Bitcoin Use In Philippines

[DaddyMonsi]

I think the market share will most likely come from the expatriates who are using bitcoin services to send money back to home country. Imagine if that becomes fully utilized. I think the main barrier is still the 3rd party services being made available at oversea something like what you see having WU offices spread at every different countries.

While most services are applicable to expats who are using bitcoins to send funds to their families here in PH, I highly doubt that most market shares will come from them. Rather, I believe that it will come from those online workers as Bitcoin is now widely known and accepted as a form of payment. Most expatriates or OFW (Overseas Filipino Workers) as we call them, do have little to no knowledge about bitcoin yet. But a group of bitcoin enthusiasts here in the PH are raising awareness about bitcoin.

The group MMM Community in the Philippines is providing a big contribution in Bitcoin awareness in since they are the only MLM (i think) who accepts and pays in Bitcoin. I hope other MLM companies follow and introduce Bitcoin to more people in Ph. I "heard" Metrodeal (group buying site) is also accepting Bitcoins as payment.

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[CEG5952]

I think the market share will most likely come from the expatriates who are using bitcoin services to send money back to home country. Imagine if that becomes fully utilized. I think the main barrier is still the 3rd party services being made available at oversea something like what you see having WU offices spread at every different countries.

While most services are applicable to expats who are using bitcoins to send funds to their families here in PH, I highly doubt that most market shares will come from them. Rather, I believe that it will come from those online workers as Bitcoin is now widely known and accepted as a form of payment. Most expatriates or OFW (Overseas Filipino Workers) as we call them, do have little to no knowledge about bitcoin yet. But a group of bitcoin enthusiasts here in the PH are raising awareness about bitcoin.

The group MMM Community in the Philippines is providing a big contribution in Bitcoin awareness in since they are the only MLM (i think) who accepts and pays in Bitcoin. I hope other MLM companies follow and introduce Bitcoin to more people in Ph. I "heard" Metrodeal (group buying site) is also accepting Bitcoins as payment.

If Metrodeal would be implementing the addition of bitcoin as payment option, then it would be very awesome! It would be more convenient for people who uses bitcoins!

[Dotakels]

I think the market share will most likely come from the expatriates who are using bitcoin services to send money back to home country. Imagine if that becomes fully utilized. I think the main barrier is still the 3rd party services being made available at oversea something like what you see having WU offices spread at every different countries.

While most services are applicable to expats who are using bitcoins to send funds to their families here in PH, I highly doubt that most market shares will come from them. Rather, I believe that it will come from those online workers as Bitcoin is now widely known and accepted as a form of payment. Most expatriates or OFW (Overseas Filipino Workers) as we call them, do have little to no knowledge about bitcoin yet. But a group of bitcoin enthusiasts here in the PH are raising awareness about bitcoin.

The group MMM Community in the Philippines is providing a big contribution in Bitcoin awareness in since they are the only MLM (i think) who accepts and pays in Bitcoin. I hope other MLM companies follow and introduce Bitcoin to more people in Ph. I "heard" Metrodeal (group buying site) is also accepting Bitcoins as payment.

If Metrodeal would be implementing the addition of bitcoin as payment option, then it would be very awesome! It would be more convenient for people who uses bitcoins!

Its a great help for users of bitcoin because they can buy stuffs without exchange their coins into fiat money, and also its a great help to the economy of the philippines because it can avoid the delay of payment and also foreigners can spend their coins in philippines.

[operrajunk74]

I think the market share will most likely come from the expatriates who are using bitcoin services to send money back to home country. Imagine if that becomes fully utilized. I think the main barrier is still the 3rd party services being made available at oversea something like what you see having WU offices spread at every different countries.

While most services are applicable to expats who are using bitcoins to send funds to their families here in PH, I highly doubt that most market shares will come from them. Rather, I believe that it will come from those online workers as Bitcoin is now widely known and accepted as a form of payment. Most expatriates or OFW (Overseas Filipino Workers) as we call them, do have little to no knowledge about bitcoin yet. But a group of bitcoin enthusiasts here in the PH are raising awareness about bitcoin.

