MANILA, Philippines - E-commerce has created a second world — a world that is more convenient and more secure. But why is the majority still skeptical to purchase items online? Although security in the World Wide Web is said to be safer by the day, converting pessimists could be a lifelong process for e-Commerce businesses. Especially in the Philippines, wherein there is minimal number to convert; only five percent in the country have credit card access.
Bitcoin is digitized money. It allows people to buy, sell, and transfer money to other entities such as a person, an organization, an e-Commerce merchant, and the like. Therefore its function is parallel to any form of currency. The value can either go up or go down depending on the Bitcoin community’s performance, which can be similarly seen in the stock market.
With this method, payment transfers and reception is guaranteed to be full; a 100 Bitcoins sent means a 100 Bitcoins received by the recipient.
With the online payment solution called Dragonpay, anyone can convert their cash to Bitcoins. Taking note that the Filipino population is mostly comprised of non-credit card citizens, Dragonpay can be their tunnel to the realm of Bitcoins. Just log in to one of the popular local Bitcoin exchange; click pay with Dragonpay, and pay over-the-counter with their partner banks and non-bank establishments.
Bitcoin is a fairly new business venture in the country, which are mainly led by three companies; namely, Coins.ph, Buybitcoin.ph, and Satoshi Citadel Industries. Although recently, Satoshi Citadel Industries has acquired Buybitcoin.ph – a strategic move to further enhance their services.
For Coins.ph, they focus on bringing down the costs for OFWs to remit, while providing a service to instantly send money to any mobile number or email address. They also make it convenient to receive money transfers, with a cash pickup network covering pawnshops, banks, and door-to-door delivery all over the Philippines. Their wallet app enables users to quickly pay bills and buy mobile load.
Satoshi Citadel Industries (SCI), integrates Bitcoin to daily and occasion-based affairs to make the new currency more relatable to both the adults and the youth.
The differences in approach made Coins.ph and Buybitcoin.ph recognizable as individual corporate entities but there is a commonality in their business’ success – Dragonpay.