Bitmarket Blog

Bitmarket.ph aims to provide the best digital payment solution for any local business, be it a small online merchant or a big retail store. We want Bitcoin to be the preferred payment option for the digital Filipino.

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From The Bitcoin Desk

What a week for the Bitcoin price! Bitcoin's volaitlity has always been a staple of the industry, with big swings going up or down with the price, but this week has been quite the roller coaster ride.

Learn about what's happening on this week's From The Bitcoin Desk!

The Great Bitcoin Price Drop of 2015

Starting off 2015 with a slow price decline, the market didn't even expect what was going to happen in the next few days. First, Bitstamp, the top bitcoin exchange, was hacked for 19,000 BTC or five million dollars worth. This was resolved with professionalism and speed far from what was the norm just year ago when Mt. Gox collapsed. Bitstamp recovered well and got back online in a few days, and then, for no apparent reason, the price of Bitcoin started to drop, and drop, and drop.

In a matter of hours, it dropped to as low as $160, which was seen last around October of 2013! The bitcoin world watched in anticipation to see if it would drop lower, but similar to previous crashes, the price rebounded strong to recover more than 40% in a matter of hours too! Right now the price is steady again but still low at $220. The Bitcoin world kept on though, knowing that the price is the least important thing about Bitcoin and that the utility and technology is stronger than ever.

While the price dropped, Tim Draper, who purchased 30,000 BTC just a few months back, also dropped three million dollars of investment into a new bitcoin venture, Blockcypher. The company builds web services and APIs for Bitcoin and is lookiing to expand its company. 

Rebit launches ZERO processing fees!

Rebit.ph just recently launched it's new ZERO processing fee policy! Learn more about it on www.Rebit.ph!

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Bitcoin 2015: On The Year Past and the Year Ahead

The year 2014 was truly game-changing for the Bitcoin industry, chock full of ups and downs.  Innovative Bitcoin concepts were introduced. Tech giants entered the space, either by accepting or investing in Bitcoin. We’ve also had our fair share of hacks and setbacks. Even though we saw an overall decline in the price of Bitcoin, there was definitive growth in the industry as a whole. 

For us here at SCI, “definitive growth” might be an understatement for 2014. From an idea tossed back and forth between friends just twelve months ago, SCI is now a full team of eighteen of the brightest and the best this industry has to offer.  Born from a simple desire to develop an alternative payment method for local merchants, we have matured into a fully optimized financial technology outfit, taking on the challenge of disrupting Mobile Money and Remittance. We’ve built six world-class bitcoin products and services in unfavorable market conditions and somehow, managed to survive. We're still here, eight months later, growing and learning. 

Running a young, bootstrapped startup in a nascent industry still uncertain about its future is terrifying at times. There were definitely moments when we had no idea if there was still work to go back to the next day. Bitcoin itself was battered from all directions by failed exchanges, free-falling price drops, major hacks, and bad press. We watched Bitcoin startups, both local and international, fold under the pressure. It was not for the faint of heart. 

What matters though, is that the team pulled through and bounced back stronger with each challenge we faced. Our survival is our success. Like Bitcoin, we like to think that the SCI team is not only resilient, but also anti-fragile. This year forced many of us to either fold, or adapt and grow.  And grow we did. A big thank you goes out to the Bitcoin PH community for making this possible.

What's next for SCI for 2015? We're gearing up for an even bigger and better year, crafting major updates and brewing new products as I write this, eager to show the world the Philippines is ready to be a global player in the Bitcoin industry. We're excited, and hope you are too.

Miguel Cuneta

Co-Founder and Chief Community Officer ,SCI

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Merry Christmas from your SCI family! :)

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From The Bitcoin Desk

The Bitcoin industry was in for a surprise last week as the second biggest company in the world quietly rolled out their Bitcoin strategy and implementation. Check out this week's 'From The Bitcoin Desk' to learn more about this historic milestone and other relevant news!

Around The Web

The software behemoth Microsoft, worth $380 Billion, has quietly decided to add Bitcoin as a payment option for its users, allowing Microsoft account holders to use Bitcoin on their website via Bitpay's payment processing system. Games, apps, videos, and everything you can buy for Windows, Windows phone, and Xbox can now be purchased with Bitcoin,

Microsoft executives have made it known that this move is part of a long-term strategy that sees the company embracing digital currencies. 

