Here's How Ripple Will Power Remittances to the Philippines

"The key purpose of this article is to examine why after so many years and with so many well-funded startups, Bitcoin/ Blockchain remain irrelevant to remittances (e.g., 0.03% of transfer volume into the Philippines in 2018), while their fiat-based Fintech counterparts continue flourishing."

submitted by dgerard to Buttcoin [link] [comments]

"The rich don't need Bitcoin. The poor do. I already can transfer millions instantly. The poor cannot even send their money slowly right now. It can be $40 for someone without a bank account in the Philippines to send remittance to their family when they earn a $100 a month. That is disgusting."

From 1hr9mins: https://vimeo.com/242870813
I don't care if you think Craig Wright is a scammer or a fraud. Just watching this video, you can tell his motivation for working on Bitcoin (Cash) is on point.
The old Bitcoin is back. You can feel it.
submitted by Mailliam to btc [link] [comments]

We had a phenomenal 2014 with our Bitcoin Remittance service, exceeding all our expectations in user and volume growth. In response, we've decided to remove our 1% fee altogether. Pay ZERO fees for international money transfers using Bitcoin to almost any Bank in the Philippines.

We had a phenomenal 2014 with our Bitcoin Remittance service, exceeding all our expectations in user and volume growth. In response, we've decided to remove our 1% fee altogether. Pay ZERO fees for international money transfers using Bitcoin to almost any Bank in the Philippines. submitted by Godfreee to Bitcoin [link] [comments]

Is it really so hard to believe that Bitcoin startups have captured 20% of the ~$200 Million Korea-Philippines remittance market?

Is it really so hard to believe that bitcoin-powered remittances has captured a large % of the market share in the South Korea to Philippines corridor? I would say that without all the obstacles we have faced as a Bitcoin startup and an industry as a whole in the last three years, the number would be much bigger. I think what makes it hard to believe is that most people have this preconceived idea about what “adoption” should look like, meaning people sending BTC to each other directly, abandoning their banks, and never changing BTC to fiat.
A brief background before I get to the details. Since 2013, we have been at the forefront of the Rebittance business with our flagship product Rebit.ph. Building a sustainable, revenue-generating, and even profitable business in a span of 2.5 years is no joke. Building it on top of a nascent technology with no regulation and all the uncertainty attached to it, while bootstrapping the whole thing, makes it closer to impossible. In the process of figuring out the best way to do our business and not just survive, but thrive, we came up with what is now our current business model - use bitcoin as the settlement rail between two business entities across borders. Most of our senders and receivers don’t even know they are using bitcoin.
Our business partners in South Korea are also other Bitcoin companies but specifically tackling the Filipino market. They have many customers, mostly people that send money back home to the Philippines. They still do it the same way they used to do it with western union, but this time, it costs a considerable amount less when they use these alternatives. Our partners take customer fiat, and then uses Rebit to send the money to the Philippines, which we in turn deliver to the recipients as Philippine pesos. Voila! Bitcoin-powered remittance. They are the on-ramp, we are the off-ramp. That’s how it works for every country/corridor we cover.
The Philippines’ received almost thirty billion dollars in remittances last year. The KR-PH corridor is a “measly” >1% of that, or somewhere in the $200 Million range. Is it possible that we, after almost three years of doing this business, along with our partners and even our competitors/clones, are doing $40 Million in volume annually? Yes, of course. It only takes 10,000 customers sending the average $300/month to hit $36M annually. There are at least 60,000 Filipinos in South Korea, so this is not too difficult to imagine. Add the fact that some businesses use the service to settle payroll and do other B2B services, and the number does not seem so large anymore. There are also other external factors in play, like currency restrictions in South Korea for example. There are also two or three major players (including us) in this market, so there is twice or thrice the effort to grow the industry as a whole.
As much as we want to think that all of a sudden, people will just use Bitcoin the way it is “supposed” to be used, that’s not what we face in reality today. Only 3% of the 100 million Filipinos have credit cards, and less than 20% have access to banking, so how can we expect them to, overnight , adopt a new, clunky, unregulated technology? This is why companies that try to come in and offer “new and improved” or high tech solutions struggle to gain traction here (for now)-- changing user behavior ingrained by generations of doing the same thing over and over again takes not just time, but also a transitional process.
By using Bitcoin as the settlement layer, we allow businesses abroad to partner with us and tap into their Filipino market sending money home. The best part here is that it is still cheaper than western union and the like, even with all the “middlemen” between sender and receiver.
Personally, you could call me a Bitcoin purist. I really believe in it, that it is a game changer, that it will be as disruptive in Finance and governance as the Web was to publishing and telecommunications. I sincerely hope one day we won’t need to exchange bitcoin to fiat. But as a fintech startup, a business trying to survive in a cutthroat industry, we needed to be nimble and adaptable. This is why we are doing what we are doing now - we are addressing a problem with a solution that we came up with on the go as we grew our business, and so far, it has been working very well. Hopefully, we are creating a gateway for people to discover Bitcoin and the benefits of the Blockchain for the finance industry.
Edit: added the original article that claimed such numbers and caused a lot of skepticism.
submitted by Godfreee to Bitcoin [link] [comments]

