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Haxton

Anyone is using bitcoins for depositing into his filipino bank?

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Haxton

Hey, I bring this thread up, since I want to share my experience with coins.ph so far.

I really must admit that they have a great and competent support and everything is easy.

Regards to the original theme of this thread:

If you have there an account, you have not only a coins-wallet, but also a locked peso-wallet.

 

For instance, if a friend send you BTCs, he can directly send to your locked peso wallet, instead to the coins wallet.

That is pretty good, since

a.) the value of the sent BTCs will immediately convert  into the real current PHP-amount.

b.) you basically delete any gambling on bitcoins, since you have then immediately the php-amount of the value of the sent BTCs (at the exact time of the sending)

 

Anyways,

I wonder how they make money and a profit-cut on customers who really only use there their peso-wallet and immediately cashout to their BPI/BDO, etc.. - the withdrawls a free of any charges.

Clearly they must make somehow a small profit, which is absolutely al right, I just wonder how?

Has anybody here any ideas about that?

 

Regards,

Haxton

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easydrifter

They probably "get you" on the exchange rate when converting from Bitcoin to Pesos, but but not too bad.

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Haxton

They probably "get you" on the exchange rate when converting from Bitcoin to Pesos, but but not too bad.

 

Hey,

 

I quote a relevant passgage from them:

This way, you do not run the risk of having less cash due to fluctuations in the exchange rate. This will also remove the pressure on you to immediately cash out your funds

 

Still, I can imagine that your assumption is correct combined with the next assumption that the effect likely will not be too bad, too noticeable...

I mean, as long as it is really not too bad, I would be 100% good with it, then finally they also need to make some profit...

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Haxton

They probably "get you" on the exchange rate when converting from Bitcoin to Pesos, but but not too bad.

 

and Update for this one:

 

Yeah, you have been spot on - it is not so bad, but just to share so that everyone can make their own call and decide.

Got 2 BTCs which have been at the point of sending them to my php-locked-wallet at coins.ph at 1862 usd (about 93090 php), but have received only about 90500 ph or 1811 usd -> hence loss is: about 51 bucks or about 2.8%.

I mean, it is not great, but still better for me than many other options, so I do not want to complain and just wanted briefly to share that.

 

 

Regards,

Haxton

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easydrifter

Thanks for sharing that. On a positive note they do give you a rebate when buying load for your phone, which always makes me feel all warm and fuzzy inside

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Haxton

Thanks for sharing that. On a positive note they do give you a rebate when buying load for your phone, which always makes me feel all warm and fuzzy inside

 

 

Haha, yeah - at least this you gotta get!:)

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