Although the price of Bitcoin is still continuing its rollercoaster ride of ups and downs, Google metrics for Bitcoin searches are up 38% the last 2 weeks. Not only that, Bitcoin transaction volumes have been hitting record highs as well. This is a good way to gauge how the utility and popularity of Bitcoin is actually growing even in a market that has been declining in price.

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Vendor Friday: December 12, 2014

Happy Hoodies

Keep yourself warm in the cutest way possible. Happy Hoodies sells hoodies inspired by novelty characters. Just throw one on and turn people's heads and make them smile. Watch out for some who might even take pictures. These charmers are indeed happiness you can wear. 

Shirt.ly

Been wanting to start a business but don't have the resources yet? Wait no more! Shirt.ly custom prints shirts on a per order basis and even provides you with the online platform to sell them. Create your own brand and start your little retail empire. 

Raphaelli

Taking pride in local craftsmanship, Rapahelli shuns imported designer labels by offering stylish and affordable bags. You can now match practically any outfit with its own bag and not break the bank. 

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From The Bitcoin Desk

Around The Web

After a somewhat boring week for Bitcoin, we're back with the usual action! Bitcoin Black Friday updates, new developments on New York State government position on Bitcoin taxation and regulation, and the winners of the 50,000 Bitcoin auction by the US government are covered in this edition of from the Bitcoin desk.

Bitcoin Black Friday, the big annual end of November merchant sale, was a huge success. This year saw an 82% increase in merchants participating in Bitcoin Black Friday, and showcased a more diverse selection for consumers. Big merchants like Newegg and Gyft saw significant increases in their sales and number of transactions, even as traditional Black Friday sales plummeted 11% compared to last year. This is a really encouraging metric that proves Bitcoin adoption is growing.

In a surprising development, The New York State Department of Taxation and Finance has said that Bitcoin purchases will not be subject to sales tax, because they have classified these digital currencies as a type of intangible property. This gives bitcoin users a big break from worrying about their taxes when using and purchasing Bitcoin at least in NY state, unlike in places like Australia where 10% GST is imposed on digital currency transactions.

Speaking of the US government, they have just announced the winners of the recent 50,000 Bitcoin auction. Tim Draper, the man who bought 30,000 bitcoin from the last auction, was only able to purchase 2,000 bitcoin this time, with the remaining 48,000 going to Barry Silbert's Bitcoin Investment Trust Syndicate group. They pooled investors together for one big fund that placed the winning bid, the exact amount of which unknown as of yet. 

Mentions

"You have to know your own strengths and weaknesses. It may seem obvious, but in explicitly identifying your capabilities, you open yourself up to new learnings and partnerships that will help you in your goals." - John Bailon, CEO and CTO of Satoshi Citadel Industries featured on Tech in Asia's 12 Inspiring Quotes Philippines Entrepreneurs Live By

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Bitcoin Remittance Services Should Leave the 'Bitcoin' Part Out

Bitcoin remittances can make immigrant workers' lives easier without them even knowing the digital currency is involved.

Read a really informative and well-written piece on Bitcoin in the Philippines and how it can disrupt the remittance industry through our sister company REBIT.PH, written by Luis Buenaventura, SCI's Head of Product. 

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Vendor Friday: December 5, 2014

Bow House

Irresistibly cute, the Bow House's doggie domes are sure to keep your pooches feeling pampered. Touted as "Modern Barkitecture in Manila," (ok, how can you resist that?), this new but fast growing business offers designer crates and pet furniture. Check out their instagram filled with their cuddly customers here. 

Terzetto

Style need not be expensive and glamour isn't necessarily pricey -- Terzetto convincingly shows this in its collections. Mix and match tops and skirts or pick a flirty dress, going through this store's catalogue is a few minutes of heaven for the fashionista in you. 

  Baby Beans Store

Aiming to be a baby "superstore," Baby Beans is well on its way. Score the perfect find for your baby! From witty statement shirts to cool beanies, the choices for your little ones are endless. For Bitcoin payments on any of their items, message them on Facebook prior to placing an order.

