I’ve written how easy it is to buy and sell Bitcoin using Coins.ph.
The service is also a great way to pay your bills. It offers all the mainstays such as Globe, Skycable, Meralco, Maynilad, Manila Water, etc.
Recently though I had a simple question regarding sending Bitcoin to Coins.ph and I was disappointed that their customer service couldn’t give me a straight answer.
My question was if I send Bitcoin to my Coins.ph Bitcoin wallet how much do I receive?
This question came about because I noticed at the bottom of the wallet prompt there’s a discussion on the amount I send being “automatically converted.” Specifically, “Bitcoin sent to this address will be automatically converted to a specific Bitcoin Wallet value, using the current coins.ph sell rate.” Based on that text, which you can see in the screenshot, it would seem that Bitcoin is automatically converted to PHP.
I did not want that. I wanted my Bitcoin to remain as Bitcoin. Moreover I wanted to make sure that I would get the full amount of Bitcoin that I sent to my Coins.ph Bitcoin wallet (less of course the transfer fee).
So I asked, if I send .1 Bitcoin to my Bitcoin Wallet Address, how much Bitcoin will actually be credited to my wallet address?
All in all 5 different customer service reps took turns handling my question and none of them could give me a straight answer.
The answer would vacillate between the Bitcoin would automatically be converted to PHP or the Bitcoin would arrive in my Coins.ph wallet just fine. After a bit of back and forth it was clear I would not be getting a straight answer so I decided to just try it out for myself.
So, if you’re sending Bitcoin to your Coins.ph Bitcoin wallet then rest assured you will be credited the entire amount (less transfer fees). I sent .49BTC (yes I know the sign for Bitcoin is XBT but I’m old school) and I received .49 BTC.
Not sure though why customer service couldn’t give me a straight answer.
This is also my first occasion to use Coins.ph, “cash out” option where some of the pesos I have with them is deposited into an account I specify.
I’ll write tomorrow on my experience with cashing out.