RabbitCore

Rebit updated. Just sent money to relatives in the Philippines using rebit.ph here is my experience Rebit Bitcoin Exchange Rate LOW

Rebit.com problem is their low bitcoin exchange rate.
My experience with Rebit has been good. It does come at an additional hidden cost in the low exchange rate for bitcoin. I have repeatedly over the last year compared Rebits rate to reliable exchages such as bitstamp. Rebits rate was always significantly lower.
Ok, fair enough. I just get tired of hidden things. It starts with however you bought the bitcoin which usually costs me 1% or more. Then way down at the end of the Rebit process you see the added charge for sending the cash to the province instead of the capitol city bank. The big one though is Rebit pretends it has no fees even it's FAQs. I say, "Just tell us the truth. You set fees into the exchange rate."
Feb 5 2016 Here is the discussion (edited only for punctuation and caps) I had with their people on their website chat method:
-Why are your exchange rates lower than on the regular exchanges like bitstamp. First chatter: Our rates are determined internally based on market factors
-why are your exchange rates lower than any of the exchanges.. 160204 622 pm Rebit 365.79 USD = 1 BTC = 17,515.43 PHP Bitstamp 373.29 BTC-e 377.488 Bitfinex 373.17 Huobi 380.64 Bitstamp on blockchain.info markets 373.32 ......
2nd Chatter: Yes our rates are different here because we put a spread on it As u know finex and stamp has huge liquidities vs the philippines
-We have to pay coinbase a percentage. Then your company says it has no fees. Is this not a hidden fee giving the lower exchange rate than anyone else?
We dont have a fee but we take it off the spread. Really depends on where you will be buying off your btc. And when.
-"we take it off the spread" is a fee.
Think its all aesthetics. You can call it a fee then.
-So in your FAQ I will quote below you lie. FAQ Do you really have zero fees? Yes. Rebit does not charge users any fees to use the service.
Sorry about that andi but u also have to understand that sometimes we have a high spread and sometimes we match it. Really depends on the liquidity of the market here.
-How many days in a month do you match it? I have always seen it low.
Cant say. It really depends.
-I have promoted rebit.com but now feel sorry about it.
Im sorry you feel that way but we've been getting a lot of volume from ofws and they still see it a cheaper alternative to traditional remittance services. Anyway. Do you have an account with us already?
-Do you have anything else to say before I prepare my post for reddit? 9m ago. Seen.
I dont give you any permission to post anything i said here on reddit but if you still do, just know that we aren't hiding anything. Every market has its own ecosystem and thr PH Bitcoin market is where it is at, i.e. Pricing, because of uncontrollable variables. Im not forcing you to use Rebit, if you have other means of cashing out your bitcoins in the Philippines, no one is stopping you.
I do not need your permission to report your statements. Do not worry I know this is your company position on fees. Perhaps you can get them to drop the false advertising in the FAQ that says you have no fees. Have a good day. My opinion is YOUR service is good. There is no need in my opinion to hide your fees nor misrepresent the costs in your service.
Have a good evening andy. We're looking forward to your post.
submitted by DonaldWentworth to Bitcoin [link] [comments]

Rebit updated. Just sent money to relatives in the Philippines using rebit.ph here is my experience Rebit Bitcoin Exchange Rate LOW /r/Bitcoin

Rebit updated. Just sent money to relatives in the Philippines using rebit.ph here is my experience Rebit Bitcoin Exchange Rate LOW /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Two months after we launched REBIT, we're busting through targets with time to spare, with no formal marketing push. This is why we believe Bitcoin's best use case right now will be the $500 Billion remittance market.

