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21  Other / MultiBit / Re: Uninstalling Multibit HD - Ubuntu 14.04 on: September 24, 2015, 11:23:36 PM
You can just rightclick on an icon on the menu and select "unlock from launcher" to have it removed. Its just a shortcut and should no longer work anyway.

It's in the Ubuntu Dash, not the launch bar, where the problem lies.
22  Other / MultiBit / Re: Uninstalling Multibit HD - Ubuntu 14.04 on: September 24, 2015, 12:27:22 PM
Thanks for the guidance Jim.

The "Uninstall" file in my Home>multibit-hd folder does not uninstall Multibit-HD on my Ubuntu 14.04 PC. It just opens up a text file in gedit.

I have now deleted both the hidden and non-hidden Multibit-HD folders. Unfortunately, I am still left with Multibit HD appearing in the Ubuntu Dash screen.
23  Other / MultiBit / Uninstalling Multibit HD - Ubuntu 14.04 on: September 24, 2015, 07:31:21 AM
I installed Multibit HD (and SpiderOakONE) on my Ubuntu PC about a week ago. I tried VERY hard to like it, but had annoyances and persistent problems that finally convinced me to return to Multibit Classic.

I was able to uninstall SpiderOakONE using instruction available on their web site.

I have installed Multibit Classic on my Ubuntu PC and transferred all my bitcoin out of Multibit HD into my Multibit Classic wallet. How do I uninstall Multibit HD on my Ubuntu PC?

24  Bitcoin / Bitcoin Discussion / Remittance from Singapore - Example on: September 23, 2015, 03:55:11 AM
Here is an example of an overseas Filipino worker (OFW) in Singapore remitting SGD100 to the Philippines using bitcoin (XBT).

In this example, I will use:

  • FYBSG exchange in Singapore (XBT1 = SGD342.99 - 0.6%)
  • coins.ph exchange in the Philippines (XBT1 = PHP10,759)

As a reference, xe.com quote a mid-market rate of SGD1 = PHP32.90

Only the OFW needs internet access.

1.  OFW registers (AML/KYC) with FYBSG. This is a once-only requirement and may take a couple of business days.

2.  OFW registers (AML/KYC) with coins.ph. This is a once-only requirement and may take a couple of business days.

3.  OFW deposits SGD100 into the bank account of FYBSG and within 1 banking day purchases XBT0.2741.

4.  OFW then sends XBT0.2741 to coins.ph (less than 1 hour).

5.  OFW instructs coins.ph to send PHP2,949 (less any fee) to the recipient. If via Security Bank cardless ATM, within 1 hour 24/7 (zero fee). If via Palawan Express within 1 business day (PHP90 fee).

With a total OFW outlay of SGD100, the recipient receives PHP2,859 to PHP2,949 - depending on the delivery payment method selected with coins.ph.

The whole process can be completed the same day if the FYBSG deposit is made early morning and cardless ATM is used for payment. Otherwise, allow for the process to take up to 2 banking days.

I don't know how the above example compares to other Philippines remittance options available to OFW's in Singapore.

25  Other / MultiBit / Re: MultiBit on: September 22, 2015, 10:55:59 AM
Interesting. I just reset my IP address, closed and reopened Multibit HD. It now connected within seconds.

Looks like it might be an IP address problem.
26  Other / MultiBit / Re: MultiBit on: September 22, 2015, 10:39:32 AM
Yes, I had previously read jim518's posts. That is why I checked that port 8330 was open.

I will give Lighthouse a try tomorrow when I have some time and see what happens.
27  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: September 22, 2015, 10:29:46 AM
I have just finished catching up on this thread. Some interesting things have been discussed.

I do my bit to spread the word on bitcoin. When ever I am in a tech shop in Lapu Lapu or Cebu looking to by something, I always ask "Do you accept bitcoin?". Initially I would just get a black stare in response. Now some of the shops are telling me "No, not yet, but we are looking into it".