The group MMM Community in the Philippines is providing a big contribution in Bitcoin awareness in since they are the only MLM (i think) who accepts and pays in Bitcoin. I hope other MLM companies follow and introduce Bitcoin to more people in Ph. I "heard" Metrodeal (group buying site) is also accepting Bitcoins as payment.

If Metrodeal would be implementing the addition of bitcoin as payment option, then it would be very awesome! It would be more convenient for people who uses bitcoins!

Its a great help for users of bitcoin because they can buy stuffs without exchange their coins into fiat money, and also its a great help to the economy of the philippines because it can avoid the delay of payment and also foreigners can spend their coins in philippines.

Yes it would definitely help the economy of philippines and the great benefit would be for the visitors from different countries who visits philippines and as bitcoins are accepted, they don't have to convert their currency into local currency which would save the conversion cost.

[Dotakels]

I think the market share will most likely come from the expatriates who are using bitcoin services to send money back to home country. Imagine if that becomes fully utilized. I think the main barrier is still the 3rd party services being made available at oversea something like what you see having WU offices spread at every different countries.

While most services are applicable to expats who are using bitcoins to send funds to their families here in PH, I highly doubt that most market shares will come from them. Rather, I believe that it will come from those online workers as Bitcoin is now widely known and accepted as a form of payment. Most expatriates or OFW (Overseas Filipino Workers) as we call them, do have little to no knowledge about bitcoin yet. But a group of bitcoin enthusiasts here in the PH are raising awareness about bitcoin.

The group MMM Community in the Philippines is providing a big contribution in Bitcoin awareness in since they are the only MLM (i think) who accepts and pays in Bitcoin. I hope other MLM companies follow and introduce Bitcoin to more people in Ph. I "heard" Metrodeal (group buying site) is also accepting Bitcoins as payment.

If Metrodeal would be implementing the addition of bitcoin as payment option, then it would be very awesome! It would be more convenient for people who uses bitcoins!

Its a great help for users of bitcoin because they can buy stuffs without exchange their coins into fiat money, and also its a great help to the economy of the philippines because it can avoid the delay of payment and also foreigners can spend their coins in philippines.

Yes it would definitely help the economy of philippines and the great benefit would be for the visitors from different countries who visits philippines and as bitcoins are accepted, they don't have to convert their currency into local currency which would save the conversion cost.

Yes also they can save the transaction fee, and this can help the adoption and usage of bitcoin in philippines, And it can affect the gdp of the country.

[harizen]

I just wondered who Pinoy's here attends the meetups/seminars of a one of the bitcoin group in Philippines last Saturday. Didn't able to joined them because my work's teambuilding is also in the same day. Anyone who able attend , please share some of their talked topics?

[CEG5952]

I just wondered who Pinoy's here attends the meetups/seminars of a one of the bitcoin group in Philippines last Saturday. Didn't able to joined them because my work's teambuilding is also in the same day. Anyone who able attend , please share some of their talked topics?

Ah yes. I'd like to see pictures of the official meet ups as well. Maybe put it on my blog to encourage other Filipinos to attend and cooperate.

[Dotakels]

I just wondered who Pinoy's here attends the meetups/seminars of a one of the bitcoin group in Philippines last Saturday. Didn't able to joined them because my work's teambuilding is also in the same day. Anyone who able attend , please share some of their talked topics?

Ah yes. I'd like to see pictures of the official meet ups as well. Maybe put it on my blog to encourage other Filipinos to attend and cooperate.

And also they can lead or they can give some strategies,method on how they grow their coin, by doing that they can encourage many people because nowadays people find a job and need to earn. We can say that this is the opportunity to adopt and development of bitcoin.

