AMA (Ask Me Anything): The current state of Bitcoin in the Philippines 🇵🇭

[mk4]

I heard that Coins.ph has been acquired by Go-Jek (the major player in the ride-hailing business in Indonesia).[1] Does this have any effect on how the Philippines use the services?

The acquisition amount is crazy according to the report, around $72 million.

[1] https://www.investinblockchain.com/go-jek-acquires-coins-ph/

Oh wow. I had no idea.

Anyway, the article was posted just 23 hours ago, so probably the acquisition of coins.ph was probably just recently. I think it's too early to say if some things are going to be different or not. If something would actually change, I hope that it's for the better.

About the $72 million price, I'm honestly not surprised. Coins.ph has a HUGE userbase, and saying huge is a big understatement. It's like having Coinbase without a single competitor.

[1714944875]

1714944875

[martina14]

I saaw some news that coins.ph was being bought at 75 MILLION pesos or USD i am not sure.

But is this true?

One thing more, what is the reason why Cebuana Lhuiller will not accept cash-outs from COINS.PH? Will start on March 2019.

[mk4]

As somebody who uses this service 3 times a week or more, I'm really hoping there's no changes that come due to being sold. Hopefully the government will continue their hands-off approach to regulating Coins.ph, and hopefully the GoJek people won't want to increase fees or anything -- that would totally undermine the entire purpose of the company.

There are a couple of competitors in the works but they have nowhere near the same amount of exposure or legitimate reputation that Coins.ph has.

I sure hope so too. I'm really really fine with the current state of Coins.ph. I really don't know anything about GoJek to have an idea on what things could potentially change though.

And yea, there are competitors, but not a single one of them comes close to Coins.ph.  I don't think any of the competitors actually does advertisement and marketing in the Philippines. Coins.ph though? People dig the P50 referral bonus. LOL

[joniboini]

Anyway, the article was posted just 23 hours ago, so probably the acquisition of coins.ph was probably just recently. I think it's too early to say if some things are going to be different or not. If something would actually change, I hope that it's for the better.

I'm a little bit surprised that you don't know about it. It's true that the article was posted 23 hours ago but IIRC I read it since days ago (not sure if my memory is correct though), found another link: http://fintechnews.sg/28130/mobilepayments/go-jek-coins-ph-blockchain-acquire-grab/. In fact, it has been discussed on Indonesia Blockchain Network TG group since Friday last week. But yeah, I think it's way too early to tell the differences as they might still process the acquisition details.

hopefully the GoJek people won't want to increase fees or anything -- that would totally undermine the entire purpose of the company.

I think GoJek won't do that. They've shown a lot of interest of penetrating the Philippines market, which has failed many times because they don't get the acceptance from the government according to the news that I read. They're smart, starting from a small ride-hailing business with only 50 or so drivers to thousands at this moment. So I don't think they'll do poor strategies like increasing the fee or something like that. With their major competitor, Grab, has taken a few steps ahead of them, I think they'll let Coins.ph operate as usual first before introducing new things and policy.

[romero121]

Though Philippines is a small country, the adoption that has happened in the country is very big. By the same time more scams too got the eyes of common people which lead people to loss hope on cryptocurrency. Compared to more other countries what Philippines have achieved through cryptocurrency is big. The government isn't that supportive, but people trust in it and continue using it with awareness about the need of bitcoin and other cryptocurrencies.

[mekie]

How widespread is the take up of Bitcoin outside of the capital area- I am thinking Cebu, Davao etc?

[mk4]

*snip*

Well, I'm surprised that the news isn't that widespread. I guess people here don't care that much. And yea, that's an Indonesian telegram group so it's really unlikely for me to be in such groups.

*snip*

I disagree a bit. Bitcoin's name is indeed widespread, but with adoption? Decent, but not that much.

How widespread is the take up of Bitcoin outside of the capital area- I am thinking Cebu, Davao etc?

I really have no idea as I've never been in those cities. But yea, as long as there's a 7-Eleven in a certain city, chances are that there are a few people that are using Coins.ph

[paularies]

im also from Philippines and it is a good start and good step for promoting the bitcoin as the new crypto currency in the Philippines because as the small and third world country technology is very hard to have and because we stuck in old tradition that many believe bitcoin is not a good for us especially our parents and many also believe that this is a scam. it is nice to have a first step towards to a new generation.

