One of the most interesting topics among beginners in this community is the time needed for somebody to transfer their BCH earnings from Bitcoin.com wallet to the most popular wallet in the Philippines, Coins.ph.
Since day one, that I joined this platform last January 19, 2019, nobody discussed how long will it take for us to transfer our Bitcoin Cash earnings from our Bitcoin.com wallet to Coins.ph which is now considered as the most convenient way if we want to exchange our earnings into our Philippine Peso fiat currency.
For those who wanted to cash out their BCH earnings from Bitcoin.com or any other wallet into your Coins.ph account, you should be aware that it will take some time depending upon the network. Once you're on emergency better not to transact from an external wallet into your Coins.ph Wallet, it is easier to borrow first from your friend who has coins.ph account to top up your needs.
Based on my experience it will take around 2 to 3 hours if we transfer our BCH earnings from Bitcoin.com wallet into our Coins.ph wallet, maybe some users will not agree with me but it is based on my own experience and will post pieces of evidence to prove my point.
According to the explanations of Coins.ph, blockchain lags cause delays in transfer getting confirmed. As a result of these delays, it takes some time for incoming and outgoing transactions to be reflected on your Coins.ph wallet dashboard.
The best thing about cryptocurrency is the fact that we can check all the blockchain confirmations through the transaction hash link.
Coins.ph explained that blockchain lags are rare, but different blockchains for each of the cryptocurrencies will need different amounts of confirmations to fully reflect in our Coins.ph dashboard.
Bitcoin transactions need 3 confirmation
Bitcoin Cash transaction need 12 confirmation
Ethereum transactions need 20 confirmations
XRP transactions need 6 confirmations
In order for me to compare the difference between times of transactions, I tried to use three of my BCH wallets and transfer some amounts to my Coins.ph wallet.
I transfer Bitcoin Cash worth P200.00 from my Coinbase account, $13.38 worth of BCH from Bitcoin.com wallet, and $5.00 worth of BCH from my Klever wallet.
Aside from the transaction time between the three wallets, I also took notice of the payments made for each respective transfer.
For the $13.38 worth of BCH sent from Bitcoin.com wallet to Coins.ph, I was charged with a mere 0.000 007 24 BCH while the Php200.00, I was charged with 0.000 0002 BCH by Coinbase and the last BCH wallet through Klever, I was charged with 0.000 006 78 BCH.
It is indeed cheaper to transact with Bitcoin Cash compared to the high payment incurred once we choose to transfer Bitcoin Core to various wallets. This is also an advantage and a proven method that BCH is way ahead of BTC.
Based on my experience it took at least three to four hours (3-4 hrs.) before the transactions were completed, and the amount was transferred from my Bitcoin.com wallet, Coinbase, and Klever wallet to my Coins.ph Wallet.
Therefore, I conclude that transacting with BCH will only charge us a fraction of a cents when compared to the high payment which the Bitcoin Core network will charge us once we transfer our BTC earnings.
I also conclude that transferring our BCH earnings from Bitcoin.com wallets to Coins.ph wallet needs some time to reflect into our dashboard and it is not advisable for emergency use of cash because it will take hours to be reflected ino our wallet.
This is just part of the experimentation I made so that everybody will have their own knowledge on how to transfer their accounts from any wallets to be cashed out with Coins.ph wallet in the Philippines.
Thank you so much for taking the time to read my experiences on how I was able to transfer my BCH account to Coins.ph wallet.
At your service,
PhilNewsome aka BantayanIsland