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January 11, 2019, 04:34:10 PM Last edit: September 27, 2019, 11:43:15 AM by mjglqw |
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As requested by Jet Cash: Can you guys start some threads about crypto in the Philippines. They get lost if they are short(ish) replies in other threads, and one can't use them to start discussions.
I'm a dude currently residing somewhere in the Philippines. This topic is for people who are genuinely curious on how bitcoin(or cryptocurrencies in general) is doing here in the Philippines. Feel free to ask serious questions related to the current state of Bitcoin in the Philippines and I'll try my best to answer them as soon as possible. Public perceptionBitcoin is decently known here in the Philippines, especially for the teenager-young adult crowd. Unfortunately though, bitcoin is just mostly a investment and a sort of "mirage" that scammers and the uneducated people use to spread their ponzi scheme referral links. Even in the information technology crowd, a huge majority still think that bitcoin and cryptocurrencies in general are just investments(even if they most definitely have the capabilities into understanding what bitcoin actually is, and what it's for), with only a very small minority that's actually passionate about bitcoin whether they're financially invested or not. So yeah, a lot of "when moon" people. I personally know a few people in the technology industry that "invested" in XRP on it's all time high, without doing any research at all. A lot just claim that "XRP is a long hold". Pretty ironic that they're the demographic that you expect to do a lot of research; and also ironic that they actually sold at the crash even though they said that they would hold for years. LOL Online social media groups concerning bitcoin are pretty much just breeding grounds for ponzi referral links. It's pretty sad, but it's something that's really expected due to the high percentage of poverty. A lot of people(the older demographic) also thinks that bitcoin is a scam, simply because all they see on news television is those "bitcoin investment" ponzi schemes get caught up and raided by the police. I really don't blame them sometimes, as the media frequently word their titles quite inaccurately(or maybe on purpose, to spark more controversy). UsabilityThe Philippines has Coins.ph, which is pretty much Philippine's Coinbase, but a lot better. With Coins.ph, you can pay your credit card bills, utility bills, telecom bills, government-related bills, insurance, etc, you name it! With that, you can also buy game credits and buy mobile load through the app. Pretty kick-ass if you ask me. Not to mention that you get a decent percentage of cashbacks(up to 10%) after every purchase. About deposits to Coins.ph, you can deposit money to Coins.ph by simply going to a 7-Eleven store(which is pretty much almost everywhere), and using their digital kiosk. Fees aren't that bad either. Take note though, that even though a lot of people are using Coins.ph due to the cashbacks and convenience, it doesn't necessarily mean that a lot of people use bitcoin in the Philippines. I think a significant amount of people just use Coins.ph to pay bills using the fiat wallet, instead of the bitcoin wallet. I think there's a decent number of people who use bitcoin to send and receive bitcoin back and forth from the Philippines to whatever foreign country, but yea, a small minority. Government RegulationsThe Philippine government is just pretty much "meh" on bitcoin. As far as I know, they haven't legalized nor illegalized bitcoin or cryptocurrencies in general, they pretty much just let it slip. They're more focused on closing those ponzi schemes. The government is pretty much just approving left and right the opening of crypto-related businesses. I really don't think they care that much; as long as there's more taxes to collect, they're probably happy.
P.S. Abra and Coins.ph are the leading wallet-exchanges in the Philippines; with Coins.ph being the most well known.
EDIT: I think I should've made this top self-moderated.
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Jet Cash
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January 11, 2019, 05:00:57 PM |
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These are some pictures posted by Silent26 from the Philippines. http://mobileimg.com/mypictures/index.php?/category/12I'd love to see some more with comments and descriptions so that we can get a feel for the islands and the local customs. It might be best to post them in political or off topic though.
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Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys
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January 11, 2019, 06:06:02 PM |
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I'm also currently residing in the Philippines, but for the most parts of the year, I live in Canada. Tbh, one of the most reputable exchanges in there did a pretty great deal of bridging the gap between the Filipino people and bitcoin in general, though I must admit that most Filipinos are still seeing bitcoin as a ponzi scheme and a get-rich-quick scheme, which is quite saddening. Coins.ph also does a great job in being a concierge with bills payment and buying e-load and whatnot, and I must applaud how their customer service remain top notch even after all these years.
