Sign in to view
member only content

Bitcoin has taken off as an alternative to fiat currencies thanks to a lack of regulation restrictions and its ability to be passed across national borders without being subject to an exchange rate. Gibraltar-based Travelers Box has already enabled tourists to turn their leftover foreign cash into Bitcoin, and now the Philippines' coins.ph is a mobile Bitcoin wallet that's bringing the cryptocurrency to populations without secure banking.

Available on Google Play, the app lets users buy and sell Bitcoin, store the currency in their digital wallet and keep track of the market. However, it also enables the sending of Bitcoin between family members and friends in a quick and easy way. Those with the app can either send money as Bitcoin, or select an option that allows the recipient to pick it up as cash or put it straight into their bank account in their chosen currency. It also lets users top up their Smart, Globe or Sun phones.

For emerging markets, money transfers and paying bills can be a complicated and annoying process for many families, especially those who need to send cash to their loved ones across borders. With coins.ph and Bitcoin, Philippines consumers can avoid the long banks queues and high Western Union fees. Are there other ways that cryptocurrencies can be utilized in regions where banking is less secure?