One day I will ask and get the response "Yes sir".

About 10% of Filipinos are OFW's. Their remittances back to the Philippines total some USD50 billion annually [ref. BSP], with a little under a half of that going through the official banking system. The rest comes through the likes of Western Union.

The availability of bitcoin to OFW's is dependent on where they are based and their knowledge of how to obtain bitcoin. I know a few Filipino families with OFW's helping with support. I have contacted their OFW's to suggest that they consider bitcoin for their remittances back to the family. Even with a saving of %5 or more, all said it was just to much trouble.

As a side note, I was recently in Bengbu, China on business. Bitcoin is in demand there. It was fairly easy to find someone who wanted to exchange CNY for bitcoin - and at a premium of 5% to 10% above the market rate.
28  Other / MultiBit / Re: MultiBit - Waiting for "Connecting" on: September 22, 2015, 09:28:02 AM
Yesterday I installed Multibit HD 0.1.3 on my Ubuntu 14.04 OS desktop. All went well and I sent (and received) a small bitcoin transaction from my Android Bitcoin Wallet.

This morning, I opened my Multibit HD wallet and am still waiting for it to "connect". That was 8.5 hours ago. I will leave it running overnight to see if it is "connected" by tomorrow.

Port 8330 is open. The Verify network window shows Peer count 0 and Blocks left is empty.

How long does it normally take Multibit HD to "connect"?
29  Other / MultiBit / Re: MultiBit HD - Connecting on: September 22, 2015, 09:24:04 AM
Yesterday I installed Multibit HD 0.1.3 on my Ubuntu 14.04 OS desktop. All went well and I sent (and received) a small bitcoin transaction from my Android Bitcoin Wallet.

This morning, I opened my Multibit HD wallet and am still waiting for it to "connect". That was 8.5 hours ago. I will leave it running overnight to see if it is "connected" by tomorrow.

Port 8330 is open. The Verify network window shows Peer count 0 and Blocks left is empty.

How long does it normally take Multibit HD to "connect"?
30  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: July 01, 2015, 10:40:14 AM
The biggest hurdle to overcome in getting bitcoin accepted by the masses in the Philippines in an education problem. I have introduced bitcoin to over 20 Filipinos. They are interested but the first question they ask me is "how does it benefit me better than cash?".

Cash is currently king in the Philippines.

Yes, the Philippines has a population of 100 million or more, but most only deal in cash, unlike more developed countries where digital money (credit/debit cards) is much more common. Two things need to happen in the Philippines for bitcoin to take off with the general populous.

  • Educate the public about the advantages of bitcoin for them - the individual.
  • Get bricks-and-mortar businesses to start accepting bitcoin for payment.

Neither of these two things will be easy to achieve. The present development of bitcoin within the Philippines will be limited to remittances.

I am not of the ordinary. As a professional engineer, all of my clients are overseas. I receive about 25% of my income in bitcoin. I keep about 5% to 10% of my ready-cash reserves in bitcoin and spend most of my bitcoin overseas (SE Asia) when travelling.
31  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: June 26, 2015, 12:33:18 AM
I have found a sari sari with WiFi. Fortunately this store is only about 50m from where I live. Their WiFi is not (yet) for public use. They only use it for household members.

Next step is to find the most tech savvy in their family and determine if they are interested in playing around with bitcoin.

Just a wild thought - OFW sends bitcoin direct to his/her family. A family member goes to the local sari sari and converts the bitcoin to cash at the current exchange sell rate, for say PHP10 + a 1% commission.
32  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: June 25, 2015, 03:16:32 AM
Best of luck with it, having a lot of sari sari stores taking Bitcoin would be interesting.

It's not as hard as it may appear. All I need to find is a sari sari with WiFi available and a smartphone or tablet. The all the sari sari then needs to do is open an account with one of the Philippines bitcoin exchanges and they are ready to accept bitcoin.