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mk4 (OP)
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January 12, 2019, 02:35:59 AM |
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*snip* Unfortunately I really can't contribute to this, as I don't really travel much. 3rd world country problems right there. *snip*
Definitely! Coins.ph is convenient as hell, as you could also pay bills using it. With that said, yea it's really unfortunate that bitcoin is just a ponzi scheme or a get-rich-quick scheme in the Philippines; which is really not a surprise in my opinion, because you know, poverty and stuff. If you saw the Philippine bitcoin/crypto Facebook pages.. they're pretty much breeding grounds for referral links. There's only one Facebook group with legitimate enthusiasts due to the admins being strict.
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January 12, 2019, 03:16:51 AM |
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though I must admit that most Filipinos are still seeing bitcoin as a ponzi scheme and a get-rich-quick scheme, which is quite saddening.
This is because there are many scammers in our country that uses Bitcoin to scam other people. What's worse is these investors doesn't know what they are investing for. They just see how they can make money and don't think about the risks of putting their money into it. The sad part for me is these people have little to no knowledge on what Bitcoin is. What they only think is the returns if they invest into this company or group. Coins.ph also does a great job in being a concierge with bills payment and buying e-load and whatnot, and I must applaud how their customer service remain top notch even after all these years.
I have been using coins.ph for almost a year already and I didn't encounter any problems using it. The app is very convenient that you don't need to go to line up just to pay bills. I wish more and more users will be using this in the future.
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January 12, 2019, 04:05:34 AM |
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-snip
I can help you on these, just give me a couple of hours, currently at work now.
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January 12, 2019, 06:56:04 AM |
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it would be cool if you could write a short summary of the situation with bitcoin in Philippines from your own point of view. some suggestion topics to cover: - the government stance about bitcoin, do they consider it as a currency or a commodity or something else? how are the regulations? how are taxes? - the banks attitude towards bitcoin? are they happy and accepting bitcoin or are they blocking user's accounts who trade bitcoin or cause issues? - how is the adoption of bitcoin (the most important thing i am interested in is seeing shops as in offline/physical location shops that are accepting bitcoin)
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip. Whales are those who keep buying the dip.
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mk4 (OP)
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- the government stance about bitcoin, do they consider it as a currency or a commodity or something else? how are the regulations? how are taxes?
The Philippine government was pretty much 'meh' with bitcoin and cryptocurrencies. Slightly positive, due to them approving a good number of exchanges, but almost nothing negatively. They're just focused more on cracking down those ponzi schemes. Not strict with taxes as well, as far as I know. - the banks attitude towards bitcoin? are they happy and accepting bitcoin or are they blocking user's accounts who trade bitcoin or cause issues?
There's this one bank that was pretty much locking up the bank accounts of people that made bitcoin/cryptocurrency-related transactions, so there was a lot of complaints sometime last year. Others moving to other banks because others are more crypto-friendly. I think that one bank that was previously locking accounts are crypto-friendly now though, as I haven't heard a single complaint since then(or maybe everyone just moved lol). - how is the adoption of bitcoin (the most important thing i am interested in is seeing shops as in offline/physical location shops that are accepting bitcoin)
In Manila(the capital of the Philippines), ehh, a few bitcoin ATMs here and there, and that's pretty much it. The best thing you could use your bitcoin here right now is to pay for mobile load and to pay bills through Coins.ph(pretty much the Coinbase of the Philippines, but better). Bitcoin as a payment in the Philippines overall, a small small minority. Unfortunately bitcoin in the Philippines right now is mostly an investment and a sort of tool for ponzi schemes. The community of people who are really enthusiastic towards bitcoin and cryptocurrencies in general is quite small unfortunately. Ponzi schemes are really hot here simply because of poverty and ignorance basically.
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January 13, 2019, 12:34:17 AM |
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I have one question. Can you tell us about attitude of commercial banks in Philippines towards Bitcoin and cryptocurrencies? As far as I know Central Bank of Philippines didn't recognized Bitcoin as currency, so it's grey area for commercial banks. Are they sceptical about crypto? From what I read, legal status of Bitcoin is similar like in my country, attitude of Central Bank also, but commercial banks are not crypto-friendly. They can even close your account if you deal with crypto, some banks also have restricted transfers to several crypto exchanges.
