Philippines adoption

[cbeast]

I am now in the Philippines. I'm looking for any progress on creating exchanges or merchant tools for accepting Bitcoin. I wpuld like any advice or experiences with small businesses accepting it. On my first day I found a travel agency that is interested, but not sure how to advise them.

[1713952344]

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[1713952344]

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[1713952344]

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[Matt59]

Hi there!
I am in the philippines too and it seems there is already some exchange website like coins.ph offering to pay buy cash deposit in any bank. I saw also some shop accepting bitcoins and some online shopping website like metrodeal.com.
Have you found more finally?

[titan86]

I don't know current situation in Philippines about businesses accepting bitcoin. Let us know, if you'll find more variants

[NLNico]

Anyone in the Philippines should def. join the PH topic: https://bitcointalk.org/index.php?topic=27736

There are several exchanges*:

https://coins.ph
https://www.coinxchange.ph
https://buybitcoin.ph

MetroDeal and CashCashPinoy indeed use coins.ph. I think that is the only exchange that can integrate with websites.


* I say exchanges but they aren't really exchanges more like CoinBase.

Since OP was months ago, had any success?

[Keeney43]

To be honest, I think that around the world BitCoin will begin to be used much more, just because of how popular it is becoming.

[cbeast]

Filipinos seem to have an understanding about privacy and personal responsibility with finances that Westerners seem to lack.

[stryknyne666]

Hello

[hardalisas]

To be honest, I think that around the world BitCoin will begin to be used much more, just because of how popular it is becoming.

of course more and more ppl are getting to know Bitcoin.
but in countries like China, government are stupid enough to ban it.

[Archie3]

cBeast,

Are you still in the Philippines working on your project?

[cbeast]

I'm back in the states taking care of family business but will be returning soon.

[beetcoin]

i think using bitcoin for remittance in the philippines is a better idea.. there needs to be something like a brick and mortar exchange where the sender sends bitcoins to the exchanger (in the philippines), and the exchanger gives cash to the recipient. that way they don't have to worry about turning that bitcoin into paper money.

[cbeast]

You would need to find people in the Philippines to buy your bitcoins with php also. I'm hoping that bitcoin microloans will replace the 5/6 system for poor people that have OFW friends and family. With an SEC license, you could work with money exchanges to set up online accounts for such loans and cover whole cities. Mobile apps would be safer than ATMs or brick and mortar businesses, but keep the amounts small so they don't need to handle a lot of money and require extra security. Really something like localbitcoins or mycelium would work great. It would just take someone to teach people how.

[beetcoin]

You would need to find people in the Philippines to buy your bitcoins with php also. I'm hoping that bitcoin microloans will replace the 5/6 system for poor people that have OFW friends and family. With an SEC license, you could work with money exchanges to set up online accounts for such loans and cover whole cities. Mobile apps would be safer than ATMs or brick and mortar businesses, but keep the amounts small so they don't need to handle a lot of money and require extra security. Really something like localbitcoins or mycelium would work great. It would just take someone to teach people how.

you addressing me? you wouldn't need people in the philippines to buy your bitcoins.. you'd need for philippino people to buy bitcoins from the US or wherever they are, and then send it to the philippines. then you have an exchanger to give the recipient fiat. the exchanger, if they want, can turn the bitcoins into currency.

[cbeast]

You would need to find people in the Philippines to buy your bitcoins with php also. I'm hoping that bitcoin microloans will replace the 5/6 system for poor people that have OFW friends and family. With an SEC license, you could work with money exchanges to set up online accounts for such loans and cover whole cities. Mobile apps would be safer than ATMs or brick and mortar businesses, but keep the amounts small so they don't need to handle a lot of money and require extra security. Really something like localbitcoins or mycelium would work great. It would just take someone to teach people how.

you addressing me? you wouldn't need people in the philippines to buy your bitcoins.. you'd need for philippino people to buy bitcoins from the US or wherever they are, and then send it to the philippines. then you have an exchanger to give the recipient fiat. the exchanger, if they want, can turn the bitcoins into currency.