Of course, there will be a learning curve for the sari sari, but that is where I can help (gratis). I doubt that the sari sari will get much bitcoin trade, however it will certainly be a good promotional tool. It could be the first sari sari in the Philippines to accept bitcoin!
33  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: June 23, 2015, 11:37:39 PM
Yeah it requires login to see the list. As of now , these are the Universities in their list :

- Ateneo De Manila
- La Salle Greenhills
- Miriam College
- San Juan University - Recoletos

All are big names. Smiley
The quoted universities do not accept bitcoin directly. You send your bitcoin to coins.ph, they convert it to PHP, and then coins.ph pay the university on your behalf.

Next week, when I have time, I'm going to see if I can get my local sari sari to start accepting bitcoin. Should be an interesting exercise.
34  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: June 22, 2015, 01:31:01 AM
I see the current Filipino bitcoin exchanges developing in two main directions over the near term; processing overseas remittances, and providing BTC to PHP conversions for Filipino businesses.

The current biggest growth potential for the exchanges is in remittances. As this Pera Padala business development grows, I believe that these exchanges need to start shifting their focus on getting Filipino businesses to start accepting bitcoin for payment of goods and services. This is not going to be easy and will take a lot of "leg work".

Once a Filipino merchant has been convinced to accept bitcoin, he/she then needs internet access at the point-of-sale (POS) and a smartphone/tablet/PC with suitable wallet to accept/tansact the payment. I see it working this way:

1.  Business gives the customer the price converted to BTC at the current exchange buy rate.

2.  Customer logs on to WiFi at POS and sends the BTC to the merchant's wallet QR code displayed at the POS.

3.  The merchant checks the payments confirmation(s) in his wallet and, once suitable confirmation is received, passes over the goods/service paid for to the customer.

4.  At (say) the end of the day, the merchant uses his bitcoin exchange to convert the BTC takings into PHP and have that deposited into his/her bank account within 8 business hours.

One of the problems here is the confirmation time. This is mainly to prevent "double spending". It would be up to the merchant to determine what is an acceptable confirmation. For smaller transactions, just being seen by one or two peers may be sufficient confirmation, taking just a few seconds. The larger the transaction, the more confirmations would be needed, taking more time.

Another problem is the exchange rate volatility, which can go up as well as down.The bitcoin exchanges offer a few ways to eliminate this volatility.

The advantages for the merchant include:
  • No credit/debit card fees/commissions.
  • Less work/costs associated with handling cash.
  • Good business promotion - at least initially while few merchants accept BTC.

Now, if only SM would accept BTC!
35  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: June 22, 2015, 12:54:05 AM
Quote
It's good to hear that their is increasing demand for Bitcoins, I just want there to be more branch locations so its easier for users to get their money instantly, have a remittance in the US/Canada then some branches in the Phillippines and instant recieving from Canada/US to awaiting people in the Phillippines, hopefully new users would likely want to trade a few coins and not need to go through an intensive verification process, in the Phillippines through exchanges and adoption grows.
There are literally thousands of "branch locations" in the Philippines where receivers can get their money (fiat) "instantly". Check out the methods offered by the Filipino bitcoin exchanges. I would hazard a guess that 98% of Filipinos live within 30 minutes travel to one of these "branch locations".

As for "instant", it is not quite "instant". most Filipino bitcoin exchanges only do their banking/Pera Padala once a day on business days only, so "instant" at present can only mean within 8 business hours.

As the Filipino bitcoin exchange grows, I hope to see them arranging Pera Padala 7 days a week and multiple times a day. Then you could send bitcoin to the exchange Sunday morning and have the cash available for pick-up within a few hours the same day.
36  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: June 11, 2015, 05:59:53 AM
At present, the main places where bitcoin is used have WiFi available. There are very few places in the Philippines that provide free WiFi.