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January 13, 2019, 06:41:51 AM |
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Do your government tax Crypto currencies based on Capital gains or as VAT as a currency? < I tried to Google it, but I cannot seem to find anything> Would you say the Localbitcoin <Person2Person> trades are safe to use or are they also riddled with scammers and criminals that are waiting to pounce on victims. ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) <Will tourists be ripped off, if they go that route?> How many merchants accept bitcoin as direct payment. <Not via payment processors?>
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January 13, 2019, 06:54:00 AM |
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It seems interesting also about bitcoin in the Philippines, because the Philippines is a country that has followed technological advancements today
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January 13, 2019, 07:34:37 AM |
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It seems interesting also about bitcoin in the Philippines, because the Philippines is a country that has followed technological advancements today
Right, the Philippine government are open minded in the new technologies of cryptocurrency they accept bitcoin and recognize cause they see it is big help for there people to change there life and there economy.
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mk4 (OP)
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January 13, 2019, 08:29:18 AM |
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I have one question. Can you tell us about attitude of commercial banks in Philippines towards Bitcoin and cryptocurrencies? As far as I know Central Bank of Philippines didn't recognized Bitcoin as currency, so it's grey area for commercial banks. Are they sceptical about crypto? From what I read, legal status of Bitcoin is similar like in my country, attitude of Central Bank also, but commercial banks are not crypto-friendly. They can even close your account if you deal with crypto, some banks also have restricted transfers to several crypto exchanges.
Last year, one bank was locking up accounts of users that has crypto-related transactions. Wasn't hearing any complaints recently so it's either they're now crypto-friendly, or maybe most crypto people just moved to other banks. For now, they pretty much have no comment on crypto. So as of now, I'd say the Philippines is very crypto friendly. Do your government tax Crypto currencies based on Capital gains or as VAT as a currency? < I tried to Google it, but I cannot seem to find anything>
I don't know anyone paying their taxes on capital gains LOL. Most government officials are pretty much old folks that are oblivious to cryptocurrencies. Would you say the Localbitcoin <Person2Person> trades are safe to use or are they also riddled with scammers and criminals that are waiting to pounce on victims. ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) <Will tourists be ripped off, if they go that route?> I really don't know, as I rarely do meetup trades with LocalBitcoins, as I mostly accept PayPal. Anyway, this shouldn't really be a problem if you chose well secured locations like malls and such. How many merchants accept bitcoin as direct payment. <Not via payment processors?>
Very small minority. In Angeles, there was a girlie bar that was accepting bitcoin for a while, but they took the sign down recently. I heard it was because nobody ever wanted to pay in BTC. Technically a lot of clubs would accept it, but nobody ever asks for the option.
Damn LOL. You should've been potentially the first customer to pay in BTC. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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NavI_027
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January 13, 2019, 08:36:04 AM |
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If you saw the Philippine bitcoin/crypto Facebook pages.. they're pretty much breeding grounds for referral links.
I know it sucks but the worse part is that some of our fellow men are stubborn in these stuffs. They still continue to post referrals here and referrals there despite the fact that their platform which they are joining in is brand new and already looks suspicious for the others. They choose to ignore all the warnings from their environment just for a few bucks that they might (since the majority of these schemes are quite questionable) earn on those referrals. I can't really understand why they are still hooked in these things which usually end up a scam There's only one Facebook group with legitimate enthusiasts due to the admins being strict.
Oh really? May I know what is it? I'm already tired of looking into referral links every time scroll down along my newsfeed ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) . The sad part for me is these people have little to no knowledge on what Bitcoin is. What they only think is the returns if they invest into this company or group.
Yeah, that's the main problem. I think the best solution for this is through conducting seminars to educate them about crypto butvthe question is HOW? Our country do not show a strong support for us and we also do not have at an association so I guess it will depends on voluntary actions for now.
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mk4 (OP)
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January 13, 2019, 10:38:49 AM |
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I know it sucks but the worse part is that some of our fellow men are stubborn in these stuffs. *snip*
Really unfortunate indeed. Poverty does that to people, I guess? Oh really? May I know what is it? I'm already tired of looking into referral links every time scroll down along my newsfeed ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) . I've left all the local bitcoin/crypto-related groups I knew due to all the spam. Barely any discussion at all. Anyway, here you go: https://www.facebook.com/groups/CryptoPH/I asked about it and they said there was a $200 (~10,000 PHP) minimum... They're treating it the same way as they treat credit cards -- they have to pay big taxes on them.
