How Cryptocurrency Companies in PH Will Handle Rising Bitcoin Demand
When the price of bitcoin to dollars soared in the last few months, it’s inevitable that the awareness for cryptocurrency will rise even in the Philippines.
In fact, even Google trends recorded increased “interest” to bitcoin and related terms in the country lately. Add the fact that more jobs are being offered related to the blockchain tech and you have an entirely new and growing industry that is yet to receive mainstream awareness.
PH Bitcoin Sites get swamped with increased transactions
It is obvious that Coins.ph and Sci Ventures’ numerous bitcoin–related products are experiencing increased user signups and transactions.
Coins.ph is experiencing technical problems. The site has been offline for some hours these last few days. I also cannot feel the usual customer service I used to experience from them in the past. Several users are also complaining the same thing.
Coins probably attributes this to heightened awareness and the phenomenal rise of bitcoin. The company has now sent atleast 2 emails to its users. The first email warned about the risk associated with bitcoin. The 2nd email detailed the things the company is doing to handle the load. (Read: Coins.ph wants you to know something about bitcoin).
In an email to Entrepreneur, SCI Co-Founder Miguel Cuneta confirmed the increased activity in their platforms as well. The number of people signing up and the number of transactions have experienced double-digit growth.
How to handle demand: Expanding teams
Both SCI and Coins.ph noted to Entrepreneur.ph their commitment to expand their teams to deal with this growth.
How to handle demand: Alternative To Bitcoin?
Coins.ph and SCI are open to looking for other altcoins to facilitate transactions or mitigate the demand for bitcoin. In the past, Coins.ph mentioned considering bitcoin cash. Although, recently, the company’s CEO Ron Hose mentioned they are still considering other ways to decrease transaction prices but did not confirm if they still consider adding bitcoin cash or not. (Read: Update on Coins.ph’ Consideration of Bitcoin Cash).
- Update June 2018: Coins.ph now supports BCH along with ETH and BTC
SCI recently opened a poll that allows its users to vote what cryptocurrency to support next on its BuyBitcoin.ph platform. The choices are ether, bitcoin cash, and ripple. (Read: SCI wants to find out what cryptocurrency users want them to support next).
The Latest in Bitcoin in the Philippines
You can see that special attention is being given to bitcoin in the country these last few months. The BSP is engaging the technology by issuing a memorandum circular, a partnership with foreign central banks, and granting licenses to bitcoin companies.
The Security and Exchange Commission, on the other hand, is developing guidelines to deal with Initial Coin Offerings. (Read: What are ICOs).
Next year, Blockchain and Bitcoin Conference will happen for the first time in the country. All this are happening while bitcoin and numerous altcoins are experiencing fantastic growth as of press time.