Most Filipinos have access to the internet, provided they have a suitable cell phone/tablet/computer. Without free WiFi, it becomes expensive for most Filipinos to access the internet. You are looking at about PHP5 per 15 minutes in a country where a reasonable daily salary is PHP300 (if you can find a job). I have WiFi in my home and that is costing me about PHP1,000 per month. Most Filipino businesses are not prepared to pay for internet just so they can utilise bitcoin in transactions.

Internet cafes are everywhere and charge about PHP15 per hour, however unless you are very tech savvy, internet cafes are not considered secure enough for bitcoin transactions.

When we can easily and securely send and receive bitcoin via SMS (using GSM network only), we'll have a winner for bitcoins in the Philippines (and similar countries).
37  Bitcoin / Bitcoin Discussion / Re: Remittance - Australia to Philippines on: April 16, 2015, 01:04:27 AM
Good write up.
Thank you. Although not a great percentage difference, even just a few extra pesos means a lot to many Filipinos, particularly when their daily salary can be well less than PHP300.
38  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: April 16, 2015, 12:54:31 AM
I use coins.ph, mainly to convert my XBT to PHP, and buy PH cell (mobile) phone load when out of the country. They have a good Android app for those services.

No exchange is "to big to fail". In the Philippines, the same can be said with their banks. We are use to that.

Like all exchanges, I NEVER leave significant XBT holdings in any type of "on-line" wallet. Coins.ph even recommend that you transfer your XBT out of their wallets as soon as they are not needed there. I generally keep no more than about XBT0.01 in my coins.ph wallet (for cell load purposes). If they close up, I can afford to loose that.
39  Bitcoin / Bitcoin Discussion / Re: Bitcoin Use In Philippines on: April 13, 2015, 08:07:13 AM
coins.ph and BuyBitcoin. Both appear to be well operated, economical, and offer normal exchange

what's the daily volume of these?

Unknown by me, as they do not publish that information on their web sites.
40  Bitcoin / Bitcoin Discussion / Remittance - Australia to Philippines on: April 13, 2015, 08:00:34 AM
I have been remitting money to the Philippines from Australia for now over 10 years. I have normally used a local Filipina remittance service in Australia for these remittances and recently tried to using bitcoin. Here are my experiences:

Previous Remittances

I would deposit AUD cash into the Australian bank account of my Filipina remittance service and then contact her telling her how much I had deposited and where the PHP was to be delivered or deposited. The Filipina would then deduct her fee (currently AUD13 flat), multiply the balance by the her exchange rate (about 1% less than the current XE rate). The PHP funds were then delivered or deposited, generally within 1 business day. Delivery was only available within Manila (NCR). If the recipient was outside of the NCR, bank deposit only was available.

As an example sending AUD100, using the current rate:

(AUD100 - AUD13) x 34 x 0.99 = PHP2,928 received

Current (Bitcoin) Remittances

First I registered (KYC) with btcmarkets.net and coins.ph. I deposit AUD cash into btcmarkets' Australian bank account. Within the hour, I exchange my AUD into BTC (0.85% fee) and transfer it to my cell phone wallet (fee BTC0.0001). Using the coins.ph app on my phone, I then send the remittance to the recipient, either bank deposit (free) or cash pick-up at the recipient's local remittance business (delivery fee about 3% to 4%). This deposit or cash pick-up is available within 1 business day.

As an example sending AUD100, using the current rates:

AUD100 x 0.9915 / 317.20 = BTC0.31258
BTC0.31258 x 10540 - PHP125(delivery fee) = PHP3,170 delivered (or PHP3,295 bank deposit)

Almost every small towns in the Philippines has at least one pera padala (money remittance) business.

For relative small amounts, using bitcoin is more economical for me. As the amount increases, my previous remittance method is better, depending on exchange rates.

The only hassle with using bitcoin is the one-off of jumping through the KYC hoops at both ends.

Send money from the Philippines to Australia is another matter, and I will post on that at another time.
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