[Rooster101]

It seems interesting also about bitcoin in the Philippines, because the Philippines is a country that has followed technological advancements today

I think the Philippines can catch up with some advancement in both cryptocurrency and blockchain technology with other countries. The Philippines has already allowed some fintechs and other blockchain companies to establish their business in the philippines and an economic zone north of the country has been chosen for this kind of business. Some crypto exchanges has been given their own licenses by central bank to operate in this southeast asian nation.

[Birb]

I see so many philippine investors in Bitcoin and Altcoins.  So my question for you is, where do most of you hear about cryptocurrency?  It seems like every project has many Philippine members and this is great.

[mk4]

I see so many philippine investors in Bitcoin and Altcoins.  So my question for you is, where do most of you hear about cryptocurrency?  It seems like every project has many Philippine members and this is great.

A lot of filipinos are into cryptocurrencies simply due to the potential money to be made via airdrops and bounties. Why does airdrops and bounties attract filipinos a lot? Same answer as why airdrops and bounties attracts a lot of Indians. Simply because both are 3rd world countries whereas poverty is really high.

People in the Philippines mostly hear about cryptocurrencies due to a lot of referral links being spammed on Facebook lol.

[crwth]

I'm curious about how you personally feel about people who are skeptics and all they believe is the negative news that surrounds Bitcoin. What can you say about that?

Personally, I have encountered a lot of people who are like that, and it somewhat makes me feel shy or just wants to skip that topic because they don't understand it or don't want to. Just a random thought. Thanks in advance!

[NavI_027]

One thing more, what is the reason why Cebuana Lhuiller will not accept cash-outs from COINS.PH? Will start on March 2019.

Can I ask what your source for this was?

Actually, I'm also looking for an article regarding this about few minutes ago but I can't find one. But as far as I remembered, I already read a post about this in our local board section and what I've understand is that Cebuana Lhuiller will focused more on XRP that's why they will no longer accept btc withdrawals soon. For me it makes no sense because why they will remove one of their sources of revenue

I don't want to learn how to use Palawan Pawnshop or LBC... I heard they're pretty inferior.

We can say that Palawan Pawnshop is inferior since it's new in their field of industry but when it comes to LBC, Nah I don't think so. It is also a competitive remittance center/delivery service provider in our country, you can guarantee a quality service from them.

[mk4]

I'm curious about how you personally feel about people who are skeptics and all they believe is the negative news that surrounds Bitcoin. What can you say about that?

Personally, I have encountered a lot of people who are like that, and it somewhat makes me feel shy or just wants to skip that topic because they don't understand it or don't want to. Just a random thought. Thanks in advance!

Well, all I can say that it's very unfortunate and very annoying that people act, think, and come up with conclusions this way. To be completely fair though, it's not only the filipinos, but pretty much everyone. Instead of them actually doing their own research on a specific topic/issue to form their opinion in a more educated manner, they simply just make conclusions based on the headlines of a certain news or news article alone. So, yea. Really not surprised how most people(not only filipinos) think that bitcoin is a scam or something that's being used solely by criminals.

[meanwords]

Damn, you really nailed every single point. I'm also from the Philippines. I don't really have any question for you, I am just amazed at how you explained how our people see Bitcoin. Scams are everywhere and that it is spreading like a wildfire here. You are also right about the usability of coins.ph, it really helped a lot of people because of its features.

[crwth]

I'm curious about how you personally feel about people who are skeptics and all they believe is the negative news that surrounds Bitcoin. What can you say about that?

Personally, I have encountered a lot of people who are like that, and it somewhat makes me feel shy or just wants to skip that topic because they don't understand it or don't want to. Just a random thought. Thanks in advance!

Well, all I can say that it's very unfortunate and very annoying that people act, think, and come up with conclusions this way. To be completely fair though, it's not only the filipinos, but pretty much everyone. Instead of them actually doing their own research on a specific topic/issue to form their opinion in a more educated manner, they simply just make conclusions based on the headlines of a certain news or news article alone. So, yea. Really not surprised how most people(not only filipinos) think that bitcoin is a scam or something that's being used solely by criminals.

