Question about Bitcoin in the Philippines [English]

[Steamtyme]

First sorry I do not speak Tagala.

I live in a community in Canada that hosts a large Filipino community, most of whom are working here to send money back home.

This brings me to my question. How well adopted is cryptocurrency in the Philippines? Is it easy for a local to convert say BTC, and LTC into FIAT?

I want to consult/offer the service of sending their funds home via crypto to reduce fees, and timelines with waiting.

Any insights into the system would be great.

Note: At this time I am not looking for a partner.

[theyoungmillionaire]

First sorry I do not speak Tagala Tagalog.

Hi, my friend Steamtyme,

Welcome to Philippines Local Board!

Cryptocurrency in the Philippines needs more businesses to adopt and more on educating people on how cryptocurrency works. Most people here can easily be manipulate by FUD, which makes it more difficult to accept cryptocurrency as a whole. Major hindrance on how we can fully penetrate the Philippine’s market are those vast scam(s) project, some tech idea like “scam coin” that hope will get adopted and used as a platform, which ended up as major scam. I hope merchants of all types will soon be using and will be accepting more cryptocurrency here, just like other countries, those coins and tokens too will soon be use for payment processing adoption, which BTC has grown massively already, thanks to the lightning network.
 
As to converting cryptocurrency to fiat currency, majority of Filipinos used coins.ph (5 million Filipinos and still counting), which only convert BTC and ETH to PHP as of the moment.

Volatility can affect your propose remittance service, e.g., Steamtyme remitted worth 10,000PHP at the time of remittance activity to theyoungmillionaire, however, when theyoungmillionaire received the remittance it went down to 7,500PHP due to its volatility and some conversion fee. Nevertheless, you can try it, mate, and I am sure you can find some ways that might work.

I commend your offer service on helping OFWs, my friend. Good Luck!
See you around.

[Steamtyme]

Thanks for the information; and the correction.

First sorry I do not speak Tagala Tagalog.

As to converting cryptocurrency to fiat currency, majority of Filipinos used coins.ph (5 million Filipinos and still counting), which only convert BTC and ETH to PHP as of the moment.

Volatility can affect your propose remittance service, e.g., Steamtyme remitted worth 10,000PHP at the time of remittance activity to theyoungmillionaire, however, when theyoungmillionaire received the remittance it went down to 7,500PHP due to its volatility and some conversion fee. Nevertheless, you can try it, mate, and I am sure you can find some ways that might work.

Yeah the volatility of markets is definitely a concern in this venture. Mostly because I would hate anyone to lose value during the transfer period; although the opposite I'm sure would be greatly received by anyone 

The blue part is most helpful, as it lets me know what to expect for the timeline involved in people receiving their crypto. This may be a good reason to look into using ETH as opposed to BTC. The biggest risks so far will be for anyone who sends larger amounts in regards to volatility, but more often than not the price should be stable enough to make a transaction.

Again thanks for the information.