How Did You Introduce Cryptocurrency to Family Members?

According to data on cryptocurrency ownership in the Philippines surveying internet users it reflects that we ranked 10 out of 27 with the countries that are sampled. I can say that it is high compared to the previous years but still, some conservatives still do not believe in the concept of internet money.

Faster Remittance Services

Filipinos may be overseas or within the country find remitting money a hassle at times as they experience multiple issues, fees, and delays. In one of our experiences, as we are waiting for funds from someone outside the country, a family of ours used the default method which is bank transfer.

Bank transfers usually take a day or two and sometimes get delayed if the transaction will fall on a holiday or weekend. I can attest to this one as I am a debt collector since I started working and holidays and weekends mess up my accounting books each time that I need to report the collected amounts that I have accumulated.

As a way to lessen the fees and the downtime, I have asked my friend if there's a remittance center available that converts their money into crypto and luckily there's one in their place. Take note that I am just familiar with BTC, ETH, XRP, and Hive tokens and other cryptos are not on my radar.

Since BTC takes some time to be received and ETH gas fees are sometimes astronomically high. I told my friend to just use XRP for the transaction. Still, they are hesitant to do such as there might be some errors entering the data, etc. but after sending the QR code to where it can be sent after a few seconds I got the money.

Way faster than waiting for the clearing of funds via online banking. Now as his convenience every transaction that we are processing is via XRP as the cost per transfer is less than a dollar too!

The downside of using Crypto

As for me, the downside that I am seeing is the prone to human error especially if information needed is to be entered manually. Each transaction should be checked and double-checked as if it was sent successfully if it was erroneous it cannot be reverted again. ( I do remember sending some funds in error in the past and sad to say I wasn't able to retrieve them anymore. ) As a way to make everything error-free on my side, I do a small number of transactions first to make sure that funds are processed correctly then the big batch is sent after confirmation.

Aside from that, since it is now being regulated identification cards should be given not following the KYC procedure will limit the transactions, especially withdrawals and in a country like ours you need to have a valid ID to get another valid ID, it is a hassle.

Overall I think selling the benefits will help everyone in the faster adoption of crypto. Though it is good to say that they can invest money and it will grow in the future, some people are still skeptical about that and will proceed on just the old age investment paraphernalia.

How about you how did you introduce cryptocurrency to some of your friends?

Photo by Kanchanara on Unsplash