The Philippines has decided to regulate Bitcoin exchanges as remittance companies

The Philippines has decided to regulate Bitcoin exchanges as remittance companies submitted by helloluis to Bitcoin [link] [comments]

Almost exactly one year ago, we launched our Bitcoin remittance startup in the Philippines. Against the odds, our growth has been the exact opposite of the downtrend in bitcoin price. Just wanted to share a bit of our story so far.

Warning: Lengthy post. There's a TL;DR down there if you scroll down long enough ;)
How we started:
Twelve months ago, Bitcoin had just bounced back to $600~, everyone was pumped for another bull run, and we were a brand-spanking new bitcoin startup that had just launched a Bitcoin payment processor in the Philippines. We were fresh, hungry, and excited. Remittance wasn't part of our original plan, but after a few brainstorming sessions, we decided that it was going to be a vital stepping stone to support a healthy bitcoin ecosystem in our country. We decided to launch what we called a “Rebittance” service, a word that is now included in the Money Wiki and describes bitcoin remittance in general. We were going to call it Rebit.ph.
Early days:
So we announced our “launch”, if you can call it that, on social media and here on Reddit. Other than making it to the top of bitcoin, it was somewhat uneventful. Our first month was OK, seeing 1 or 2 transactions per day, getting sign ups here and there. We absorbed the things that we saw work, and removed the things that didn't. We focused a lot on customer service and speed of transaction fulfillment with our first few regular users, and it paid off as a lot of them are still regular customers up to this day.
Several months after we figured out the ins and outs of the business, we were getting more comfortable with handling more transactions. Our growth was slow and steady at first, but then we made a decision to just do away with the transfer fee. This caused an uptick in our numbers, to the point where we sometimes had to scramble to make sure we could accommodate all rebittances. We were still bootstrapping at that point, and cash wasn't exactly overflowing; besides, we were also busy launching five other services at the same time.
This is the part that most people do not know about us: Our startup is actually called Satoshi Citadel Industries, and Rebit is just one major component in an ecosystem that we are working on establishing. Rebit is our “Bitcoin-In” piece of the puzzle, and our other major verticals complement this system. It has been the most active and rapidly developing service in our lineup, hence our heightened focus on making it as effective and efficient as possible.
2015:
2015 has been a breakout year for us. Despite all the challenges of a depressing market trend, we were able to secure fresh capital from angel investors to push us forward. We have since figured out our strategy and direction, had opened up Rebittance partnerships in different countries like Hong Kong and Canada, and are now working on opening up at least ten more corridors within the next year. We have been breaking our daily, weekly, and monthly records almost every month, and we expect that trend to sustain regardless of the price of bitcoin.
From the time we started a year ago doing 1 or 2 transactions a day, we're now doing at least fifty times more on a daily basis. The number of registered users, coming from about 19 different countries, has already zoomed past the 6,000 mark, and we're looking forward to reaching 10,000 in the very near future with new partnerships from other remittance corridors putting us on track to service about a dozen new markets by 2016. Rebittance, a funny word we like to think we invented, is now a real thing. Believe it or not, the business is now healthy enough to be able to sustain itself in the short term without burning through cash. It is not only surviving, it is thriving.
Looking forward:
Our vision looking forward has always been the same: World Domination. Well, not really. We just want to make an impact in an industry that is ripe for disruption, starting in our own backyard, the Philippines. We know that Remittance is a hotly contested market right now, with several billion dollars moving into the Fintech space, a growing new sector where technology meets finance, and the Philippines is one of the main battle grounds with $27 Billion in annual incoming remittances. We're gearing up to become a major player in this disruptive industry, starting here in our own home court.
Our long term strategy is to be able to replicate our service anywhere in the world, and create partnerships that connect us to other Bitcoin companies that will allow anyone, anywhere to easily access Rebittance services. Our first step is Rebittance.org, which recently won 3rd place in Coinbase's BitHack v2. It's a Rebittance portal that will act as an aggregator and connector for the rest of the world. We have more up our sleeve too. In the meantime, we keep working.
Like everything worth doing, it is going to take some more time to reach even just our short-term goals. Just getting the proper licenses from government agencies here takes weeks if not months, same with establishing one partnership with another company in a different country. All of the things we have accomplished up to this point took a lot of time and effort, and it will only become tougher as we grow bigger.
Looking back from this milestone definitely feels like an accomplishment, but by no means do we think we're anywhere near where we want to be.
Watching the growth of the Bitcoin technology as a whole in the past twelve months has been nothing short of amazing, bitcoin exchange rate aside. We are proud to be playing a role in it, no matter how small. Big thanks to all the other bitcoin startups, entrepreneurs, developers, and engineers out there, working thanklessly and tirelessly day in and day out, teaching and inspiring us to keep going and looking forward to a bright future for the industry.
TL DR; Despite the crappy declining bitcoin market, our Bitcoin startup not only survived, but has thrived, growing over fifty-fold in volume, getting funding, expanding to several countries, and has turned one year old.
submitted by Godfreee to Bitcoin [link] [comments]

