BuyBitcoin.ph, led by balikbayan co-founder and CEO Sam Kaddoura and founders Lasse Birk Olesen, Daniel Walton, and James Florentino, is a bitcoin company whose aim is to bring and spread the digital currency to the Philippine market. The average Filipino does not seem to know anything about digital currencies. With initiative such as BuyBitcoin.ph, that can be rectified.
Describing this new initiative, Kaddoura explains it to be as the base that will give “Filipinos direct access to buying and selling bitcoins.” He has great expectations of the digital currency in mind and envisions it to be a great success in the Philippines. He believes that as the bitcoin gains in popularity, it will become more accepted by the general masses as a currency. Furthermore, he believes that,
“… the bitcoin exchange model will play a crucial role in providing a foundation for both individuals and local businesses in the Philippines bitcoin economy to flourish.”
This new exchange, BuyBitcoin, will work both ways of selling and buying bitcoins from individuals. It also has the option of cashing out your bitcoin for fiat currency like the Philippine peso.
Most people who have currently signed up with the exchange are techies who are already the digital currency supporters and enthusiasts. For the digital currency to become accepted by the average Filipino, efforts need to be focused to bring the bitcoin to them. The average individual needs to be convinced about digital currency and that it is a good and viable option to invest their money in.
Depicting the typical users who have signed up with the exchange, Kaddoura said:
“Based off information from our customer database, our average user is male, between the age of 25 to 34, mostly working in a technical field such as engineering or computer science.”
However, his goal is to reach beyond this category of people and bring digital currency to them. He stated that his team has plans to reach “new markets.” For example, they plan on holding local information sessions and promoting the exchange though the internet and social media.
Kaddoura has two different approached prepared to reach the merchants and the individual consumers. For the merchants, he would tell them that dealing with bitcoin will allow them to reach a new customers’ market who are supporters of the new digital currency known as bitcoin. These new customers are on the lookout to find services that will allow them to trade in bitcoin. For the individual consumer, according to Kaddoura, not everyone gets approved to acquire a credit card. By having a bitcoin wallet, you can easily make online payments with great ease. It’s a win-win situation all around.
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Image via buybitcoin.ph