[Emerge]

Hi guys! News from BOP:

YouthHack Manila is coming up on July 25 and the BOP (Bitcoin Organization Philippines)
Will be having a booth there. Come and meet us there at July 25 YH Manila

[DaddyMonsi]

Hi guys! News from BOP:

YouthHack Manila is coming up on July 25 and the BOP (Bitcoin Organization Philippines)
Will be having a booth there. Come and meet us there at July 25 YH Manila

Where is the Venue of this event?
Is there an entrance fee?
Time gates will be open for this event?

thanks

[Dotakels]

Hi guys! News from BOP:

YouthHack Manila is coming up on July 25 and the BOP (Bitcoin Organization Philippines)
Will be having a booth there. Come and meet us there at July 25 YH Manila

Where is the Venue of this event?
Is there an entrance fee?
Time gates will be open for this event?

thanks

Yeah , i think you should answer that questions, so that we know if we can went and where is it. Please response.

[harizen]

Hi guys! News from BOP:

YouthHack Manila is coming up on July 25 and the BOP (Bitcoin Organization Philippines)
Will be having a booth there. Come and meet us there at July 25 YH Manila

BOP is the one who held a meetups in Makati last Saturday right? More info please. Hope the venue is not that far from my place or to my workplace. Hope there some free bitcoins again for newbies hehe.

[rbscebu]

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.

[kvlolo]

Bitcoin is ripe for mass adoption in the Philippines, but only after some major hurdles can be addressed. Some of these are:

• Most Filipinos earn about PHP300 or less for a full day's work.
• Smart phones (Android & iPhone) ownership is not that prevalent with Filipinos, however it is slowly growing as their purchase price drops. Now you can get a second-hand one for about 3 to 5 days salary.
• Internet access costs PHP5 (about 10 minutes labour) per 15 minutes.
• Free WiFi is not readily available except in very limited locations in major cities.
• Most Filipinos are un-banked (cash is king) and do not trust/respect banks.
• Very few Filipinos have access to or have a credit/debit card, although those with a bank account do normally have an ATM card linked to their account(s).
• There are very few businesses in the Philippines that accept bitcoin as payment. Those few that do are mainly in Manila.

Most Filipinos are familiar with (and many use) pera padala (money remittance) businesses within the Philippines to send money between family and friends in the Philippines. Every major town and almost every small town has at least one pera padala business. These businesses accept cash, charge a fee of about 2% to 3%, and have cash available for the receiver to collect within a few minutes. Most of these remittance amounts are usually well below PHP5000 (about USD100).

The Philippines, with a population of over 100 million, is currently served by two major local bitcoin exchange businesses; coins.ph and BuyBitcoin. Both appear to be well operated, economical, and offer normal exchange services as well as some value-added services. When exchanging bitcoin into PHP, both offer bank deposits (free) and pick-up through pera padala businesses (for fee a little above what they are charged  by the para padala business).

For the short-term future, I see the main use of bitcoin in the Philippines to be for remittances into and out of the country. Intra-country use will not develop until the Filipino can see an advantage in its use over cash.

Will Philippines government block bitcoin like many other countries?

[Dotakels]

Bitcoin is ripe for mass adoption in the Philippines, but only after some major hurdles can be addressed. Some of these are:

• Most Filipinos earn about PHP300 or less for a full day's work.
• Smart phones (Android & iPhone) ownership is not that prevalent with Filipinos, however it is slowly growing as their purchase price drops. Now you can get a second-hand one for about 3 to 5 days salary.
• Internet access costs PHP5 (about 10 minutes labour) per 15 minutes.
• Free WiFi is not readily available except in very limited locations in major cities.
• Most Filipinos are un-banked (cash is king) and do not trust/respect banks.
• Very few Filipinos have access to or have a credit/debit card, although those with a bank account do normally have an ATM card linked to their account(s).
• There are very few businesses in the Philippines that accept bitcoin as payment. Those few that do are mainly in Manila.

Most Filipinos are familiar with (and many use) pera padala (money remittance) businesses within the Philippines to send money between family and friends in the Philippines. Every major town and almost every small town has at least one pera padala business. These businesses accept cash, charge a fee of about 2% to 3%, and have cash available for the receiver to collect within a few minutes. Most of these remittance amounts are usually well below PHP5000 (about USD100).

