Coins.ph launches Bitcoin wallet tailored for emerging markets
Tuesday, October 14, 2014
Yesterday, Coins.ph, the Philippines largest Bitcoin exchange, launched what it says is the first mobile Bitcoin wallet designed specifically for emerging markets. The new wallet allows customers to shop at online merchants who accept bitcoins, but the real emphasis is on sending cash to family and friends, paying bills, and instantly topping up prepaid phones.
“Bitcoin is used differently in different markets,” says Coins.ph founder Ron Hose. “There’s a very important difference between Bitcoin in the Philippines and Bitcoin in the US or Europe.”
Essentially, there are three types of markets for Bitcoin. In the US and Europe, Bitcoin is used as a currency and can be used to buy and sell goods and services. The second, in countries like China, Bitcoin is largely bought, sold, and mined as a speculative investment. But in emerging markets like the Philippines and other Southeast Asian countries, Bitcoin is gaining steam as a financial medium for largely unbanked populations.