When we launched REBIT less than two months ago, we had humble expectations. With only social media and Reddit as a marketing platform, we went ahead and just did it. Beating our expected target in the first month was great, but we just passed our higher targets for our second month with a week to spare.
It just makes so much sense to use Bitcoin in an environment like the Philippines, and other high-remittance, highly populated developing countries. This country receives $25 Billion a year from over ten million Filipinos working abroad to support their families. The infrastructure for remitting money within the Philippines is very robust, with remittance centers literally everywhere you go, sometimes 3 or 4 establishments just beside each other. It is like Starbucks in Vancouver multiplied by three. It is cheap too.
The biggest cost to these people sending money home is the international remittance. Bitcoin absolutely kills this in every aspect. People will be arguing here about how the exchange spread adds to the cost, but these people also get hit by the forex spreads in traditional remittances. Bitcoin remittance, or what we like to call REBITTANCE, is far superior to any other money transfer service, as long as it is done right.
Can any traditional money transfer outlet send $25.00 internationally and charge 1%? We do, and we see a bunch of those small remittances coming through. Paying your outsourced talent in the Philippines? Bitcoin makes it easy and fast, and we are getting a big chunk of our volume from these guys.
Instead of 10% of the $25 Billion going to the pockets of these big companies, we can reduce this to 1% and allow this extra $2 Billion to go circulate in the economy again. These users we have now have figured this out, and we think it is only a matter of time before more people understand this and start using Bitcoin this way.
Edit: a word
submitted by Godfreee to Bitcoin [link] [comments]

Huge milestone for us: Our Bitcoin Remittance startup Rebit.ph just fulfilled more remittances in just one day today than in our entire first month combined.

Huge milestone for us: Our Bitcoin Remittance startup Rebit.ph just fulfilled more remittances in just one day today than in our entire first month combined. submitted by Godfreee to Bitcoin [link] [comments]

We at Rebit.ph have decided to cut down our Bitcoin to Peso remittance fee from 3% to just 1%, and earn 0% on the BTC to Peso exchange. Our end goal is to make remittance practically free. The days of profiteering over people's hard-earned remittances are coming to an end.

We at Rebit.ph have decided to cut down our Bitcoin to Peso remittance fee from 3% to just 1%, and earn 0% on the BTC to Peso exchange. Our end goal is to make remittance practically free. The days of profiteering over people's hard-earned remittances are coming to an end. submitted by Godfreee to Bitcoin [link] [comments]

Introducing Rebit.ph: Sending money to the Philippines using Bitcoin has never been more convenient or more affordable.

As of 2013, an estimated 12 Million of Filipinos live and work abroad, sending $23 BILLION USD annually back home to their loved ones. This is a staggering number: more than 10% of the entire population. Majority of them have low paying jobs and send almost every penny they earn back home to support entire families. The fact that remittance fees are very high is not a coincidence: legacy money transmitting services make an absolute killing because people simply don't have much of a choice. Basically, it is an oligarchy of giant companies that keep the rates high for maximum profit at the expense of hard working Filipinos abroad.
This is where we believe Bitcoin can be a game-changer. Not only can we cut down those fees and rates, we can now allow sending what would be considered impossibly small amounts of money using traditional methods. Today's reality is that if you are sending less than $125 USD to the Philippines, you are going to pay 10% or more in fees and exchange rates. Not with Bitcoin. Sending $50 or even $25 internationally is now possible, and will not cost an arm and a leg.
We developed www.Rebit.ph to make this a reality, and make Bitcoin simple and easy to use for sending money here. First of all, the company is run by a local team of trusted Filipino entrepreneurs that have at least five decades worth of experience in doing business in the Philippines. If you are a Filipino abroad, you can rest assured you won't be sending money to a faceless site established three days ago. We are also the same team behind Satoshi Citadel Industries, Bitmarket.ph, Bitstars.ph, and are heavily invested in a long term bitcoin solution for the Philippine economy.
For Rebit.ph, we are working on future solutions to the fiat conversion on the receiving end as we forge partnerships with other companies that can complement our service by, for example, allowing users to have debit cards that make the withdrawal of Bitcoin to fiat as frictionless and painless as possible. We also brought the first of many Bitcoin ATMs in the Philippines too support this infrastructure. There are plans to partner with Bitcoin companies all over the world to make it as easy as possible for users to acquire Bitcoin as well.
This won't be just a "buzzword" remittance solution but a real company that will concentrate on tackling a real problem in the Philippines. We will be providing a fully supported infrastructure and are looking at a long term and viable remittance solution using Bitcoin in our country.
So far, after doing extensive research on existing remittance fees and rates, we were able to lower the cost of using our service to make it the most inexpensive way to send money to the Philippines, given that you already have Bitcoin or have access to Bitcoins. One important thing that we are doing with Rebit.ph is that we will not be making money off of the USD to Peso exchange rate and will be using the fairest published rate available in the market. This is where remittance companies make a killing, charging around 2.5% to convert your money on the average. We are also making it a point that we are 100% transparent when it comes to our fees and charges, even offering direct comparisons with other remittance companies for everyone to see.
We also know that what we are doing now is a temporary solution. Combined with our other Bitcoin ventures in the Philippines like Bitmarket.ph, we're hoping to close that loop in using Bitcoin to send money across borders. The end game would be that people receiving money will not need to cash out but be able to use the Bitcoin they receive to purchase goods, pay bills, and buy necessities. This is something that will take time, so for now, we're offering what we think is the best way to send money to the Philippines using Bitcoin with Rebit.ph.
Please feel free to comment, suggest, or criticize if needed. We'd love to improve this service and hear feedback. Fellow Filipinos who are working abroad, don't hesitate to get in touch with us. We would love to hear from you.
TL;DR: You can now send Bitcoin to the Philippines, and your family receives Pesos as fast and at the lowest cost possible.
Edit: words
submitted by Godfreee to Bitcoin [link] [comments]

