this, and I would say most pawnshops can now accept bitcoin as payment, but I haven't tried it. Also, when we say tambunting, the Palawan Pawnshop will now accept crypto if we need to pawn jewelry or if we send money? Though it is not that famous, unlike Coins.ph, which is widely used by us, but only a couple of merchants accept it. But it is really great news for us that we are now getting into crypto, as you know that Bitcoin was shown in the media as a scam lol.

It's great that cryptocurrency is spreading so fast. I think that many countries will soon begin to take steps towards the adoption of bitcoin and other cryptocurrencies. The world will change a lot.

Yes, you indeed said that the Marcos administration was open to blockchain technology, although there was a restriction in the Central Bank of the Philippines (BSP) and the number of merchants that applied in this country increased.

What is needed is to bring it closer as a community of the Philippines nationwide so that the merchants who accept it can benefit the majority of Filipinos.

Let the spreading of cryptocurrency keep expanding and I know this is not only in your country but the entire world. There are so many things that are increasing the awareness of cryptocurrency which also include rumored news about Bitcoin been ban in other countries. Just like we had so many weeks ago, Bitcoin was ban in China and that only increases the awareness of Bitcoin that made people to be curious about what Bitcoin could be or all about. The world Bitcoin or cryptocurrency searches increases because it is new to some persons who take it as way of finding what it is all about.

Yes

Yes, it's centralized as mentioned its a central bank licensed service crypto buy or sell too. But yeah, im not familiar with the name. But with this kind of platform i'd expect a higher fees just like other physical services do unlike on regular online exchange such binance and kucoin.

   -   Yes it is from the Philippines mate, I was just happy because the mortgages and remittances in cryptocurrency and bitcoin were accepted. After all, Moneybees partnered with all tam bunting pawnshops.

Most of the Tambunting branches are scattered in different places in the Philippines, Luzon, Visayas and Mindanao have it, so the community can easily become familiar with crypto when it is taught properly and correctly.

Do you mean you can pay your mortgage in bitcoin or is it converted into local currency previously?

Just Checked the website and I have no clue in Who Is But it seems the website is registered a long time ago and Is this available on Philipines Only, and lastly I open OTC Locations in the bottom of the website mostly in Mall but you can check the real location if you are not sure. But it always happy to see platform crypto like this in other country

https://i.ibb.co/WDn2HWX/moneybees.png (https://ibb.co/bH1K6gV)

Good question. As far as I can tell, there is no explicit mention that their partners will accept crypto. Not to mention it is basically an OTC/exchange service. Their partnership nature is not clear either. Do you find other news/mentions from those websites regarding this issue? I can't find one on Monebeeys website. On their terms[1] page, If I understood it correctly, partners just refer to those who have business partnerships and most of them are related to offering a spot for OTC transactions[1].

[1] https://www.moneybees.ph/terms

Yes, but the OP has not replied to me.


Therefore, I believe it was an exaggerated statement born out of enthusiasm. The fact that bitcoin would be accepted directly to make mortgage payments should have been relevant news that would have travelled the world, at least the digital media specialising in cryptocurrencies, and some of the general media, but if we are talking about converting bitcoin to fiat and using that fiat to pay the mortgage, that's another matter.

-   Not like that mate, the assessment of yours is wrong. It's like this, for example you go to Tambunting, and you want to buy bitcoin for ₱10,000 worth of BTC, what Tambunting will do is they will give you a quotation how much BTC you will get from your ₱10,000 then you will provide them a BTC address Or QR code.

Because the price of Bitcoin that you will buy at Tambunting Pawnshop will be based on the value listed in Moneybees. But the Bitcoin you buy here cannot be used to pay the mortgages you redeem if ever you have a jewelry or whatever that is pawn to this branch.

I hope I have answered your question.....

Overall, I'm happy that there is thing happening in my country. It may not be the idealistic way to buy and sell Bitcoin, but it at least gives access to many. It also creates the impression that Bitcoin is indeed something acceptable, that it isn't a Ponzi scheme or any kind of illegal investment scam. That's at least a significant improvement from the old public perception of Bitcoin. After all, this business is duly registered under the country's central bank.

I've read that OTC transactions do not charge fees. I just hope the spread is not that predatory. However, it should be noted that KYC is certainly required.

Coins.ph is one of the pioneers in this and many remittances followed the trend, we have Abra and PDAX and Moneybees is a new player but it will be supported if they can have better deals and more outlets, so far when it comes to a number of outlets and options to trade and withdraw through fiat Coins.ph is still leading, its good that a country like the Philippines is expanding and adopting Cryptocurrency, it's understandable because we have a lot of overseas workers and they are the ones who are likely to benefit from the competition.

Haven't heard of this service, all I know that the popular service in the Philippines is coins.ph and Abra.  After knowing those two I stop inquiring about any other cryptocurrency services that is available in the country.  Anyway, thanks for the information, will look at it and compare the difference between the other cryptocurrency services I known.

They are a new player in the industry but their partner outlets are not that popular to compete with what Coins.ph has if only they could have one of the three popular remittances in the country like Cebuana, MLhuillier, or Palawan, Coins.ph have two popular remittances, here in my area we have 10 outlets of the popular money remittances but we have no Tambunting and Villarica.
But will check this new player and see what are the advantages of using their services.

Although I do not like third-party services as they are centralized and require KYC, the proliferation of such companies, especially in developing countries, gives people the opportunity to deal with bitcoin and cryptocurrencies more easily and also helps in the rapid spread of bitcoin.

Third-party services have many disadvantages, but the good thing is if they are legal and licensed by the government, in this case you can guarantee your rights in the event of any problem.