20% of remittances going from Korea to the Philippines are now powered by Bitcoin

20% of remittances going from Korea to the Philippines are now powered by Bitcoin submitted by helloluis to Bitcoin [link] [comments]

Got cash cardlessly at an ATM in the Philippines thanks to Bitcoin. Coins.ph is a solid app for anyone doing remittances, or just traveling down there.

Got cash cardlessly at an ATM in the Philippines thanks to Bitcoin. Coins.ph is a solid app for anyone doing remittances, or just traveling down there. submitted by benperrin117 to Bitcoin [link] [comments]

Is it really so hard to believe that Bitcoin startups have captured ~20% of the Korea to Philippines remittance market?

Is it really so hard to believe that bitcoin-powered remittances has captured a large % of the market share in the South Korea to Philippines corridor? I would say that without all the obstacles we have faced as a Bitcoin startup and an industry as a whole in the last three years, the number would be much bigger. I think what makes it hard to believe is that most people have this preconceived idea about what “adoption” should look like, meaning people sending BTC to each other directly, abandoning their banks, and never changing BTC to fiat.
A brief background before I get to the details. Since 2013, we have been at the forefront of the Rebittance business with our flagship product Rebit.ph. Building a sustainable, revenue-generating, and even profitable business in a span of 2.5 years is no joke. Building it on top of a nascent technology with no regulation and all the uncertainty attached to it, while bootstrapping the whole thing, makes it closer to impossible. In the process of figuring out the best way to do our business and not just survive, but thrive, we came up with what is now our current business model - use bitcoin as the settlement rail between two business entities across borders. Most of our senders and receivers don’t even know they are using bitcoin.
Our business partners in South Korea are also other Bitcoin companies but specifically tackling the Filipino market. They have many customers, mostly people that send money back home to the Philippines. They still do it the same way they used to do it with western union, but this time, it costs a considerable amount less when they use these alternatives. Our partners take customer fiat, and then uses Rebit to send the money to the Philippines, which we in turn deliver to the recipients as Philippine pesos. Voila! Bitcoin-powered remittance. They are the on-ramp, we are the off-ramp. That’s how it works for every country/corridor we cover. By doing this, we can partner with almost anybody in any country (with bitcoin liquidity) to process Rebittances to the Philippines.
The Philippines’ received almost thirty billion dollars in remittances last year. The KR-PH corridor is a “measly” >1% of that, or somewhere in the $200 Million range. Is it possible that we, after almost three years of doing this business, along with our partners and even our competitors/clones, are doing $40 Million in volume annually? Yes, of course. It only takes 10,000 customers sending the average $300/month to hit $36M annually. There are at least 60,000 Filipinos in South Korea, so this is not too difficult to imagine. Add the fact that some businesses use the service to settle payroll and do other B2B services, and the number does not seem so large anymore. There are also other external factors in play, like currency restrictions in South Korea for example. There are also two or three major players (including us) in this market, so there is twice or thrice the effort to grow the industry as a whole.