TechinAsia article: You can now use Bitcoin for bills payment with 91 different services AND load mobile phone credits with any provider in the Philippines using Rebit.

TechinAsia article: You can now use Bitcoin for bills payment with 91 different services AND load mobile phone credits with any provider in the Philippines using Rebit. submitted by Godfreee to Bitcoin [link] [comments]

Bitcoin Remittance just got faster and better: Rebit partners with the largest payout network in the Philippines to allow Bitcoin-to-Peso remittance from anywhere, within minutes, at 40% lower fees.

Bitcoin Remittance just got faster and better: Rebit partners with the largest payout network in the Philippines to allow Bitcoin-to-Peso remittance from anywhere, within minutes, at 40% lower fees. submitted by Godfreee to Bitcoin [link] [comments]

Rebit.ph Partners with Shapeshift.io: Convert altcoins to Bitcoin seamlessly and instantly to send remittances to the Philippines.

Rebit.ph Partners with Shapeshift.io: Convert altcoins to Bitcoin seamlessly and instantly to send remittances to the Philippines. submitted by Godfreee to Bitcoin [link] [comments]

Understanding how the BTC zombie keeps walking: One major Bitcoin-using business (rebit.ph) is thriving despite ludicrously high fees on the legacy chain

I asked rebit.ph, a successful remittance company using Bitcoin and one of the few major successes of "Bitcoin as the plumbing" so far, if they will be supporting BCH soon. I remarked, "Those fees must be doing a number on your profit margins."
The response was interesting and serves as a reality check:
Just sent a 1 BTC transaction on my Trezor with a $1 fee, so no this isnt true.
We know how to batch transactions and be as efficient as possible, as we have been doing this for almost four years now. The bulk of Rebit's volume is from the south korean corridor, where our customers don't even know they are using Bitcoin. Their receivers also don't know anything about Bitcoin, yet they save money on fees by using our service compared to Western Union or banks.
Our transaction volumes are at an all-time high across the SCI platform. Bitcoin sales on Buybitcoin.ph are through the roof. That being said, we are working on supporting BCash for our Bitbit.ph wallet users who are holding BTC. You can use BCH on Rebit right now, but through Shapeshift. As much as I personally disagree with Bcash, our business is agnostic to the tech and will support whatever has demand.
Thanks for asking :)
https://www.reddit.com/btc/comments/7dv508/the_rich_dont_need_bitcoin_the_poor_do_i_already/dq1bu9p/
Apparently by batching transactions and settling the difference at their leisure they can afford to wait out "high fee storms" like we had last weekend. How are the exorbitant fees not killing BTC? Well, many use cases are indeed dying but some important ones survive. This so far prevents BTC from being a purely speculative bubble; it still has some utility backing it.
However, I do have to wonder what happens when the "I just sent a tx for $1" boast becomes a "I just sent a tx for $20" boast, because sometime in 2018 that has become the new minimum. At some point very close to that, just using a bank transfer or Western Union should be preferable. But what about remittances to the places where banks don't work?
What I think we are seeing here is that Bitcoin is such a powerful innovation and has so many unique use cases that even if you pointlessly jack up the fees ten-thousand times higher than they should be and make it uncompetitive for most of those use cases, even the few that are left can be enough to still be useful (at least until an unhobbled competitor steps in). High fees downgrade Bitcoin from an uber-revolution to something much smaller, and doom it to lose to competition, but they don't immediate kill every use case. Some important ones remain viable.
I will be considering this when making investment decisions. The Cashening may not happen overnight. BTC's network effect of commerce hangs on by a thread, or even by a small rope.
submitted by ForkiusMaximus to btc [link] [comments]

