Introduction
In May 2018, Philippine-based digital wallet provider Coins.ph announced plans to integrate Bitcoin Cash (BCH) support by June. The update has now rolled out, enabling users to send, receive, and store BCH alongside Bitcoin (BTC). This strategic move aims to address growing demand for low-cost, fast cryptocurrency transactions in underserved markets like the Philippines.
The Need for Affordable Financial Services in the Philippines
Challenges with Traditional Banking
- High Fees: Banks charge ~₱30 (≈$0.56) per ₱1,000 (~$18.71) transfer, significantly impacting low-income earners.
- Limited Access: Over 8 million Filipinos rely on alternative financial services due to unaffordable banking fees.
How Coins.ph Fills the Gap
- Microtransaction-Friendly: Most small transfers are free, attracting 5+ million users—equivalent to the country’s credit card user base.
- Decentralized Solutions: Cryptocurrencies like BCH reduce reliance on costly intermediaries.
Why Bitcoin Cash (BCH)?
Key Advantages
- Low Fees: BCH’s average transaction cost is fractions of a cent, ideal for remittances and daily payments.
- Fast Confirmations: Transactions process in minutes, unlike BTC’s congested network.
- Strong Community Support: BCH has active developer and user communities in the Philippines.
Developer Insights
"BCH aligns with our mission to provide affordable financial services. Its focus on scalability and usability makes it perfect for real-world adoption." — Coins.ph Development Team
Additional Features: Coins.ph’s New Cryptocurrency Exchange
Launch Highlights
- First Local Platform: Supports trading between PHP (Philippine Peso) and major cryptos (BTC, BCH, ETH, XRP, LTC).
- Beta Testing: Currently in closed trials, with a full rollout expected soon.
Frequently Asked Questions (FAQ)
1. How does BCH improve upon BTC for daily transactions?
BCH offers lower fees (under $0.01) and faster speeds due to its larger block size, making it practical for small purchases and remittances.
2. Is Coins.ph regulated in the Philippines?
Yes, it operates under local financial regulations, ensuring secure and compliant services.
👉 Explore how BCH is transforming digital payments
3. What other cryptocurrencies will Coins.ph support?
The team plans to add ETH, XRP, and LTC next, pending user demand and regulatory approval.
4. Are there limits on BCH transfers?
Microtransactions are often fee-free, while larger transfers may incur minimal costs (~₱5–₱10).
Conclusion
Coins.ph’s integration of Bitcoin Cash marks a pivotal step toward financial inclusion in the Philippines. By leveraging BCH’s speed, affordability, and scalability, the wallet empowers users to bypass traditional banking barriers.
👉 Learn more about crypto-powered remittance solutions
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