I don't understand why people still use Western Union and pay these horrendous fees to transfer the money to their relatives in the third world. With Bitcoin Cash it is possible to do it immediately and almost for free.
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Such knowledge spreads normally very quickly. People want to save money.
So true.
For me Western Union always was something that was great in XX century and should stay at the XX :)
Why are people still willing to pay for WU. They don't have much money anyway.
Most of them doesn't know about any alternatives
I don't get it. Normally, such knowledge spreads very quickly. People want to save money. Every dollar counts.
Try to ask a random person on the street about BCH or any other crypto. Probably most of them never heard about
I believe that. There are a lot of new things that people don't know about. Ten years ago, when you told people about smartphones, they wouldn't have known about it either.
We can try to start it so that others would see how fast and reliable it is. Most people prefer to see proofs nefore joining. And for someone like you, you're a good source to establishing an awareness, starting from the members of read.cash.
This is the right way. If you know someone who has relatives abroad, show them how it works. He has to buy BCH abroad and send it to the Coins.ph address in the Philippines. The recipient can then exchange it immediately into PHP.
I don’t know why some people still write checks in the super market when they can use a credit card which does it in a fraction of the time :)
In my area you can only pay by card in Corona time (for health reasons).
The learning curve is still pretty big for the average user and also most people still can’t take the price fluctuations of a crypto currency. Maybe a stable coin for that.
Stable coin Is a solution. But if there is not much time between buying BCH in one country and selling it in another, the exchange rate risk is relatively low.
Not all people are knowledgeable when it comes to BCH. But it would be great if the started to know and learn about it.
I know that many people don't know about BCH, but they must have the desire to make a transfer cheaper and faster. Hasn't anyone done it yet and told friends?
Hmmm. I don know really, well, ive known some people who are using it. I am not the one to talk actually, since i havent done it. But hopefully soon i can make a transaction using bch😊
Most of the time you have to do it once and try out how it works. The second and third time it is already routine. The relatives just have to find the possibility to buy BCH abroad. There are many Exchanges in many countries that make it possible. What countries are we talking about?
Im referring to philippines. Bch is not yet common in our neighborhood
There are some reasons for that: Many people still don't understand and they don't know what cryptos and BCH are or how to use them. Add to that their unstable price which make people unsure about dealing with them. Like every new invention, people needs time to stop using the old methods and replace them with BCH. Another reason is it's hard to exchange BCH to the local fiat currency because of some governmental restrictions.
Exchange rate fluctuations can be easily resolved. Did I write Fexonice1 below like. It can indeed be a problem if you cannot exchange BCH into the local currency in the destination country. The citizens of these countries have bad luck. But Africa and Philippines allow to exchange BCH into national currency and still millions of Africans and Philippinos use WU and give away their hard earned money.
Some african countries don't allow cryptos. For example Morocco. the government there banned cryptos. And if you break that law, You will be thrown in jail. Other countries are thinking about banning them too. So it's not easy at all to start dealing with BCH or any other crypto. The road is still very long to reach a destination where BCH can beat WU.
Yes, the countries where cryptocurrencies are prohibited do not have this possibility, but there are many countries where cryptocurrencies are allowed and still WU is used.
I think those countries will reach that point anyway. It will take soe time, but it finally if everything works fine then BCH can beat WU.
I saw this post today and I smiled, you just said it all, I even wonder why people still use other cryto currency when BCH is cheap and almost free when making transaction....
As for Africa my continent, Crypto currencies is still not regarded as a legal tender, and only virtually few people knows about bitcoin cash. Maybe an enlightenment campaign is needed across Africa countries about the benefits of bitcoin cash. Honestly speaking, I believe bitcoin cash is the future global money.
I don't see it as currency yet. I see the following use case. The relative in Europe buys BCH for Euro and transfers it to the address of the relative in Nigeria. He exchanges it immediately in Naira. It works very fast. There is no exchange risk. It is simple.
I think most people are still not really aware of how cryotos really work. That should be one key factor
There are so many users here. Don't you know anyone who gets money from abroad I read that there are a lot of Philippinos abroad.
Philippines are the supplier of nurses in the world
Hello @Telesfor my brother is working abroad from Riyadh and he is sending us money through Palawan Express and there is charges, the greater the amount is.
Then you would only have to find how to buy BCH in Saudi Arabia.
