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Author Topic: Pilipinas: paying the bills with bitcoin  (Read 13840 times)
MadSweeney
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July 12, 2011, 03:04:47 AM
 #1

Last weekend, I paid bitcoin to load up my cellphone. I'm glad Peripeteia is offering this service http://www.manyislands.asia/2011/07/bitcoin-philippines/

It would be great if we can pay our utility bills at Meralco, PLDT and Maynilad with bitcoin as well. But how do we do that? I was thinking about this when reading the bitcoin thread on TipidPC.com. There are lots of miners in that forum, and they've been discussing how to cash out or "swap values" with their bitcoins. One user was skeptical of bitcoin trades happening anytime soon until some merchants, utility and telecom companies and the like accept bitcoin.

That is understandable. Many Pinoy bitcoin users would like to sell their bitcoins but only a few are willing to buy them. Aside from the tortuous process of exchanging bitcoins online, the buy and sell rates of local Liberty Reserve exchangers (e.g. 6.58% above and below the USD-PHP exchange rate in one exchanger), which you need to fund Mt.Gox accounts,  or the transaction fees of PayPal, credit cards and banks eat up a significant part of the profits.

This reflects on the low price at which local buyers are willing to buy bitcoins. The buyer in Sulit.com.ph has a rate of only ₱500 for 1 bitcoin, while if you convert the current market value in USD of bitcoin to peso 1 bitcoin is worth more than ₱600. Sadly, ₱500 is a reasonable price for the buyer given the above exhange costs.

So paying for things with bitcoin itself would do a lot of good for local bitcoin trade, obviously. There would be less need to exchange it outside the country, and it will drive up the value of bitcoin in Philippine peso.  

Now let's look at paying utility bills with bitcoin. There exist already online services for paying bills such as paymanila.com. What this means is that we don't need to convince each of the large utility and telecom companies to accept bitcoin at the moment. We only need to persuade the owner of one of these bills payment services--that is, if no bitcoin entrepreneur wants to start up a bills payment service of his own.


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silverchair
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August 01, 2011, 05:51:15 AM
 #2

Last weekend, I paid bitcoin to load up my cellphone. I'm glad Peripeteia is offering this service http://www.manyislands.asia/2011/07/bitcoin-philippines/

It would be great if we can pay our utility bills at Meralco, PLDT and Maynilad with bitcoin as well. But how do we do that? I was thinking about this when reading the bitcoin thread on TipidPC.com. There are lots of miners in that forum, and they've been discussing how to cash out or "swap values" with their bitcoins. One user was skeptical of bitcoin trades happening anytime soon until some merchants, utility and telecom companies and the like accept bitcoin.

That is understandable. Many Pinoy bitcoin users would like to sell their bitcoins but only a few are willing to buy them. Aside from the tortuous process of exchanging bitcoins online, the buy and sell rates of local Liberty Reserve exchangers (e.g. 6.58% above and below the USD-PHP exchange rate in one exchanger), which you need to fund Mt.Gox accounts,  or the transaction fees of PayPal, credit cards and banks eat up a significant part of the profits.

This reflects on the low price at which local buyers are willing to buy bitcoins. The buyer in Sulit.com.ph has a rate of only ₱500 for 1 bitcoin, while if you convert the current market value in USD of bitcoin to peso 1 bitcoin is worth more than ₱600. Sadly, ₱500 is a reasonable price for the buyer given the above exhange costs.

So paying for things with bitcoin itself would do a lot of good for local bitcoin trade, obviously. There would be less need to exchange it outside the country, and it will drive up the value of bitcoin in Philippine peso.   

Now let's look at paying utility bills with bitcoin. There exist already online services for paying bills such as paymanila.com. What this means is that we don't need to convince each of the large utility and telecom companies to accept bitcoin at the moment. We only need to persuade the owner of one of these bills payment services--that is, if no bitcoin entrepreneur wants to start up a bills payment service of his own.




Masaya to. Smiley

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silverchair
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August 04, 2011, 06:26:49 AM
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Pwede ring Pilipinas paying the debts with bitcoin sa World Bank. LOL  Cheesy

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silverchair
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August 30, 2011, 08:54:04 AM
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Less activities in Pinoy thread, asan naba mga kababayan ko  Cheesy

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December 16, 2011, 08:29:47 PM
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Is there a Pinoy exchange for bitcoin?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
MadSweeney
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December 18, 2011, 11:38:14 PM
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as far as I know, there is no Pinoy exchange for bitcoin yet. but I think it won't be long before we see one.

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December 19, 2011, 02:17:11 AM
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I don't know how Meralco would go with BTC payment, but I'll watch this thread with interest.  a) because I find Manila fascinating the few weeks that I've worked there, and b) interested in the economics of the country and electricity.

