Before this month ends, I just want to give you all an update on E-Wallet.
First, I'd like to say that Pesobit is now in the Hot Pair over at C-Cex with 11.35 BTC trading volume as of this writing.
E-Wallet shares is already at 70% taken.
These are the confirmed details of E-Wallet as of today:
1) The platform works for Philippines and Canada meaning Canadian users can also withdraw/add funds directly via their banking network (Interac)
2) Submission of IDs (Gov't issued) are required for Canadian users as well for their verification before they can withdraw to their banking network.
3) Sending funds across users costs around 1% (is already cheap as a remittance solution but I'm trying to negotiate for a way to lessen this further) - and this includes Pesobit -> Peso conversion
4) There will be a P100,000 monthly limit for transactions - for now. Those who require a higher limit will send a request using a form that will be provided to you.
5) There will be referral rewards for verified users though minimal.
6) Other country solutions may arrive in the future but no specifics yet.
Because it works as local wallet for both Canada and the Philippines, the platform can be used as a remittance tool to and from both countries with minimal charges.
So what else is needed for it to be launched?
First, It is better taxation-wise for it to launch on the 2nd quarter of the year rather than at the end of the 1st quarter hence an April release.
Second, it's all about trying to bring down the fees charged by the service providers.
This system may not be final though, cheaper and more efficient alternatives will be explored after we stabilize this one.
Dear Dev Team,
As an investor in Pesobit, I have an idea I would like to share for remittances from Europe to the Philippines.
The cheapest way to enable the service in Europe would be to set up a company in Estonia, which can be done remotely. The company could have a standard bank account with an IBAN number. Bank transfers to this account from any other account in Europe have zero costs. Sales of Pesobit could be done similarly to the current wallet, but via bank transfer instead of Bitcoin.
From the information I have gained on this forum, my personal opinion is that just launching the service is the best way forward. Costs will come down with volume and the community can help in marketing efforts. Also the price needs to reach a certain level before the service becomes usable (at these price levels there is extreme volatility).
If you need any help, you can PM me. Thanks!
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