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If you transfer bitcoin to the Philippines exchange, how does the Philippines bitcoin exchange pay the PHP to you - cash, bank deposit, or some other method?

At last, an intelligent question!

 

I can only speak from using coins.ph, however I believe that other Philippines bitcoin exchanges would be similar. The bitcoin exchange can make PHP deposits into any major Philippines bank. This is normally free of charge. Payments can also be made via cardless ATM instant payout 24/7 (free), cash card (fees vary with card), cash pick-up at any of the major remittance outlets (fees vary with outlet), and door-to-door delivery (fees vary with delivery outlet).

 

I normally use bank deposit or Palawan Express for my cash out.

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PIMMember Since 28 Dec 2013       easydrifterMember Since 29 Dec 2013

The trouble is that Bitcoin goes up and down like a barmaid's nickers and many of us don't trust them, the bitcoin not the nickers! A previous Bitcoin promoter was here on LINC claiming they would re

Ever had an insurance company go bust on you? I have, and it cost me tens of thousands of dollars.   Even with coinbase, I would still recommend not keeping bitcoin or fiat money in their accounts l

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You did a good job of explaining how to transfer money, how about trying to explain to this dumb hillbilly about buying and hold bitcoin. I do not consider buying something an investment unless it produces income but I do believe in having a place to park money for a while

You can buy bitcoin from a bitcoin exchange. There are plenty to choose from. I recommend that you use an exchange in your country to save on bank transfer fees. Once bought, DO NOT leave your bitcoin in the exchange. Immediately transfer it out of the exchange into a wallet that only YOU control.

 

As for holding bitcoin, that can be a risky venture due to volatile exchange rates - not something for the faint of heart to do. I do not hold bitcoin as an investment. I only keep about 5% of my ready cash reserves in bitcoin in a wallet that only I control. I do keep a couple of hundred pesos in my coins.ph wallet (that I do not control) for buying cell phone load. If coins.ph goes bust, I can afford to loose that.

Edited by PIM
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So if I want someone from the US to send me $1,000 here in RP using bitcoin, I get the amount in cash less fees?

Yes. There are fees (commissions) at the exchange at either end. These fees vary from exchange to exchange but generally they are about 0.5% to 1% at each end.

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spydoo

At last, an intelligent question!

Here's another one (edit: I put it this way because saying only questions that favour bitcoin are intelligent is manipulative and remind us of a previous member of this forum), comparing using Bitcoin and Iremit from Australia.

 

Bitcoin

  • costs 2-3%, possibly with other fees along the way
  • has had gutting losses (high risk of loss, considering turnover to lost funds)
  • is volatile
  • takes 1-2-3 days
  • is largely unregulated

Iremit

  • costs $12 + ~.36%
  • has not lost any clients money, as far as I know
  • locks in the exchange rate when processing the funds - lower volatility
  • takes 3-4 hours, if transferred from the same bank.
  • is regulated as a money exchange

Considering the above comparisons, do you suggest Bitcoin is better? If so, why, please?

Edited by spydoo
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Bottom line, can I withdraw bitcoin money with an ATM card?  I don't understand how you turn it into cash or if you even/ever do....

There are a few ATM's that will dispense cash for bitcoin, although those ATM's are few and far between. I don't know of any in the Philippines.

 

The most common way to turn your bitcoin into cash in the Philippines is to sell your bitcoin person-to-person (see localbitcoins.com) or through a Philippines bitcoin exchange. The exchanges generally give a much better rate.

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Right now I see this on coins.ph, what does it mean?

 

Buy:  PHP 10.596  Sell:  PHP 10, 439

It means, if you want to buy bitcoin from them they will cost you PHP 10,596 per bitcoin. If you want to sell your bitcoin to them (convert it into PHP) you will get PHP 10,439 per bitcoin. The difference (PHP157) is their profit, often called their "spread" and expressed as a percentage (in this case 1.49%).

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Here's another one (edit: I put it this way because saying only questions that favour bitcoin are intelligent is manipulative and remind us of a previous member of this forum), comparing using Bitcoin and Iremit from Australia.