I hate Western Union for taking a huge fee and unfair exchange of fiats. They take almost 10 percent of the quantities and I'm also a victim of that. When my grandma send 50 bucks 48 is the clear money I have.
What country does your grandma send you money from?
USA, California. But unfortunately now i don't have any budgets due to corona virus. :((
Tell her to buy BCH before she has to transfer money to your account again. There are many ways to buy Bitcoin Cash for USD.
She's old like 75 years old and doesn't have any experience with the computer
Does she have a bank account? Can she make a wire transfer? You can set up anything for her. All she would have to do is transfer the money to the exchange's account. You can do the rest.
Yep crypto is the game changer. Especially fast ones. only 1% of population seems to knowabout crypto lol
you are right sir,,but most of the filipinos are still not aware or have no knowledge yet in cryptocurrencies,,lets say 80-90 % more or less of filipino peoples dont know yet how crypto or what crypto really is....
Do you know anyone who uses WU for international transfers?
yes sir my friends who is working in different country and some of my relatives in province here in philippines,,, they are using WU before but theyve already learned and complaining about the charge fees thats why they open a bank account so they can send money thru online banking...
How much do they have to pay for the transfer?
its a bit more cheaper than WU,, but im trying to reach them to create an account on coin.ph so they can send money more cheaper charge than bank and WU.
How much does it cost to deposit and withdraw from PHP to coins.ph?
as far as i know when you transferring money from bank to coins.ph its cost 50 Php,,,in any amount... just 50php only,, then from coins.ph to another wallet or banks it will depends on how much money you tranfer...so i dont know how they exactly compute the charges for the transfer...
That's quite a lot. How much is withdrawal from coins.ph to the bank? Can you use coins.ph for paying like a credit card?
the withdrawal from coins.ph to banks is depend on how much you transferred or withdraw so i dont have any idea on how they computes the price charges for it,, but your second question if we can use coins.ph to pay to credit cards its a big Yes... and no charges for it...
If you can use coin.ph like credit card for free, it is wonderful. Are there many ways to pay with coin.ph directly at the local merchants in the Philippines?
you can use coins.ph to pay for your bills,loans,credicard, you can also use it to pay your monthly life insurance if you have,, but you cannot use it to pay directly something like you want to buy some foods or product,,but we have another wallet like gcash or paymaya here in philippines,, if you want cash less payment you can tranfer your coins.ph money to gcash or paymaya then use it to pay directly and all you need is to scan the qr code..then finish
That's pretty good. Maybe local merchants will soon accept coins.ph.
yes im hoping that to happen soon too...to avoid handling money because of covid 19 ..
I assume that people still think that crypto currencies are for gambling or dark web. Some of my friends bet online by using Ripple and when I ask them why do not you use crypto for such transfers of value, they respond that this money is for fun or I do not trust cryptocurrencies because they are highly volatile 😑
Yes volatility is a problem, but if you quickly exchange the BCH into local currency after receiving it, the risk is low.
Hello @Telesfor,why do the other people doesn't convert their BCH yet in their pockets? Is there a possiblity for the value of BCH to increase or not?
The value will rise (I think), but many people need fiat immediately to buy food or pay rent.
Well me, I'm saving my BCH for the best but I'm afraid it will go down when the time I will need it
Maybe because they don't know what crypto is, much more BCH, here in our country (Ph) majority of the people only know BTC and their knowledge about this is that it is for trading only like a gambling thing. I have a lot of friends working abroad if ever I will try to convince them to use BCH I don't know either where they can buy BCH and some people are so dumb with instructions on what to do. That's why maybe they opt to choose the old and manual transfer like WU. But I want to try this one, my partner wants to send money where to buy BCH in China or Japan? So he can save more fees. I mean what wallet he can use and where he can fund his BCH wallet in those countries?
Here are exchanges for Japan yen (JPY)
https://bitbank.cc/ - Look out! Here Bitcoin Cash has BCC Ticker (not BCH)
I have not found any Exchanges where you can buy cryptocurrencies for the Chinese currency. You probably have to exchange into dollars first. So it can be a bit difficult in China.
Okay sir thank you for this we will try this one..
Zaid and Bitbank is in Japanese, so I don't know how to deposit YEN there and what fee they take. Liquid.com fiat deposit fees are here: https://help.liquid.com/en/articles/3297509-deposit-fees
Buying BCH by credit card is too expensive, it's quick and easy but not worth it.
