Bitcoin

[Wrye83 1,346]

available for pick-up at Palawan Express today.

Palawan Express accepts bitcoin?

[PIM 314]

Palawan Express accepts bitcoin?

No. The Philippines bitcoin exchange accepts the bitcoin and converts it to PHP. The PHP cash is then sent by the exchange to the recipient via the likes of Palawan Express.

Edited May 8, 2015 by PIM

[PIM 314]

I sponsor a poor student in my baragay through elementary school. This sponsorship is normally P500 per month and is administered my a Filipina friend of mine. Yesterday I received a message that my student would require P1,000 to purchase a new school uniform and shoes for the coming start of classes.

1. XE.com showed an exchange rate of AUD1 = PHP35.78.
2. Using internet banking, I transferred AUD33.10 into the account of my Australian bitcoin exchange (2 hours, no fee).
3. I purchases BTC0.1 at my Australian bitcoin exchange (15 minutes, price included their 0.085% commission).
4. I then immediately sold my BTC0.1 on my Philippines bitcoin exchange for PHP1,081 (15 minutes, price included their 0.05% commission).
5. Within the next 4 hours, my Filipina friend was able to collect PHP1,031 from her local Palawan Express outlet.

I was exposed to bitcoin volatility for about 30 minutes, during which time it appreciated 0.012%. It cost me a total of AUD33.10 to get PHP1,031 into the hands of my Filipina recipient the same day. An effective exchange rate of AUD1 = PHP31.15.

 

I find using bitcoin advantageous for smaller remittances to the Philippines.

Edited May 12, 2015 by PIM

[cvgtpc1 2,170]

That's easy for you but after hearing all that I'd run to Western Union instead lol

[Davaoeno 37,484]

 

I find using bitcoin advantageous for smaller remittances to the Philippines.

 

Previously you said " Spydoo, I started this topic not trying to say or convince members that using bitcoin for remittances was the best way to remit "     

 

which is it ? you are saying you find it advantageous, or you are not saying it is the best way ?   I called you on touting Bitcoins before and Paul said you were just presenting options.  I do not think that your present post demonstrates that .

Edited May 13, 2015 by Davaoeno

[PIM 314]

That's easy for you but after hearing all that I'd run to Western Union instead lol

I looked into using WU for my remittance yesterday. It would have cost me AUD34.50 for the same amount to be received in the Philippines - an effective e3xchange rate of AUD1 = PHP29.88.

 

Previously you said " Spydoo, I started this topic not trying to say or convince members that using bitcoin for remittances was the best way to remit "     

 

which is it ? you are saying you find it advantageous, or you are not saying it is the best way ?   I called you on touting Bitcoins before and Paul said you were just presenting options.  I do not think that your present post demonstrates that .

I am still "not trying to say or convince members that using bitcoin for remittances was the best way to remit",

 

I am saying that I (others may not) find using bitcoin advantages for small (not all) remittances to the Philippines.

 

This is a personal opinion. Others may have different opinions. I am sure that Paul will let me know if (justified) personal opinions are no longer allowe to be given on this board.

[PIM 314]

There are three main bitcoin exchanges based in the Philippines that are geared towards the remittance service. They are:

 

BuyBitcoin.ph

 

I have not used this exchange as I am not prepared to sign up without first reading more about their system and fees. This info is not readily available on their site. Others however, may find this exchange suitable for their needs. Please post any experience that you may have with this exchange.

 

Coins.ph

 

This and Palarin are my preferred sites for remittances. Sign-up is easy, only requiring a verified email address which limits you to BTC0.5 (buy) and BCT2.0 (sell). For larger transactions, further verification is needed. Coins.ph also has a very handy app available for both Android and Apple that lets you perform transaction "on the run" - including buying/sending cell load at very good rates.

 

Palarin.com

 

I also use this exchange for remittances when their rates are more favourable than Coins.ph. Sign-up is also easy, only requiring a verified email address. Initial limits are PHP10k for remittance and PHP25k to buy/sell BTC. Unfortunately, this exchange currently does not have an app available.

 

As normal, due your own due diligence on selecting the best exchange(s) for you.

[Wrye83 1,346]

No. The Philippines bitcoin exchange accepts the bitcoin and converts it to PHP. The PHP cash is then sent by the exchange to the recipient via the likes of Palawan Express.

I kick myself in the ass for not buying the 1000 USD of bitcoin I was tempted to buy about 6 years ago when PayPal and Google wallet canceled my accounts. I thought it was too volatile then (it was, and it still is). I think it's far too late to buy any now. Missed my chance.

[PIM 314]

In hindsight, I also kick my arse for not getting into investments when they were lower than they are later. However, other times I have been more fortunate with my investments.

 

IF you consider bitcoin an investment, then I believe you should consider it a very speculative one and never invest more than you are prepared to loose.

 

I receive about 10% of my income in bitcoin and keep only about 5% of my ready cash reserves in bitcoin. I keep this 5% of bitcoin not so much as a speculative investment, but rather because I do a lot of international travel and I find having bitcoin readily available can be of benefit at times.This is particularly so in transferring value internationally.