Transaction volume surges, Philippine convenience stores open Bitcoin buying and selling services

Blockchain company Coins.ph recently launched a service that allows users to buy and sell Bitcoin at any 7-Eleven convenience store in the Philippines. The whole process is very convenient and anyone can do it. Coins.ph also uploaded a video tutorial on Facebook.

By creating a unique way to buy and sell Bitcoin, Coins.ph is providing Bitcoin trading opportunities to those who do not have access to financial services, while also further promoting the use of Bitcoin in the country.

For the Philippines, which has a low level of financial inclusion, this new product creates opportunities for those who do not have bank accounts or cannot access financial services. Anyone can exchange cash and Bitcoin. Those who do not have bank accounts can directly use electronic trading platforms, and Bitcoin as an investment tool can also benefit the public and achieve the purpose of protecting the security of their funds.

Bitcoin in the Philippines

Although the Philippines is still an emerging Bitcoin market, its appeal is undeniable. In terms of trading volume, the Philippines ranks 12th today, with a total of Ƀ 666.56. On the 9th of this month, the Bitcoin trading volume in the Philippines soared, and on January 12th it hit a record high.

The public's interest in cryptocurrencies can also be seen from Google search trends. Bitcoin searches peaked on January 7 this year, when the price of the currency exceeded $1,000.

The Philippine government’s draft regulation is a testament to the country’s interest in Bitcoin. Nestor Espenilla, deputy governor of the Central Bank of the Philippines, has publicly expressed concerns about money laundering using Bitcoin and wants to seek further consumer protection.

We are currently conducting research to bring virtual currency exchange operators into a more formal regulatory framework.

Good news for the unbanked

Although the ultimate goal of Bitcoin is to replace the existing banking system, we still rely heavily on these financial institutions to exchange Bitcoin and legal tender, after all, Bitcoin has not yet been fully popularized. However, there are already many ways for consumers to bypass traditional financial institutions and directly obtain transaction services.

These methods include P2P markets such as LocalBitcoins or Paxful, or even the fully decentralized market Bitsquare. Abra allows users to store digital currency on their phones, send it to any phone number around the world through the Abra teller network or traditional bank routing, and exchange the digital cash for cash. Spare also creates a similar exchange system for Bitcoin and cash, which is a win-win for users and merchants.

Although there is still a long way to go, Bitcoin, a product that does not rely on any central authority, is getting closer to the goal of becoming a global currency. Products like those provided by Coin.ph can ensure the popularization of Bitcoin and are a boon to users who do not have access to financial services.