As much as we want to think that all of a sudden, people will just use Bitcoin the way it is “supposed” to be used, that’s not what we face in reality today. Only 3% of the 100 million Filipinos have credit cards, and less than 20% have access to banking, so how can we expect them to, overnight , adopt a new, clunky, unregulated technology? This is why companies that try to come in and offer “new and improved” or high tech solutions struggle to gain traction here (for now)-- changing user behavior ingrained by generations of doing the same thing over and over again takes not just time, but also a transitional process.
By using Bitcoin as the settlement layer, we allow businesses abroad to partner with us and tap into their Filipino market sending money home. The best part here is that it is STILL CHEAPER than western union and the like, even with all the “middlemen” between sender and receiver.
Personally, you could call me a Bitcoin purist. I really believe in it, that it is a game changer, that it will be as disruptive in Finance and governance as the Web was to publishing and telecommunications. I sincerely hope one day we won’t need to exchange bitcoin to fiat. But as a fintech startup, a business trying to survive in a cutthroat industry, we needed to be nimble and adaptable. This is why we are doing what we are doing now - we are addressing a problem with a solution that we came up with on the go as we grew our business, and so far, it has been working very well. Hopefully, we are creating a gateway for people to discover Bitcoin and the benefits of the Blockchain for the finance industry.
submitted by Godfreee to btc [link] [comments]

12-03 11:53 - 'HashCash Plans to Make Remittance More Affordable for Australia-Philippines Corridor' (markets.businessinsider.com) by /u/Bobwille removed from /r/Bitcoin within 35-45min

HashCash Plans to Make Remittance More Affordable for Australia-Philippines Corridor
Go1dfish undelete link
unreddit undelete link
Author: Bobwille
submitted by removalbot to removalbot [link] [comments]

Bitcoin Remittance just got faster and better: Rebit partners with the largest payout network in the Philippines to allow Bitcoin-to-Peso remittance from anywhere, within minutes, at 40% lower fees.

Bitcoin Remittance just got faster and better: Rebit partners with the largest payout network in the Philippines to allow Bitcoin-to-Peso remittance from anywhere, within minutes, at 40% lower fees. submitted by Godfreee to Bitcoin [link] [comments]

Rebit.ph Partners with Shapeshift.io: Convert altcoins to Bitcoin seamlessly and instantly to send remittances to the Philippines.

Rebit.ph Partners with Shapeshift.io: Convert altcoins to Bitcoin seamlessly and instantly to send remittances to the Philippines. submitted by Godfreee to Bitcoin [link] [comments]

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Calls Bitcoin a Buttcoin

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Calls Bitcoin a Buttcoin submitted by wmx11 to Buttcoin [link] [comments]

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Hates on Bitcoin Again

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Hates on Bitcoin Again submitted by wmx11 to Bitcoin [link] [comments]

Jack Ma Launches Blockchain Remittance to Philippines, Bashes Bitcoin

Jack Ma Launches Blockchain Remittance to Philippines, Bashes Bitcoin submitted by IMFutures to Bitcoincash [link] [comments]

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Hates on Bitcoin Again

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Hates on Bitcoin Again submitted by ABitcoinAllBot2 to BitcoinAll [link] [comments]

"The rich don't need Bitcoin. The poor do. I already can transfer millions instantly. The poor cannot even send their money slowly right now. It can be $40 for someone without a bank account in the Philippines to send remittance to their family when they earn a $100 a month. That is di /r/Bitcoin

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

How does one send remittance to the Philippines using bitcoin?