The Philippines, with a population of over 100 million, is currently served by two major local bitcoin exchange businesses; coins.ph and BuyBitcoin. Both appear to be well operated, economical, and offer normal exchange services as well as some value-added services. When exchanging bitcoin into PHP, both offer bank deposits (free) and pick-up through pera padala businesses (for fee a little above what they are charged  by the para padala business).

For the short-term future, I see the main use of bitcoin in the Philippines to be for remittances into and out of the country. Intra-country use will not develop until the Filipino can see an advantage in its use over cash.

Will Philippines government block bitcoin like many other countries?

no. and not will, even if the government of the philippines not supporting bitcoin still they will not ban it because bitcoin is a great help to the economy of the philippines. And they have now a discussion about the bad and good effect of bitcoin in the philippines.

[rbscebu]

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.

[MasterYii]

Bitcoin is ripe for mass adoption in the Philippines, but only after some major hurdles can be addressed. Some of these are:

• Most Filipinos earn about PHP300 or less for a full day's work.
• Smart phones (Android & iPhone) ownership is not that prevalent with Filipinos, however it is slowly growing as their purchase price drops. Now you can get a second-hand one for about 3 to 5 days salary.
• Internet access costs PHP5 (about 10 minutes labour) per 15 minutes.
• Free WiFi is not readily available except in very limited locations in major cities.
• Most Filipinos are un-banked (cash is king) and do not trust/respect banks.
• Very few Filipinos have access to or have a credit/debit card, although those with a bank account do normally have an ATM card linked to their account(s).
• There are very few businesses in the Philippines that accept bitcoin as payment. Those few that do are mainly in Manila.

Most Filipinos are familiar with (and many use) pera padala (money remittance) businesses within the Philippines to send money between family and friends in the Philippines. Every major town and almost every small town has at least one pera padala business. These businesses accept cash, charge a fee of about 2% to 3%, and have cash available for the receiver to collect within a few minutes. Most of these remittance amounts are usually well below PHP5000 (about USD100).

The Philippines, with a population of over 100 million, is currently served by two major local bitcoin exchange businesses; coins.ph and BuyBitcoin. Both appear to be well operated, economical, and offer normal exchange services as well as some value-added services. When exchanging bitcoin into PHP, both offer bank deposits (free) and pick-up through pera padala businesses (for fee a little above what they are charged  by the para padala business).

For the short-term future, I see the main use of bitcoin in the Philippines to be for remittances into and out of the country. Intra-country use will not develop until the Filipino can see an advantage in its use over cash.

Well as much as I know Filipinos love to welcome new things that may come there way and if biticoin is one of those new things Im sure they'll be able to welcome it with open arms and support it.

[arielbit]

any businesses here in the Philippines that accepts bitcoin? any inputs? insights?

what platforms/exchanges offers merchant services? (i'm thinking coins.ph)

I maybe able to help integrate BTC payments to a hotel here in my city.

a map/directory of businesses who accepts bitcoin as payments here in the Philippines would be great too.

[DaddyMonsi]

any businesses here in the Philippines that accepts bitcoin? any inputs? insights?

what platforms/exchanges offers merchant services? (i'm thinking coins.ph)

I maybe able to help integrate BTC payments to a hotel here in my city.

rebit is also an exchange site operating in Philippines. I heard there's a coffee shop in Makati that accepts Bitcoins as payments
cashcashpinoy used to accept Bitcoins, but when I checked last week, pay option was removed

[arielbit]

any businesses here in the Philippines that accepts bitcoin? any inputs? insights?

what platforms/exchanges offers merchant services? (i'm thinking coins.ph)

I maybe able to help integrate BTC payments to a hotel here in my city.

rebit is also an exchange site operating in Philippines. I heard there's a coffee shop in Makati that accepts Bitcoins as payments
cashcashpinoy used to accept Bitcoins, but when I checked last week, pay option was removed

seen it before.. looks like coins.ph can deliver ( https://coins.ph/merchants ) any businesses here using it?

I've used coins.ph personally to convert btc to cash and it is good...

just trying to have feedback here before trying it out