Right. That's what I said. OFWs send bitcoins. But exchangers don't want bitcoins. They don't have anyone to sell them to. You would need to set up an exchange for them and find Filipinos that want to invest in bitcoins.

[beetcoin]

You would need to find people in the Philippines to buy your bitcoins with php also. I'm hoping that bitcoin microloans will replace the 5/6 system for poor people that have OFW friends and family. With an SEC license, you could work with money exchanges to set up online accounts for such loans and cover whole cities. Mobile apps would be safer than ATMs or brick and mortar businesses, but keep the amounts small so they don't need to handle a lot of money and require extra security. Really something like localbitcoins or mycelium would work great. It would just take someone to teach people how.

you addressing me? you wouldn't need people in the philippines to buy your bitcoins.. you'd need for philippino people to buy bitcoins from the US or wherever they are, and then send it to the philippines. then you have an exchanger to give the recipient fiat. the exchanger, if they want, can turn the bitcoins into currency.

Right. That's what I said. OFWs send bitcoins. But exchangers don't want bitcoins. They don't have anyone to sell them to. You would need to set up an exchange for them and find Filipinos that want to invest in bitcoins.

not necessarily though. you don't necessarily need to liquidify your bitcoins in the philippines. why not cash out in another country? i wonder if it's possible to set up a bitpay account to become an exchanger where you liquidify your bitcoins for USD.

btw, aren't remittance fees to the philippines ridiculously expensive.. something like 12%?

[cbeast]

You would need to find people in the Philippines to buy your bitcoins with php also. I'm hoping that bitcoin microloans will replace the 5/6 system for poor people that have OFW friends and family. With an SEC license, you could work with money exchanges to set up online accounts for such loans and cover whole cities. Mobile apps would be safer than ATMs or brick and mortar businesses, but keep the amounts small so they don't need to handle a lot of money and require extra security. Really something like localbitcoins or mycelium would work great. It would just take someone to teach people how.

you addressing me? you wouldn't need people in the philippines to buy your bitcoins.. you'd need for philippino people to buy bitcoins from the US or wherever they are, and then send it to the philippines. then you have an exchanger to give the recipient fiat. the exchanger, if they want, can turn the bitcoins into currency.

Right. That's what I said. OFWs send bitcoins. But exchangers don't want bitcoins. They don't have anyone to sell them to. You would need to set up an exchange for them and find Filipinos that want to invest in bitcoins.

not necessarily though. you don't necessarily need to liquidify your bitcoins in the philippines. why not cash out in another country? i wonder if it's possible to set up a bitpay account to become an exchanger where you liquidify your bitcoins for USD.

btw, aren't remittance fees to the philippines ridiculously expensive.. something like 12%?

It depends on how much and how you are sending remittance. I pay close to 10%. I tried to get coinbase to work with PNB. They say they are considering it, but that was almost two years ago. If you try to do all the money clearing yourself, I think you will have troubles with banks. There are exchanges starting in PH. Things are moving fast there!

[beetcoin]

You would need to find people in the Philippines to buy your bitcoins with php also. I'm hoping that bitcoin microloans will replace the 5/6 system for poor people that have OFW friends and family. With an SEC license, you could work with money exchanges to set up online accounts for such loans and cover whole cities. Mobile apps would be safer than ATMs or brick and mortar businesses, but keep the amounts small so they don't need to handle a lot of money and require extra security. Really something like localbitcoins or mycelium would work great. It would just take someone to teach people how.

you addressing me? you wouldn't need people in the philippines to buy your bitcoins.. you'd need for philippino people to buy bitcoins from the US or wherever they are, and then send it to the philippines. then you have an exchanger to give the recipient fiat. the exchanger, if they want, can turn the bitcoins into currency.