I know about coin.ph, at least from my side (the person sending the money) but how does it work for someone on the receiving end. How easy is it for someone who knows nothing about bitcoin accept btc and get php? What do I tell them? And most importantly, how do I convince the receiving end to use this method instead of the typical way of receiving remittance besides "you will get more money because there are less fees"? Is it easier for the receiving end, if so, how?
submitted by glennlopez to Bitcoin [link] [comments]

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Hates on Bitcoin Again

Blockchain Money Remittance Service to Philippines and Hong Kong, Jack Ma Hates on Bitcoin Again submitted by wmx11 to CryptocurrencyICO [link] [comments]

Jack Ma Launches Blockchain Money Remittance to Philippines, Bashes Bitcoin [Again]

submitted by TheHack3rman to Cryptalk [link] [comments]

Bitcoin remittances ‘20 percent’ of South Korea-Philippines corridor

Bitcoin remittances ‘20 percent’ of South Korea-Philippines corridor submitted by Coinosphere to Bitcoin [link] [comments]

BuyBitcoin.ph - the safest and easiest way to buy and sell bitcoins in Philippines! (PH is one of the world's three largest remittance markets)

BuyBitcoin.ph - the safest and easiest way to buy and sell bitcoins in Philippines! (PH is one of the world's three largest remittance markets) submitted by fimp to Bitcoin [link] [comments]

BITCOINS IN THE PHILIPPINES Send remittance to the Philippines for FREE! Wat is Bitcoin remittance? Jack Ma Launches Blockchain Money Remittance to Philippines Cover by Coin Korea Easy Remittances to the Philippines using Bitcoin

There are three ways on how and where to use Bitcoin. Remittance – if your loved ones are working overseas, they can send you Bitcoin instead of cash, which are usually transmitted via remittance centres with transaction fees. When you receive Bitcoin in your digital wallet, you cut the fees and you can convert it later from BTC to Pesos via a digital wallet like Coins.PH; Buy and sell ... Philippines Startups Aim to Fulfil Bitcoin’s Remittance Promise. Jul 9, 2014 at 10:21 UTC Updated Jul 30, 2014 at 15:34 UTC. Jon Southurst. Philippines Startups Aim to Fulfil Bitcoin’s ... The Philippines has many places you can buy bitcoin from. Not only has the Bangko Sentral ng Pilipinas licensed some cryptocurrency exchanges, but there are also peer-to-peer marketplaces, bitcoin ... Remittance bitcoin canada philippines startup. Sep 15th, 2015. Open in app; Facebook; Tweet; Reddit; Mail; Embed; Permalink ; coindesk.com. African Remittance Firm Beam Stops Bitcoin Service in Pivot. Beam has announced it will no longer focus on using bitcoin in an attempt to disrupt the Ghanaian remittance market. With low demand for bitcoins in Ghana, exchanging Bitcoin to Cedi is ... The Philippines may soon introduce Bitcoin regulations amid increasing usage of cryptocurrencies for remittance. Read more...

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BITCOINS IN THE PHILIPPINES

Easy Remittances to the Philippines using Bitcoin - Duration: 6:01. BTC Sessions 10,153 views. 6:01 . Make Your Immune System Bulletproof Now - Duration: 13:41. Dr. Eric Berg DC Recommended for ... Today I look at a great service called Coins.Ph that is available to people in the Philippines. Send money to someone there from anywhere in the world in around 30 minutes and minimal fees. Tip ... Jack Ma Launches Blockchain Money Remittance to Philippines, Bashes Bitcoin [Again] Alibaba Group’s affiliate, Ant Financial Services, is on the way to cutting the cost of remitting money to ... Easy Remittances to the Philippines using Bitcoin - Duration: 6:01. BTC Sessions 10,177 views. 6:01. ... Life In The Philippines: A Black Person's Viewpoint 1,086 views. 8:50. How to Earn Money on ... Recently launched Bitcoin exchange website aims to tap country's multi-billion dollar market for remittances with large number of foreign workers sending money back home. CCTV's Barnaby Lo shares ...

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