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From The Bitcoin Desk

  Any new invention will only be truly useful if everyone uses it, or achieves what is called the Network Effect. Just as with TV, Internet, computers, Email, social media, and the like, we want to people to use Bitcoin all the time! One of the up and coming services available to bitcoin users is here to do just that: Bitcoin Tipping! Send micro amounts of money on the internet with one click of a button! Learn more about it on this edition of the From The Bitcoin Desk.

Around the Web

                                We talked about Bitcoin tipping earlier with Coinbase's new Tip Button. Another big win for Bitcoin tipping came this week with Changetip's round of Series A funding from Pantera Capital to the tune of $3.5 Million! Changetip is a service that allows users to send Bitcoin “tips” to other users through social media, just by typing in a comment or sending a tweet.  Changetip has made tipping ubiquitous in most Bitcoin forums with users able to send a beer ($3.50 USD!) or a cookie ($1.50 USD) straight to another person easily for something as simple as a witty or great comment. The round of funding will be used to improve and expand their infrastructure and reach a wider audience.

The Bitcoin network has seen it's first drop in difficulty in two years! (Ed. See our original post on mining here!) The Bitcoin network was built in such a way that mining difficulty adjusts to ensure that Bitcoins are rewarded at a steady pace every ten minutes, no matter how powerful mining equipment becomes. If difficulty is built to increase, why the current drop? Bitcoin mining has become so hard that at Bitcoin's current market prices, it's no longer profitable for small-scale miners to turn on their machines. In response to the drop, hopefully we'll see some gains in the Bitcoin price as the markets adjust to reflect the true value of Bitcoin. Might. 

Don't forget to stay tuned this coming week for our 2014 Bitmarket.ph Bitcoin Gift Guide! We are featuring merchants and products that will make for great gift ideas you can buy with Bitcoin this holiday season!

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From the Bitcoin Desk

Around The Web

                         Ebay.com president Devin Wenig has stated he is “very open” to Bitcoin and that eBay “will probably experiment” with the digital currency in the future. This is after the fact that Paypal, the payment company co-owned but separately operated by eBay, has also announced support for Bitcoin. This will do wonders for the Bitcoin economy as these tech giants will open up markets for Bitcoin users all over the world, as well as build new customer bases for themselves.

In other news, Californian bitcoin exchange “Kraken” is going to assist Mt. Gox, the failed bitcoin exchange that caused over half a billion dollars in losses for users, in giving back the lost money to its creditors. It will also help the collapsed exchange to lead the investigation of the lost bitcoin. This is good news for the Bitcoin community members who lost money in Mt.Gox, as well as show the world that this community can handle its problems swiftly and effectively.

After the shopping rush of Bitcoin Black Friday and Cyber Monday, we should all remember to give back. Enter Bitcoin Giving Tuesday. The BitGive Foundation, Bitcoin Foundation, BitPay, Bitcoin Black Friday, Circle.com, and ChangeTip are working together to raise awareness and provide a way for people to give, no matter how small the amount, to the causes they care most about. Through Bitcoin, on #GivingTuesday people are can give as little as $0.01 and see 100% go toward their cause. 

Micro-donations are just one of the amazing things Bitcoin can do. If you'd like to enable your charity to accept Bitcoin, sign up today at Bitmarket.ph.

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The SCI Team joins DEVCON SUMMIT 2014

It was a VERY BUSY Saturday for SCI at 2014 DEVCON SUMMIT, organized by Devcon. Developers Connect Philippines (DevCon) is a non-profit organization which aims to promote the "IT Pinoy Talent" mainly by providing a unique venue for IT students, educators, professionals and enthusiasts to Sync, Support and Succeed.

CEO John Bailon led the team and gave quickie Bitcoin 101 during the morning's lightning round talks. The team's booth was swamped with developers from all over the country wanting to know more about Bitcoin (and bag some delicious cookies from The Midnight Bakery!)

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Vendor Friday: November 28, 2014

Curious Chef

Amazed by the young culinary experts at Junior Masterchef? Why not raise your own right at home by giving them the right tools? Curious Chef Philippines allows kids to safely "experiment" with cooking. Choose from any their wide range of kitchen utensils just perfect for your little ones.