Right. That's what I said. OFWs send bitcoins. But exchangers don't want bitcoins. They don't have anyone to sell them to. You would need to set up an exchange for them and find Filipinos that want to invest in bitcoins.

not necessarily though. you don't necessarily need to liquidify your bitcoins in the philippines. why not cash out in another country? i wonder if it's possible to set up a bitpay account to become an exchanger where you liquidify your bitcoins for USD.

btw, aren't remittance fees to the philippines ridiculously expensive.. something like 12%?

It depends on how much and how you are sending remittance. I pay close to 10%. I tried to get coinbase to work with PNB. They say they are considering it, but that was almost two years ago. If you try to do all the money clearing yourself, I think you will have troubles with banks. There are exchanges starting in PH. Things are moving fast there!

are you sending it to family? why can't they accept bitcoin if there are exchanges there? it's kind of a hassle, i'm assuming.

[cbeast]

You would need to find people in the Philippines to buy your bitcoins with php also. I'm hoping that bitcoin microloans will replace the 5/6 system for poor people that have OFW friends and family. With an SEC license, you could work with money exchanges to set up online accounts for such loans and cover whole cities. Mobile apps would be safer than ATMs or brick and mortar businesses, but keep the amounts small so they don't need to handle a lot of money and require extra security. Really something like localbitcoins or mycelium would work great. It would just take someone to teach people how.

you addressing me? you wouldn't need people in the philippines to buy your bitcoins.. you'd need for philippino people to buy bitcoins from the US or wherever they are, and then send it to the philippines. then you have an exchanger to give the recipient fiat. the exchanger, if they want, can turn the bitcoins into currency.

Right. That's what I said. OFWs send bitcoins. But exchangers don't want bitcoins. They don't have anyone to sell them to. You would need to set up an exchange for them and find Filipinos that want to invest in bitcoins.

not necessarily though. you don't necessarily need to liquidify your bitcoins in the philippines. why not cash out in another country? i wonder if it's possible to set up a bitpay account to become an exchanger where you liquidify your bitcoins for USD.

btw, aren't remittance fees to the philippines ridiculously expensive.. something like 12%?

It depends on how much and how you are sending remittance. I pay close to 10%. I tried to get coinbase to work with PNB. They say they are considering it, but that was almost two years ago. If you try to do all the money clearing yourself, I think you will have troubles with banks. There are exchanges starting in PH. Things are moving fast there!

are you sending it to family? why can't they accept bitcoin if there are exchanges there? it's kind of a hassle, i'm assuming.

I've only been helping friends. It's not much, but with all the storm devastation in the last few years I would rather help people directly so they can help others in turn. I will be back permanently soon when I am done with the family business here in the states.

[NLNico]

With worldremit.com I am pretty sure I get less than 10% even with "currency exchange rate EUR>PHP" (and they offer instant deposit through Dutch iDeal online banking system and instant pickup at several locations here in PH.)


Anyway, lately there are cheaper options with bitcoin. I made myself a simple script to calculate the amounts including all the fees (including buying bitcoin fee from Kraken) etc:



Note 1: Only Worldremit includes the fee of "pickup" option(!) The bitcoin options are free to a PH bank account, however they charge an extra fee for pickup.
Note 2: rebit.ph has a functionality to authorize through coinbase which means you don't have any risk of changing BTC price (you know how much USD you pay for specific PHP amount.) coins.ph is also working on this functionality I think.
Note 3: "Currency exchange" is the today's price of a random/average currency exchange company in Manila. It is impressive we get a higher price through bitcoin.
Note 4: I think all the calculations in my script are correct, but sorry if there is a mistake make your own calculations too.

[cbeast]

I've only been away 4 months and so much has happened. I can't wait to get back. I will not be starting an exchange. I'm really not even planning a big business. My goals are to educate people about Bitcoin and facilitate getting businesses to accept it.  I will work on a donation basis, but will likely get an SEC license to cover myself. I have ideas in how to expand into a business, but at this point I'll play it safe.