Important Message From COINS.PH (Philippines Bitcoin Exchange services)
Because I have been using this company for a couple years now to pay certain bills online with my bitcoin, I wanted to share a message I received from the folks at Coins.ph. It seems volume and recent growth are positive indications that this company is moving forward and being as proactive as they can be. They have put out some good advice which can apply to anything crypto related. Here is the message I received this morning:
The last few weeks have been very exciting for everyone involved with bitcoin as more and more people learn about digital currency. We at Coins.ph are passionate about digital currency, the blockchain, and its ability to drive financial inclusion. At the same time, the increased interest, volume, and volatility have resulted in some growing pains, both for the bitcoin network and for Coins.ph.
With this in mind, we wanted to share some important thoughts regarding our service:
How Coins.ph is responding to recent growth:
We’re working around the clock to make sure that our platform scales with the recent surge in demand. This means investing in both technology and people, as well as taking additional actions to deal with the increased interest:
We are continuing to invest in world-class engineering, finance, and operations talent to further improve our technology and processes and address customer questions and concerns in a timely manner.
We are working with our retail and financial institution partners to introduce more automation and improved processes to allow for faster, smoother transaction processing.
We take our commitments to fulfill cash-out transactions in the promised time period very seriously. In anticipation of potential increased activity and slower settlement time from financial institutions, we are adjusting our guaranteed bank cash-out estimates to three (3) business days for the duration of the 2017 holiday season. However, we will continue to make the same effort to process all transactions as fast as possible.
There may be moments of downtime that affect your ability to trade and transact:
While we are making significant efforts to scale out our team and infrastructure, we want to remind our customers that access to Coins.ph services may become unavailable or degraded at times of significant volatility or volume. In turn, this could result in an inability to buy or sell for periods of time, delays in sending bitcoin in and out of Coins.ph, and delays in processing of cash-in/cash-out transactions.
We’ve taken great measures to both increase the size of our support team and improve our processes; however, our customer support response times may still be delayed when there is a large volume of requests, especially for requests that do not involve immediate risk to customer account security.
Some general points to keep in mind:
Act responsibly: The price of bitcoin is driven by market demand, and it is very volatile. If you choose to buy and hold bitcoin, you should be aware that the price may rise or fall at any time.
Keep your Coins.ph account secure: We strongly recommend that all Coins.ph customers enable two-factor authentication (2FA) on their account for added protection. In general, you should never share your account information (including password) with anyone and you should not let anyone else access or use your account.
Learn more about Coins.ph and your account:
The Coins.ph Help Center contains useful information about your account, including details on how to manage your funds, bitcoin & blockchain technology, and account safety & security. We suggest that all of our customers review the information listed there to gain a better understanding of what to expect when using Coins.ph.
You may also check our Facebook, Twitter, and blog for additional updates.
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Comment by @killerwhale. This is a opt-in bot.
Hi! Thank you for this! I’ve been using Coins.Ph for a few months now.
I remember buying two bitcoins several years ago for about $200 ea. to pay my phone bill, internet, and phone loads for the relatives. Little did I know it cost me waaay more than I would ever know! While my phone bill was literally wiped out by the increased value of BTC, so was my future wealth! lol
Whoa!! You have 2BTC. You’re millionaire now! If I had known BTC and cryptocurrency before. Huhu.
No... I had 2BTC!
Waaah you “had” 😭
Yeah... ifa, woulda, coulda.
did receive the same information from them today
Cool!
thanks for the info. i'm using this very recently. just bought a bit of btc cos it's too expensive now. :)
All you need is just enough to pay bills, and as long as BTC increases after you buy in, your bills become even more affordable, right?
yep. question though, does coin.ph charge every time you cash in? I think they're charging Php10 for every 1k cash in, am I correct? do you recommend cheapest way to cash? @retiredinsamar
The biggest fee is the transfer from Coinbase. The conversion from BTC to Pesos is very small. I once calculated it to be a very low exchange rate but I can't remember how much. But then I always recieve rebates when I pay my internet and buy phone loads. I need to look for another way to fund my Coins.ph account instead of using Coinbase.
thank you for the info, being in the Philippines give me less options to do stuff like this. I feel like being robbed everytime I do transaction due to transaction fees. :(