I've been using coins.pH mobile application since 2017 when I started to collect cryptocurrencies(satoshies) through free faucets. I have found coins.ph as my best wallet for storing what I have accomulated due to the free use of each crypto-based features.
The best thing about it was, you don't need to do KYC in able to use their cryptocurrencies services with limited use but this is too good for small earners and crypto new comers. It has the feature that really suited for newbies due to its simplicity.
But, what I have read today about their new update makes me disappointed. Centralization is truly s*cks. They posted new article How will the latest BSP Advisory on Circular 1108 (Virtual Asset Service Providers) affect Coins.ph Level 1 accounts? regarding to their new updates about the limited use for level 1 user or free users.
As of this time, coins.ph has a total download of 5 million which is half of it for sure is using the app at level 1 , majority are using it for storing cryptocurrencies including me. Now let's us check their article regarding the new update.
This could be a side to side thoughts to balance what would be the possible result of these changes. How this update may affect level 1 users.
First paragraph.
In this first paragraph, coins.ph just followed what is the latest advisory guidelines of BSP or Bangko Sentral ng Pilipinas regarding VIRTUAL ASSET SERVICE PROVIDERS and coins.pH is included here.
As what stated in the first paragraph, coins.ph removed their free services for level 1 users and the services for exchanging fiat to cryptocurrencies or vice versa, sending crypto from outside wallets like from Bitcoin.com wallet to coins.ph wallet is totally removed. Just like what is stated in this second paragraph.
Okay let's do some a little bit explanations why coins.ph and ofcourse BSP created this new advisory. Maybe some of the level 1 users including myself is truly disappointed with this new update. And I'm sure that half of the coins.pH users is now ranting and some are not yet aware about this.
So I decided to read the advisory of BSP about Virtual Assets Service Providers. And read their points about Virtual Assets
So they just want to avoid some unwanted activities for possible lost of the user's funds. Anyways this also good for the country and its people. But but do they know that majority of VAs are created for decentralisation? Omg..
What was included in the advisory can really affect cryptocurrencies users especially coins.pH users.
Here are some of the rules and regulations included in the advisory.
The wallet Security
Coins.pH will required to strengthen their securities and protections for the sake of their users. So coins.pH users, we are expecting more secured coins.pH experience.
This next statement will surely break decentralisation rule when making transactions using Virtual Assets.
No for instance, I'm going to send a P50,000 worth of virtual assets or $1036.2 based on the current exchange rate. It is required to put all the information of the sender and receiver in order to make transactions. By the way, cryptocurrencies are recognised as Virtual Assets so that means, it is required to put all your info in able to send your Bitcoin Cash or Bitcoin to the other wallets. Centralization really s*cks!
In contrast, this is also good to ensure the safety of the both sides (sender and receiver). But I think this is my first discovery about sending cryptocurrencies with your full information on it. Hahaha lol
So how does these changes can affect coins.pH users and the coins.pH itself?
Coins.pH users will face sudden dump of their users
Yes, to be honest if users just relying on the fiat currency and services, there are strong competitors of coins.pH which are Paymaya and Gcash and the new DiskarTech. The only advantage of coins.pH to them was their cryptocurrencies availability. So basically, users are using coins.pH for storing cryptocurrencies. With this update due to the new advisory, coins.pH users will decrease if this update will implemented.
New Door For It's Users When It Comes To Verification Process
Verifying your accounts in coins.pH is too difficult due to the limited accepted IDs. Maybe in this new update, they will going to add new accepted IDs like students ID. In fact most of the level 1 users are students. Hoping for this.
More Secured Transactions
As what stated in the advisory, sending VA is required to include important information of the both sides. In this way, if there unwanted and malicious things happened, both sides knows who is going to find regarding of the problem. This requirements for the Virtual Assets Service Provider makes every transactions secured and safe.
Anyways there is a lot more expected changes that coins.pH will expirience soon. We only have to do is to get valid IDs and verify our accounts. But this will remains disappointment to many loyal coins.pH users.
How about you? What can you say about this? Are you a level 1 coins.pH users too? We'll share your rants in the comment section💚🤟
Sources:
I am level 2 user but when I read this...
Wtf! This is really centralized🤦♂