Oh wow. That's quite a lot higher than I thought. Not sure if that's actually the correct way to go about it or not, but uh, I'm a 1,000 to 2,000 peso kind of guy.
Genuinely curious.. I haven't tried "partying" in Manila. What were you able to get with ₱1,000-₱2,000? ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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benres
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January 13, 2019, 11:22:37 AM |
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Great a bitcoin advocate in the Philippines and I appreciate on the marketing strategies you are doing to promote bitcoin and cryptocurrency in the Philippines. Hopefully soon we will see bitcoin ATM machines in the major cities here in the Philippines to boost the adaption of cryptocurrency in the market especially to the big malls here in the Philippines.
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mariah.sadio
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January 13, 2019, 02:18:27 PM |
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I am also from the Philippines. When other people from other countries were invited in joining a site they thought thst it is always a scam specially when the people who invited them are filipinos. I think it is our time to alter thei minds that we are all not scammer.
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babysweetTiger0401
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January 13, 2019, 02:40:25 PM |
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I'm also currently residing in the Philippines, but for the most parts of the year, I live in Canada. Tbh, one of the most reputable exchanges in there did a pretty great deal of bridging the gap between the Filipino people and bitcoin in general, though I must admit that most Filipinos are still seeing bitcoin as a ponzi scheme and a get-rich-quick scheme, which is quite saddening. Coins.ph also does a great job in being a concierge with bills payment and buying e-load and whatnot, and I must applaud how their customer service remain top notch even after all these years.
I agreed, most Filipino people in the Philippines believed that bitcoin was a form of ponzi scheme. And the saddest thing which is most happened was that majority of the opportunist scammer people they used BItcoin as front to their businesses. Especially, if they will connect Bitcoin into MLM or networking company. So you can't blame them why is like that. But in some other side if you will go deeper into bitcoin it has a good impact to each everyone of us whether individuals or etc.
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mk4 (OP)
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January 14, 2019, 06:18:57 AM |
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Well, I meant Angeles, Pampanga specifically. Don't know that much about Manila other than its probably more expensive. Never really tried going to clubs there.
In Angeles, on the Walking Street, you can have a grand 'ol time for 2,000. Probably make it last 3 or 4 hours. Of course there's a lot of beggars, vendors and girls who will help you part with your money very quickly if you're not paying attention (though with the last category I don't mind it so much).
1,000-2,000 is definitely a lot cheaper than I thought; and 3 to 4 hours is a long time. Well, 1,000-2,000 pesos is a lot higher than the minimum wage I guess so that makes sense. Great a bitcoin advocate in the Philippines and I appreciate on the marketing strategies you are doing to promote bitcoin and cryptocurrency in the Philippines. Hopefully soon we will see bitcoin ATM machines in the major cities here in the Philippines to boost the adaption of cryptocurrency in the market especially to the big malls here in the Philippines.
Unfortunately I don't think bitcoin ATM's help a lot. Bitcoin ATM's won't necessarily get people to use it(note the humongous fees). It's good publicity, I guess?
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CryptoBry
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January 14, 2019, 07:22:45 AM |
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I'm also currently residing in the Philippines, but for the most parts of the year, I live in Canada. Tbh, one of the most reputable exchanges in there did a pretty great deal of bridging the gap between the Filipino people and bitcoin in general, though I must admit that most Filipinos are still seeing bitcoin as a ponzi scheme and a get-rich-quick scheme, which is quite saddening. Coins.ph also does a great job in being a concierge with bills payment and buying e-load and whatnot, and I must applaud how their customer service remain top notch even after all these years.
All of the Filipinos involved with cryptocurrency are all thankful that we have coins.ph here as this is the best way so far to convert Bitcoin and other famous alts to the local currency and have the money delivered to our bank accounts and/or remittance centers all over the country. had there been no exchange like this then it can get so difficult to be doing business with cryptocurrency here in the Philippines. Right now, Bitcoins remains to be attached to many scams in the past and I assumed even ongoing scams right now...just because those scams were then using Bitcoin as the medium to get in and to cash-out or basically the medium of exchange for those programs. Hence, we have the Bitcoin scams but no dollar scams even if there had been many scams before that used dollar as the exchange...or peso for that matter. However, eventually people will get educated with cryptocurrency and many can come to appreciate the many benefits of this new trending technology though this can be taking a lot of time most especially since many people here lost money when the entered Bitcoin at a higher price and then sold them when things are already in the dip.
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