It's amazing how people can be really like that. I think people are wired that way, to be somewhat closed-minded to something they don't understand or do not WANT to follow. It's just natural I guess. I see that a lot in social media where they only comment on what the title is and not checking the real contents. I think that's why everywhere we look there is some trending news that is not real but still being spread because of the vulgar way it was displayed.

[Distinctin]

I'm curious about how you personally feel about people who are skeptics and all they believe is the negative news that surrounds Bitcoin. What can you say about that?

Personally, I have encountered a lot of people who are like that, and it somewhat makes me feel shy or just wants to skip that topic because they don't understand it or don't want to. Just a random thought. Thanks in advance!

Well, all I can say that it's very unfortunate and very annoying that people act, think, and come up with conclusions this way. To be completely fair though, it's not only the filipinos, but pretty much everyone. Instead of them actually doing their own research on a specific topic/issue to form their opinion in a more educated manner, they simply just make conclusions based on the headlines of a certain news or news article alone. So, yea. Really not surprised how most people(not only filipinos) think that bitcoin is a scam or something that's being used solely by criminals.

It's amazing how people can be really like that. I think people are wired that way, to be somewhat closed-minded to something they don't understand or do not WANT to follow. It's just natural I guess. I see that a lot in social media where they only comment on what the title is and not checking the real contents. I think that's why everywhere we look there is some trending news that is not real but still being spread because of the vulgar way it was displayed.

That is somewhat to called a trick and to make people appreciate it. Hiding the reality will meant to be resulting not good for us, instead it will triggered a huge fire burning the trust.
Philippines is one of the good supporter for crypto,  and so people love doing it. Many lives have changes and so do I. Hope it could be a mirror for other countries, helping the community to uplift their way of living.

[mk4]

Philippines is one of the good supporter for crypto,  and so people love doing it. Many lives have changes and so do I. Hope it could be a mirror for other countries, helping the community to uplift their way of living.

I really wouldn't call the Philippines a "good supporter" for cryptocurrencies. Like I said, most people buy bitcoin and other cryptocurrencies solely due to the potential profit they can earn from it(though there's really nothing wrong with that). I've honestly never spoke to a single person that's actually passionate on bitcoin or cryptocurrencies in general; mostly are just buy this buy that because it could rise in price.

[crwth]

Philippines is one of the good supporter for crypto,  and so people love doing it. Many lives have changes and so do I. Hope it could be a mirror for other countries, helping the community to uplift their way of living.

I really wouldn't call the Philippines a "good supporter" for cryptocurrencies. Like I said, most people buy bitcoin and other cryptocurrencies solely due to the potential profit they can earn from it(though there's really nothing wrong with that). I've honestly never spoke to a single person that's actually passionate on bitcoin or cryptocurrencies in general; mostly are just buy this buy that because it could rise in price.

I agree with your statement that in general, people do not support cryptocurrencies in a way that they are going to use it every day. I think almost everyone wants to profit, especially in the Philippines. Some of the people probably think of it as a get rich quick scheme. I just thought of that there are a lot of people who have power in the government that let businesses be supported by crypto, not knowing everything behind it but just allowing different companies to do their thing, which is not bad but has an effect with people, I guess.

Maybe if you have met people like me for instance, then we could see how much we could probably talk about, knowing that we have been in the cryptocurrency space for a long time now, compared to other people who are just starting in here. I have invited some of my friends her, ebut some of them didn’t get to be attached to the forum in a way that it becomes a habit like mine. It’s fun conversing with other people with the same interests as you. You could learn a lot from them, and it’s mutually beneficial.

[mk4]

*snip*

Don't get me wrong though, earning money is great; because who doesn't want money right? But unfortunately there's little to no interest outside monetary reasons.

Hah. Unfortunately I haven't met other passionate people yet. I would definitely love to meet people that are also into this space, but at the same time, I really wouldn't like to publicly disclose that I hold bitcoin or cryptocurrencies in general. The last thing I would want is to be held at gunpoint for my bitcoin LOL.