What does the BTC/Php conversion work out at?  1 to 10?  Almost economic to mine locally, but I can't remember the local Php/kWh rates, and getting decent mining cards is still really expensive.
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December 21, 2011, 11:55:45 AM
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as far as I know, there is no Pinoy exchange for bitcoin yet. but I think it won't be long before we see one.

There should be.

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September 24, 2014, 11:03:47 AM
 #9

Last weekend, I paid bitcoin to load up my cellphone. I'm glad Peripeteia is offering this service http://www.manyislands.asia/2011/07/bitcoin-philippines/

It would be great if we can pay our utility bills at Meralco, PLDT and Maynilad with bitcoin as well. But how do we do that? I was thinking about this when reading the bitcoin thread on TipidPC.com. There are lots of miners in that forum, and they've been discussing how to cash out or "swap values" with their bitcoins. One user was skeptical of bitcoin trades happening anytime soon until some merchants, utility and telecom companies and the like accept bitcoin.

That is understandable. Many Pinoy bitcoin users would like to sell their bitcoins but only a few are willing to buy them. Aside from the tortuous process of exchanging bitcoins online, the buy and sell rates of local Liberty Reserve exchangers (e.g. 6.58% above and below the USD-PHP exchange rate in one exchanger), which you need to fund Mt.Gox accounts,  or the transaction fees of PayPal, credit cards and banks eat up a significant part of the profits.

This reflects on the low price at which local buyers are willing to buy bitcoins. The buyer in Sulit.com.ph has a rate of only ₱500 for 1 bitcoin, while if you convert the current market value in USD of bitcoin to peso 1 bitcoin is worth more than ₱600. Sadly, ₱500 is a reasonable price for the buyer given the above exhange costs.

So paying for things with bitcoin itself would do a lot of good for local bitcoin trade, obviously. There would be less need to exchange it outside the country, and it will drive up the value of bitcoin in Philippine peso.  

Now let's look at paying utility bills with bitcoin. There exist already online services for paying bills such as paymanila.com. What this means is that we don't need to convince each of the large utility and telecom companies to accept bitcoin at the moment. We only need to persuade the owner of one of these bills payment services--that is, if no bitcoin entrepreneur wants to start up a bills payment service of his own.




totoo ba yan 1 btc is 500 pesos lang? niresearch ko sa google ang conversion ng bitcoin USD is about 1 btc ay nasa mga $422, but sa sulit.com.ph 500 pesos lang?
Cyrus
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September 24, 2014, 11:29:27 AM
 #10

This is a very old thread, the price of 1 BTC in dollars was way smaller back then.
Please don't bump old threads unless you have a good reason to do so.

jimmy01
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September 24, 2014, 12:39:42 PM
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This is a very old thread, the price of 1 BTC in dollars was way smaller back then.
Please don't bump old threads unless you have a good reason to do so.

aw sorry I din't even see the date. anyway ang bilis tumaas ng currency ng bitcoin ha, ano ba pinagbabsihan para tumaas o bumaba ang currency ng bitcoin?economy din bah? Smiley
mcgeal
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January 03, 2015, 06:16:26 PM
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Pero bumaba na ngayon....ouch

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January 03, 2015, 06:29:34 PM
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Pero bumaba na ngayon....ouch

Ngayon yes, but we'll see if we're able to hold this $300 level as support

.SativaCoin.
                   
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HarryPotHead
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January 03, 2015, 11:51:53 PM
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I need to pay my pot bills hurry up and accept bitcoin locals

HarryPotHead
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January 03, 2015, 11:53:27 PM
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and i need to pay my booze with bitcoin before its to late, bitcoin is crashing  Undecided back to a dollar  Angry

M28MmickT
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January 03, 2015, 11:55:12 PM
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I need to pay my pot bills hurry up and accept bitcoin locals

Nat sur pot is very gud, pay bill with

M28MmickT
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January 03, 2015, 11:57:21 PM
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and i need to pay my booze with bitcoin before its to late, bitcoin is crashing  Undecided back to a dollar  Angry


kid sy na ta drugs an bills

HarryPotHead
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You are what you eat. PIZZA!


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January 04, 2015, 12:02:28 AM
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I need to pay my pot bills hurry up and accept bitcoin locals

Nat sur pot is very gud, pay bill with

Drugs bad k

HarryPotHead
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January 04, 2015, 12:04:48 AM
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and i need to pay my booze with bitcoin before its to late, bitcoin is crashing  Undecided back to a dollar  Angry


kid sy na ta drugs an bills

are you not scared bitcoin worth 1 dollar on coinb

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January 24, 2015, 04:48:39 AM
 #20

Last weekend, I paid bitcoin to load up my cellphone. I'm glad Peripeteia is offering this service http://www.manyislands.asia/2011/07/bitcoin-philippines/

mas mdami na po na sites/company ang pde gamitan ng bitcoin pra mkapag load sa cellphone.. ginagamit ko po ay yung coins.ph

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