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Bitcoin exchange Coins.ph launches 24/7 ATM payout service


Overseas Filipino workers are constantly worried about the service fees that come with sending money home to their loved ones.
 
In the past, there have been reports of remittance centers adding hidden fees for transactions, prompting some to use courier services instead of sending money through banks or wire transfer centers. The downside to this is that these courier services don’t provide protection for your money.
 
This year, Bitcoin exchange and wallet service Coins.ph launched their new cash payout option, providing a cheaper and more convenient alternative.
 
Using the remittance system, Coins.ph wallet users can transfer any amount of money between P500 and P10,000. Recipients can pick up the money by going to a partner ATM, selecting the eGiveCash cashout option, and then entering the eGiveCash number they received via text message, the passcode they received via e-mail, and the amount.

According to the Coins.ph website, the ATM payout service is currently avaible through Security Bank machines.

 
“Our priority has always been about offering convenience and equal opportunity,” says Ron Hose, CEO of Coins.ph, “We believe that everyone deserves access to financial services and should have the option to use their money to their desire, without having to endure high fees and prerequisites.”
 
The option is available at more than 450 partner ATMs across the country. In addition, Coins.ph also has more than 5,000 existing cash pick up locations.
 
Bitcoin is a virtual currency, where each “coin” is created in a process where a computer’s resources are used to perform calculations to verify and maintain the Bitcoin public ledger.

The price of bitcoin has fluctuated throughout the years, and it saw a drop in 2014. — Bea Montenegro/JDS, GMA News
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