Colin Goltra, Head of the Cryptocurrency Program at Coins, says the BCH community’s decision to prioritize low cost, day-to-day payments fits their vision for financial inclusion in Southeast Asia.
As the needs of the underserved and unbanked in countries like the Philippines becomes ever more so glaringly obvious, it’s good to know that some companies are making the effort to ensure the blockchain revolution leaves no one behind. Coins.ph, a cryptocurrency wallet service available in the Philippines is one of those. Initially, they only supported BTC in their wallet. But they have recently added Bitcoin Cash (BCH) to ensure Filipinos fully benefit from low transaction fees and fast transfers.
The Philippines is an economy where remittances and the fees they entail are an absolute big deal. While there is a variety of options for money remittance services in the country, the fees they charge—although insignificant for some, can be quite painful for others.
Most remittances charge a minimum fee of PHP 30 ($0.56) for every PHP 1,000 ($18.71). To put this into context, PHP 30 can buy a snack or a small meal in the micro-economy. And for someone earning PHP 15,000 ($280) monthly, PHP 30 per PHP 1,000 would amount to PHP 450 ($8.42) in fees, or 15 small meals from the local market. It is in fact, a big deal (I checked with someone who actually works as a domestic helper in the Middle East).
Thus, for Filipinos, what matters most is getting funds to their families through a remittance service that would not bite off a huge chunk of their hard-earned cash. And Coins.ph does exactly that, with most transactions being free of charge.
We reached out to Colin Goltra, Head of Cryptocurrency Program at Coins,