SCI Ventures announced that it is temporarily disabling cash withdrawals from Bitbit, the company’s dual Peso/Bitcoin online wallet platform.
The news was announced by SCI on its Facebook account. While users may not be able to cash out on Bitbit. SCI recommends using the company’s Rebit platform to cash out users’ bitcoins to pesos.
Does it mean my balance in Bitbit will also appear in Rebit?
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No. We believe Rebit will act as the exchange platform instead of Bitbit. This question is raised probably because of the integration of Bitbit and SCI’s buybitcoin.ph platform.
How to withdraw cash using a combination of Bitbit and Rebit
- Open Rebit.
- Choose “send money to the Philippines from the Philippines using bitcoin”.
- Put in the necessary details (Amount, Method of Cashout, Name (yourself), Name of recipient (yourself), etc).
- After everything is confirmed, you will be asked to send the bitcoin amount to a specific bitcoin address.
- Go to your Bitbit bitcoin wallet
- Click “Send”.
- Enter the amount mentioned in rebit (in BTC).
- Enter the BTC address mentioned in Rebit.
- Click Submit.
Be wary of things like the blockchain fee and transaction time. If you make the transaction in the afternoon, it might get reviewed and confirmed the next day (or the next business day, usually Monday – Fridays except for holidays).
The process is a bit cumbersome now that we can’t withdraw our cash temporarily on Bitbit. If you need to send someone cash, consider other choices in the meantime. If your only choice is Bitbit, then proceed with the instructions above.
A platform by SCI Ventures, Bitbit is a dual purpose app that acts as a Peso wallet and Bitcoin wallet. You can freely convert your bitcoins to pesos and vice versa.
As a peso wallet, you can use your Bitbit app to pay bills or buy mobile load credits.
Rebit.ph is positioned as a way to send money to the Philippines using bitcoin. Say if you want to send ₱5K to the Philippines and your only option is to use your bitcoin funds, Rebit will do the necessary conversion for you. Ideal for peso remittances using bitcoin.
Both platforms are owned by SCI Ventures, whose subsidiary Rebittance Inc is a licensed cryptocurrency exchange platform in the Philippines. The company also owns Bitcoin Prepaid and Buybitcoin.ph.