First Sean's Outpost now Joshua's Ministry. I have convinced an orphanage in the Philippians to accept bitcoin! I told the owner about rebit.ph and he jumped all over it.

First Sean's Outpost now Joshua's Ministry. I have convinced an orphanage in the Philippians to accept bitcoin! I told the owner about rebit.ph and he jumped all over it. submitted by fulltimegeek to Bitcoin [link] [comments]

Rebit CEO posts a totally genuine testimonial - except the numbers simply don't add up, in GBP or Bitcoin.

Rebit CEO posts a totally genuine testimonial - except the numbers simply don't add up, in GBP or Bitcoin. submitted by daveime to Buttcoin [link] [comments]

Me flying my paraglider paid for using Bitcoin / Rebit (Bad Language)

Me flying my paraglider paid for using Bitcoin / Rebit (Bad Language) submitted by loewan to Bitcoin [link] [comments]

Is there any bitcoin service like rebit.ph but for papa new guinea?

submitted by papanewg to Bitcoin [link] [comments]

Korea's largest messaging app developer Kakao (100 million+ users) invests in Philippine bitcoin startup Satoshi Citadel Industries (Rebit.ph)

Korea's largest messaging app developer Kakao (100 million+ users) invests in Philippine bitcoin startup Satoshi Citadel Industries (Rebit.ph) submitted by TBclassic to btc [link] [comments]

Why more Filipinos are remitting using Bitcoin and Rebit.ph

Why more Filipinos are remitting using Bitcoin and Rebit.ph submitted by helloluis to Philippines [link] [comments]

We're doing an AMA about Satoshi Citadel, Rebit, all our other services, and everything about Bitcoin in the Philippines! Fire away! :)

submitted by Godfreee to btc [link] [comments]

We just launched the REBIT affiliate program! You can earn bitcoins passively just by referring users. Rebit.ph allows people to send money to anyone, anywhere in the Philippines, with only a 1% flat fee.

We just launched the REBIT affiliate program! You can earn bitcoins passively just by referring users. Rebit.ph allows people to send money to anyone, anywhere in the Philippines, with only a 1% flat fee. submitted by Godfreee to Bitcoin [link] [comments]

I'm John Bailon, Co-founder and CEO of Satoshi Citadel Industries (Rebit.ph, Bitbit.cash, BuyBitcoin.ph, Bitmarket.ph) AMA (Bitcoin.com)

I'm John Bailon, Co-founder and CEO of Satoshi Citadel Industries (Rebit.ph, Bitbit.cash, BuyBitcoin.ph, Bitmarket.ph) AMA (Bitcoin.com) submitted by MemoryDealers to btc [link] [comments]

Rebit.ph Shows Bitcoin Remittance Is Alive And Kicking

Rebit.ph Shows Bitcoin Remittance Is Alive And Kicking submitted by knight222 to btc [link] [comments]

Rebit.ph Partners with ZipZap For Bitcoin Remittance

Rebit.ph Partners with ZipZap For Bitcoin Remittance submitted by Godfreee to Bitcoin [link] [comments]

Introducing Rebit.ph: Sending money to the Philippines using Bitcoin has never been more convenient or more affordable.

Introducing Rebit.ph: Sending money to the Philippines using Bitcoin has never been more convenient or more affordable. submitted by teelm to Philippines [link] [comments]

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