Bitcoin is a shared ledger. It is essentially a spreadsheet that shows how many bitcoins each account contains. All the complications come from the need to make sure it is valid and everyone see the same ledger.
The current state of the ledger is determined by a decentralized and trustless consensus. It cannot be controlled at any central point.
Bitcoin “mining” is the process of adding transactions to the ledger and is done by solving math problems that take substantial computational power.
The “consensus” is achieved by users and “miners” deciding to run compatible versions of the software and enforcing the consensus rules.
Users can run “nodes” using peer-2-peer connections that shares the ledger. By running a full node a user can completely verify all transactions without the need of a third party service.
Nodes enforce the rules by only broadcasting transactions and sections of the ledger that fit within the consensus rules.
A user can easily verify the shared ledger took a huge amount of computational power to create as a way of trusting it is real.
Miners get transaction fees and “block rewards” as an incentive to use their computer power.
The “block rewards” are a way to initially distribute the currency and are cut in half about every 4 years until all 21 million bitcoins are distributed in 2140. Due to the nature of “halving” most bitcoins are distributed during the first few halvings. It was 50 Bitcoins for the first 4 years and is currently 25 Bitcoins. In 2016 it will be 12.5 and in 2020 it will be 6.25.
Bitcoin addresses are secure because the numbers are so large that all the computers in the world cannot come close to cracking it.
A Bitcoin can be broken down to 8 decimal digits so each one has 100 million pieces.
A Bitcoin transaction can be used to indirectly store information in the permanent shared ledger without trusting a third party.
Founded in 2014 by Silicon Valley entrepreneurs Ron Hose and RunarPetursson, Coins is Southeast Asia’s leading mobile blockchain-enabled platform that enables anyone, including those without bank accounts, to easily access financial services directly from their phone. Using Coins, customers have access to a mobile wallet and services such as remittances, airtime, bill payments, and online shopping at over 100,000 merchants who accept digital currency. Operating in the Philippines and Thailand, Coins' mission is to increase financial inclusion by delivering financial services directly to people through their mobile phones.
What is it for you?
A better way to send money
Inclusive/ Create your wallet in minutes, no minimum cash-in amounts, and no monthly fees.
Convenient/ Never stand in line again. Shop, buy phone load, pay bills, and send money to any major bank or remittance center - all from your phone.
Safe and trusted/ The leading and most trusted digital currency company in Southeast Asia. They use SSL connections, AES-225 Encryption and 2-Factor Authentication to secure your experience
What is it for your Business?
The benefits of cashless
Scale your business/Pay your suppliers and employees anywhere in the world. Automate your cash disbursals and never write another check again.
Accept payments today/ Start accepting payments in minutes. Leverage our merchant gateway to invoice customers and get paid, even if they aren't Coins users.
Make cheaper remittances/ Remit money quickly at a fraction of the typical cost. Get remittances to their destination through our network of over 22,000 retail locations.
What is it for Government?
A commitment for greater good
Greater accountability/ Unlike cash, every exchange conducted over the blockchain is recorded on a single, globally accessible ledger - providing an accurate, unmodifiable financial audit trail.
Cost savings/ The blockchain does not replace money or the existing financial system, it works with it. By providing a more efficient way to transfer value and reducing the reliance on cash, blockchain technology can save costs for government, banks, and end consumers.
Spotlight on compliance/ Theytake great care with KYC and AML. Since every transaction is electronically recorded, this allows for real-time, accurate analysis of transactions to prevent money laundering and other illicit activities.
Enter your email address and preferred password, then click "Continue."
IMPORTANT: When choosing your password, please remember to you use a unique password composed of at least one number and a minimum of 8 characters. Please do not use a password that you have already used with another website or service. Learn more about account security
You'll see a verification page that says "Check your email." Go to your email inbox and check for an email from Coins.ph containing your verification code. Copy-paste the verification code into the page, then click the "Verify" button.
Step 2:Verify your Account
Once you have signed successfully you will see this popped. Just click on next to start verifying your ID, Phone number and your selfie.
IMPORTANT:It has some added features it's not just a bitcoin wallet but you could also earn by referring your friends to join and both receive 50Php per successful verified account. (Limited time offer only)
Step 3: Now we proceed in cashing in your wallet.
Click on Cash in.
Then select your most convenient option to cash in.
Then you will be redirected to the next page. Just follow and fill out everything. Fees are displayed each amount you type.
Where can I find my Wallet address?
Same goesas your Bitcoin Wallet.
Did you know that aside from referring a friend you could also earn by paying your bills, buy load and send money all over the Philippines FREE of charge?