In most cases there is no need to pay for a fiat deposit. The withdrawal of BCH usually costs a little, but not much. The BCH network fees are almost zero, but the Exchanges want to earn something. But it is not comparable to WU. All in all it should be much cheaper. And once it is set up, it can always be used. Even for small amounts
Hi telesfor yes, I agree. But the easiest, simple or convenient way they know is filling up the form and sending the money. Yes, almost all Filipino still use them. First, because most of the provinces do not have easy access to the internet. They were just waiting for calls of whom they get the money. They only need to fill up the name address and contact number. The second crypto is way more complicated for users born and raised in a traditional way. Teaching them once and far is not enough they need a home tutor, as every day accompanied. And we are just adopting the internet "sending online" money without the third party especially when a pandemic strikes. All or most of the merchants or consumers are just learning them out. Give us some time and I know we can and learn the cryptos too. These are just my view. I, myself want to introduce it also. But how BTC impacts the cryptos here in the Philippines will need more power to get their attention again.
Yes, access to the Internet is a prerequisite. This is an obstacle. But I would not use BTC, but BCH (Bitcoin Cash). The BTC fees are sometimes higher than WU.
Yes, I want to recommend BCH. But because of the pyramid scammers used BTC before, some of the Filipinos got a terrible image about it. That is why it became popular too and introducing new crypto will be hard.
Therefore, people who know that Cryptos is not a scam must use BCH for money transfers. When others see that it works and is cheaper, they will learn. It's especially advantageous for international transfers.
True. That's what I wanted tell to my sister. Though her clients were just locally. But in the other regions. She should try and accept them. Can I know what is the fastest confirmation does bch have?
Where does her sister live? Unfortunately the confirmations of BCH are very irregular, sometimes it is very fast, sometimes it takes hours. You can see it here: https://jochen-hoenicke.de/queue/#2,24h
Thank you. I will check them out. You gave me a thought for what I should publish next. Teehee.
You can use ETH too. The fees are some higher than at BCH, but the confirmations are faster. ETH is also a very good coin
You can check this website: https://coin.dance/ If BCH hash rate is high, the confirmation is very fast. If the hash rate is low, the confirmation is long.
Some people don't have the idea about Bitcoin and some of them do know it but don't know how to how yo use it properly. Also, Bitcoin is not easily accessible to some places like rural areas. It can not easily claim or cash out to some places that only having rural banks and remittance centers. So, that's why people take the risk to send money through Western Union even though it requires a higher fee. At least, people can be at ease to know the money they send to their families will reach them for sure.
Is coins.ph not available everywhere in the Philippines?
It is available but not everyone knows how to use it. Especially, when the problem here is an internet connection and phone signals, it is so hard to use such apps in some places.
I think that Internet will get better with time in the Philippines. And those who have the Internet can install it and learn from the people who already know it. The relatives abroad have to find apps for it, too. It just has to be possible to exchange the foreign currency into BCH. This varies from country to country but in the developed world there are many different ways.
That's what we are praying for a long time, the faster internet connection. It is necessary for this time of the pandemic where most of the people here in the Philippines is using the internet for online schools and cashless transactions.
In my surroundings, there are only a few who know about cryptocurrency. I also just got to know crypto world 2 years ago. I am trying to introduce crypto to others who a willing to learn. It is not much though. Everyone is afraid of it.
Me too I'm also afraid when I discovered crypto like what the hell is that, how come it is a money
I am too at first. There is a lot of stories about how bad cryptocurrency is then the goodness of it. It is only when I decided to jump into crypto that I slightly understand what it actually is. I am still learning.
Same but until now I still don't understand it 😂
We are in the same boat here. The only thing we can keep doing is reading and observing. Perhaps someday we will get into it and understand a bit.
Yeah. Btw I subscribed to you 😊
Thank you.
I hope you will subscribe to me too and read my articles too..
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When paper money was introduced, people did not want to use it either. They only wanted to use gold and silver coins.
@Telesfor, you are right about that. It's just that people are scared at those things that are not common or ordinary to them.
It's normal. There are always people who are braver and try something. The others follow when they have seen that the brave ones do it. The read.cash users are the brave ones and should get started.
It's normal. There are always people who are braver and try something. The others follow. our are the brave.
True. It will take some time for newcomers to get used to crypto. It is the responsibility of those who already know crypto to explain it as simple as it can be for newbies to be interested.
