11 Jan 2014 / GMA News – BuyBitcoin.ph, a new online bitcoin exchange launched on Thursday, offers an alternative method of sending money to the Philippines, according to bitcoin website CoinDesk.
Bitcoin is a virtual currency that can be used to directly purchase items or services online. According to CoinDesk, bitcoin is “the first example of a growing category of money known as cryptocurrency.”
The payments are made directly from one person to another without passing through a central bank or clearing house.
Bitcoins can also be traded for other currencies and can be used to send remittances from Filipino expats around the world, a market that BuyBitcoin.ph is targetting.
By eliminating the middle man, BuyBitcoin.ph offers a cheaper and faster alternative to banks or money transfer companies.
To purchase bitcoins, one can deposit money in any of the 800 branches of the Bank of the Philippine Islands (BPI) in the country. As of this post, one bitcoin is worth P39,390.
Co-founder Lasse Olesen told TechInAsia that “cash payments are the most secure channel” at the moment, but they are looking to add more payment avenues within the year.
He also said bitcoin might become integrated with other platforms such as e-commerce sites and online freelance marketplaces.
“Many online transactions here are being made by cash deposits in physical locations, and Bitcoin is cash for the Internet, so it’s a good fit. [It’s also] incredibly empowering for the self-employed freelancer or merchant. It gives you instant access to a global market where you can receive payments practically for free and, if you want, exchange to cash locally,” he said….. Read more
