From the same company that brought you Rebit.ph, Bitstars, Coinage, and Bitmarket, is Prepaidbitcoin. PrepaidBitcoin is essentially what it sounds like. Bitcoin available to be purchased, prepaid. This brings Bitcoin to a familiar interface, as many Filipinos use prepaid cards for everything, from minutes to gift cards.
1. What sparked the idea for PrepaidBitcoin?
It seemed like the most obvious thing to do in a market like the Philippines. This is the texting capital of the world, and 1 in 4 Filipinos now own a smartphone, and something like 95%+ of all SIM cards are prepaid. People are familiar with prepaid cards and use it in everyday life, to load up their phones with credits. Why not use it for loading up your Bitcoin wallet too?
2. What is PrepaidBitcoin?
Prepaidbitcoin is scratch cards that have a specified peso value ranging from P200, P500, and P1000 that can be redeemed with a real-time conversions rate for Bitcoin by entering the code on the back of the card on the website. The Bitcoin amount will then be sent to an address specified by the user.
3. How does it tie in with your other ventures?
Most of our ventures now are services that accept Bitcoin, like Bitmarket.ph and Rebit.ph. One of the most common things we come across are people who want to buy Bitcoin, but do not know where or find it too techy or tedious to do so. This gives people access to Bitcoin in small amounts so they can test the waters and say, purchase something online from any of our 100 merchants today or even give Bitcoin to first-timers as a gift, for example.
4. History of development?
It was just a natural progression in terms of figuring out how to get Bitcoin into the hands of as many people as possible in the simplest and most familiar way possible. There are many buy-and-sell sites out there today, so it didn’t really make any sense to sell Bitcoin that way. We are more forward-looking and innovative when it comes to growing the local Bitcoin industry, and we constantly try to find ways to make Bitcoin more accessible to everyone.
5. Current Status?
We just launched it a few days ago and it has been getting good feedback from the local community.
6. Future Development plans?
We think there could be a market for local resellers and even international sales. Right now we want to test the market and get some feedback, and see how we can improve from there. We can even make bigger denominations in the near future if the market calls for it. In the meantime, we are working on just improving our service and creating a market for these prepaid cards so that more and more people can get familiar with Bitcoin.
Photo Source: PrepaidBitcoin
For more information: http://prepaidbitcoin.ph/