Crypto currencies will prevail when they will have advantages. Paper money is no match for crypto. Crypto competes with PayPal or Visa. In Europe, many people pay by electronic means. I know 80 year old people who use smartphones to pay for their daily purchases (but they are exceptions). Because of Corona, in many shops only electronic payment is allowed (paper money is not accepted at all). Crypto as a means of payment will have a hard time in Europe, but in many countries it is not so easy to pay electronically (and it will take a long time until the infrastructure is as far developed as in Europe). BCH has great advantages there.
In Malaysia, some of the elderly are not interested in learning how to use a smartphone or electronic banking. They prefer the old way which is getting in lines in the bank.
I do not know any store that accepts cryptocurrency as payment here but maybe someday, crypto will be use widely as paper money does. I am not very educated about crypto but, so far, I love the way it works.
In Europe there are also not many shops that accept Crypto. Most of them are in Slovenia (for example Burger King)
Maybe someday our world will be able to become paperless and more trees can be saved. More oxygen production and less respiratory problem in the hospital.
One more thing I love about crypto is that I don't think it is taxed.
Hi sir, Yes I agree with that. But in my case and in my place, Internet is not so good, people here my family and neighbors are not focus on digital word , they don't know about Crypto currency, about BCH, and any other information about digital currency so they must choose the traditional way of transferring money like Western Union. But it's possible if the sender have knowledge in Bitcoin cash while the reciever too is familiar with BCH. YES it has lowest fee to transfer money but we need some massive adoptation first before it will make it possible soon.
But you can save a lot of money. Relatives abroad only need to buy BCH and send it to the recipient's address in the developing country. The recipient will exchange it for the local currency. Every dollar counts. Why spend the hard-earned money on WU?
At first I would like to thank you for writing this article and share your opinion with all of us. I agree with you sir. You are absolutely right.
You are absolutely right.I agree with your opinion. But there is some problems.people do not have enough knowledge about Bitcoin Cash.
For this reason, anyone who knows someone who uses WU should explain to them the option of using BCH.
yeah.Thank you so much for explaining BCH with us.
Sir, maybe bch still don't yet introduce to them. And furthermore when cashing in to banks the payment are very high.
It is precisely because the banks are so expensive that people should buy BCH and transfer it. I understand that WU is used for cash deposits and cash payments, but in the Philippines there are coins.ph and in Africa there are similar ones. Are these services so expensive?
Yes sir. So expensive when transferring to banks. Payment is Almost double the money you will deposit.
Its about mindset, many people knows the existence of Crypto but they still use western union and other remittance service because they are programmed too, they have in mind that only those services can send money to their relatives across the world and with that spend a lot in fees, that could be much helpful to them, its time to approach more to this people with intense campaigns and make the abroad workers to start using Bitcoin Cash and other Cryptos as remmitance to solve immediate problems of money.
Yes sir you tell true. I agree for your information. This is most valuable information. Thank you sir.
Yes very true but they really don't know if the person they want to send it to is into crypto and if the person is not they won't want to receive it as bch. Though it's a nice preposition.
Yes, you are right. I agree with you
Thanks for the iinformation sir. I will share it with mu friends who uses Western Union.
I don't understand why anyone wants to use Binance card.
What is Binance card?????
It was unrelated to Western Union, sorry about that. Binance released a crypto card in the EU . I'm trying to find exactly what fees it contains, and it does look too much in my opinion. Western Union is certainly not needed since cryptocurrencies can cover this gap easier. There are some countries that have banned crypto though, and Western Union is the only way for some people to send money to their relatives.
I always say that crypto is still at least 5 years behind a mass adoption and I really hope to see it happening soon
Due to the strong price increase of BTC in 2017, cryptocurrencies have received much attention. Then the bubble burst, but many have already heard of Bitcoin. Before the mass adoption takes place, a lot of time will pass. But the development is unstoppable. Services like coins.ph did not exist a few years ago. And more are emerging. Zapit is trying to make the fiat transfers on a BCH basis, for example. Maybe that's 5 years, maybe 10, but cryptos have come to stay. I'm sure.
Yes I share the same views. They have come and surely will stay as the blockchain as a technology is very strong and has very good applications
Sadly there are quite some countries where you cannot exchange BCH for local fiat (unless black market). But some other times I guess people aren't well informed on BCH and how to proceed.
Because not all people has a knowledge about bch.