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Goetz1965

Coins.ph - using bitcoins for transfer and payments

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Goetz1965

I just found out about http://www.coins.ph - its a payment possibility based on a bitcoin wallet.

 

One can install the wallet and use it as a Peso wallet to pay bills or send or receive money.

But whats the backbone of it is it bitcoin technology - and also being a bitcoin wallet. Thus you get a bitcoin address to send money to !

I installed it on my iPhone - works neatly - but you should go to the Web site and read the FAQ there, also do the verification processes is easier there (dont use Safari as they dont support that browser).

After you get verified (mine is still pending) you can transfer up to 400.000php - I dont know how much bitcoin is limited yet.

BUT using bitcoin is hopefully a much cheaper way of transfering funds to the philippines !

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noddle

I personally don't know much about bitcoin,  what is the exchange rate to pesos ?

 

Nigel

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Jawny

Just a detail that may be of interest to some. Found this in the agreement.

 

"

US Residents are prohibited from using Coins.ph for money transmission or to conduct any other financial activity requiring licensure or covered by regulations governing financial services."

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easydrifter

Coins.ph works for me, I simply load it from my GCash (Globe)

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Goetz1965

But if you live in the Philippines youre no longer US Resident I guess ...

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Jawny

But if you live in the Philippines youre no longer US Resident I guess ...

One of the blessings of being a USA citizen is the opportunity to pay taxes to the IRS and report certain financial account information. Residency may change the tax liability and some members here are way more familiar with that. However, the tax liability for USA citizens follows them.

 

As far as Bitcoin, these transactions may end up as reportable.

 

I was only pointing out the disclaimer on the coins.ph legal notice page.

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easydrifter

Bitcoin is not really about following all the rules, heh heh.

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RogerDuMond

But if you live in the Philippines youre no longer US Resident I guess ...

 

 

US citizens are required to comply with FATCA and using bitcoin here would be an attempt to circumvent that requirement and thus I assume illegal.

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easydrifter

It ain't no problem, I wouldn't worry to much about it personally. Just have fun with it.

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b7335920

I just found out about http://www.coins.ph - its a payment possibility based on a bitcoin wallet.

 

One can install the wallet and use it as a Peso wallet to pay bills or send or receive money.

But whats the backbone of it is it bitcoin technology - and also being a bitcoin wallet. Thus you get a bitcoin address to send money to !

 

I installed it on my iPhone - works neatly - but you should go to the Web site and read the FAQ there, also do the verification processes is easier there (dont use Safari as they dont support that browser).

 

After you get verified (mine is still pending) you can transfer up to 400.000php - I dont know how much bitcoin is limited yet.

 

BUT using bitcoin is hopefully a much cheaper way of transfering funds to the philippines !

ya this things a helluva concept and im hoping it works well,i see its becoming more mainstream.A guy can save a lot of fees for sure.

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Slammer

I have a account already more than one year with Coins.ph

This account is verified with my scanned passport and a scanned credit card bill.

Worked great until now.

Suddenly my account is restricted until i upload a selfie holding my ID.

Are you kidding me, i refuse to upload a selfie and holding my ID.

It feels like a criminal holing his name placard, i will not do it.

So no more Coins.ph for me.

To much is to much.post-16322-0-99139900-1468553762.png

  • Haha 1

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