 

Bitcoin

  • costs 2-3%, possibly with other fees along the way
  • has had gutting losses (high risk of loss, considering turnover to lost funds)
  • is volatile
  • takes 1-2-3 days
  • is largely unregulated

Iremit

  • costs $12 + ~.36%
  • has not lost any clients money, as far as I know
  • locks in the exchange rate when processing the funds - lower volatility
  • takes 3-4 hours, if transferred from the same bank.
  • is regulated as a money exchange

Considering the above comparisons, do you suggest Bitcoin is better? If so, why, please?

No, I do not suggest that bitcoin is better than Iremit in every case.

 

On a purely economic basis, Iremit is expensive for smaller amounts, however Iremit is good for larger amounts. Iremit may not be available to everyone. I do not use bitcoin for larger amounts, I use a similar remitter in Australia (AUD10 + 0.4%  with door-to-door delivery) to Iremit.

 

Iremit is as risky (loosing your money) as some of the bitcoin exchanges. I remit does have a slightly lower risk with regard to volatility, however volatility works both ways (up and down) and in using bitcoin for remittances I have never experienced a volatility of more that 0.02% that is acceptable to me. Bitcoin takes less than 30 minutes if transferred from the same bank.

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easydrifter

That's the nice thing about coinbase,your money is insured there, just like a bank.

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spydoo

On a purely economic basis, Iremit is expensive for smaller amounts, however Iremit is good for larger amounts.

Well, I could dispute several things you say about the reliability of Bitcoin, but I won't. Let's hypothesize you have all that right. Let's also imagine that Iremit is just as likely to lose many of its clients' funds as a popular Bitcoin exchange.

 

Given all that, for $400 or more would you recomment Iremit ( $8 +.36% =$9.44 in fees) over Bitcoin's (~2.5% =$10 in fees)? And would you greatly recommend Iremit over Bitcoin for larger amounts, since Bitcoin exchange costs comparitively more for higher exchanges?

 

If so, it's probably a vital part of the story that wasn't in the OP, and makes more sense of it.

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lopburi3

How many ways can you spell f r a u d

 

Sorry but believe I and everyone else have every right to call it as we see it without being called unintelligent and told to bugger off.

 

I do not like cons and I believe this is a huge con by the fact that there is no control or responsibility - like any ponzi scheme all can be well for awhile but turn sour at any moment and people lose there money and there lives (and those of there families).  There is no need cryptography hiding for this unless you are involved in money laundering, financing of illicit activities, theft, fraud, tax evasion, and use in black markets (as listed in Wiki) and it puts a target on your back for no valid reason and subjects you to the very high risk of both loss of trust (no value) and outright fraud (very common) even if the authorities do not come knocking on your door.  Just because it is not illegal everywhere does not make it accepted.  But really feel the greater danger is personal loss - as with any ponzi type scheme most will start slow and build and then the house of cards falls.  This has happend to enough already. 

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Spydoo, I started this topic not trying to say or convince members that using bitcoin for remittances was the best way to remit. I was merely pointing out that using bitcoin is another way to remit and trying to educate the members on how it can be done.

 

You appear to take my OP as trying to say that using bitcoin is the best way to remit. There are many options available to remit money to the Philippines. Each way (including bitcoin) has its pros and cons. It is up to the user to determine which way is the best for him or her.

 

That being said, I have found from the remittance options available to me in Australia, Singapore, and Hong Kong, that bitcoin is my preferred method of remittance to the Philippines for amounts up to about USD1,000. This limit varies depending on exchange rates and sometimes goes down to under USD500 or above USD1,500.

 

As always, caveat emptor.

Edited by PIM
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That's the nice thing about coinbase,your money is insured there, just like a bank.

Ever had an insurance company go bust on you? I have, and it cost me tens of thousands of dollars.

 

Even with coinbase, I would still recommend not keeping bitcoin or fiat money in their accounts longer than was absolutely necessary.

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easydrifter

Thanks PIM, I'm out.

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cvgtpc1

I guess Bitcoin isn't for me as I still don't see why I would use it.  Interesting thread though, always wondered what Bitcoin was about.

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Laurence

Look Pim, I'm the nutter on this forum. F off and find a different forum on which to be the resident nutter.

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