Panaderia de Pamilya and the Naked Baker

Baking runs in the blood for father and son tandem Mikal and Nico Rallonza. After a career in the corporate world, Mikal got into baking artisan breads, while enterprising son Nico is into more of the sweeter stuff. Although still in school, Nico keeps a loyal clientele among his peers. Mikal on the other hand has his hands full with direct orders.

Risque Designs

Nothing pulls off an elegant OOTD better than a head-turning pair of shoes. Be Cinderella everyday thanks to Risque Designs. Designer Tal turns any ordinary pair into a stunning work of art - she can throw in wooden sculptured heels or handpainted fabrics. Never look ordinary again, ever.

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From The Bitcoin Desk: Bitcoin Black Friday

Around The Web

Bitcoin Black Friday is happening this week! Black Friday is an annual event where shoppers can buy electronics and other items from shopping malls and online stores for HUGE discounts, 50% and up! No wonder people literally camp out of stores and run, grab, and push their way to the items they want. With Bitcoin, you don't have to do that! Bitcoin merchants all over the world will be participating in Bitcoin Black Friday and offering great deals for Bitcoin users. All this and more stuff happening in the Bitcoin world in this week's From The Bitcoin Desk!

Last year, Bitcoin Black Friday saw a record breaking day for Bitcoin sales. Millions of dollars in merchandise were bought with the then much newer currency from such a small selection of merchants. This time, more than 500 merchants including giants like Newegg.com have commited to participating in the festivities by offering amazing deals for Bitcoin users. Expect Bitcoin daily transaction records to be absolutely shattered this year! 

So much spending is going to happen, yes, but the Bitcoin community also knows how to give back. The American Red Cross now accepts Bitcoin donations using Bitpay. The American Red Cross suggested that the move would enable it to reach a new demographic of donors. "This gives a new generation of supporters the opportunity to help people in need," Jennifer Niyangoda, executive director of corporate and foundation programs at American Red Cross, said in an official release.

In other news, a Bitcoin user was threatened with legal action by Western Union, ordering him to take down a spoof of their advertisement from his Facebook page. This triggered the Streisand Effect, wherein attempts to suppress information in the internet usually results in the exact opposite. True enough, the image has gone viral on Twitter, Reddit, and Facebook.

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From The Bitcoin Desk

Bitcoin investments just got real as a group of 40 of the biggest investors in the tech world got together and raised a record amount of money for one of the most promising Bitcoin companies, showing just how much potential the industry has. In the meantime, another big Bitcoin auction is coming up as the FBI prepares to sell off 50,000 bitcoins confiscated from Silk Road. Check out this week's From The Bitcoin Desk for more info!

Around The Web

The biggest names in the tech industry have just invested a whopping $21 MILLION in a new Bitcoin company called Blockstream. To give you an idea how substantial this is, a typical starting round for a Bitcoin company is about $250,000! Nearly 40 investors including Google CEO Eric Schmidt, Yahoo's Jerry Yang, and even LinkedIn founder Reid Hoffman invested, showing belief in the Bitcoin technology. Blockstream focuses on developing future applications for Bitcoin using "sidechains". Read our initial post on Sidechains here.

US authorities are about to auction off the 50,000 bitcoins confiscated from the owner of the Silk Road marketplace, an illegal site that was shut down in 2013. According to the official statement  “This sealed bid auction is for 50,000 Bitcoins separated into two series: Series A (10 blocks of 2,000 Bitcoins), and Series B (10 blocks of 3,000 Bitcoins)”.The sale of these Bitcoins for a large sum of money by no less than the US government actually gives the young currency a lot of legitimacy in the eyes of the public because it acknowledges the fact that it has real world value. Will it affect th price positively or negatively? We will find out soon enough!

Mozilla Foundation has just started accepting Bitcoin donations! If you're a fan of this classic internet browser, you can now help them sustain their business by donating Bitcoin to the Mozilla foundation.

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Simple enough, even for kids, TryBTC makes it ridiculously easy to learn what and how to use Bitcoin. The service even gives some bitcoin to donate while using their service!