All Bitcoin service providers struggle with the world’s leading cryptocurrency right now. More specifically, network congestion and high fees make Bitcoin virtually unusable. Coins.ph plan to address is this issue with a two-pronged approach. First of all, they will [finally] enable SegWit-based transactions. Secondly, they may integrate Bitcoin Cash very soon. Both options are equally viable in this regard, yet it remains to be seen which option will win out.
It is evident any company dealing with Bitcoin needs to rethink its strategy. The high network fees make it an unfavorable cryptocurrency to use. There are multiple ways to address these problems, although only a few viable options remain. First of all, focusing on implementing SegWit would be a good start. Coins.ph want to give this option a try in the near future. Right now, they are dealing with too many overhead costs to keep the service running in its current form.
Coins.ph Continues to Grow and Evolve
Another option contemplated by the company is supporting Bitcoin Cash. That in itself is a rather surprising decision, but it also makes a lot of sense. Unlike BTC, BCH has lower fees and a more reliable network. It forces companies to closely ponder how they want to evolve their business. Until Bitcoin’s scaling issues are sorted, we will see more of these stores, unfortunately. Customers of the company have been complaining about the high fees and network delays for some time now.
For the time being, the Bitcoin mempool is clearing out pretty quickly. More specifically, the number of unconfirmed transactions is dropping. It was over 220,000 late last week. Right now, we are back in the five-digit range. Although there is still plenty of work to be done, the situation is slowly improving. Whether or not the high fees will subside, remains to be seen, though. For now, it is still a pretty problematic scenario.
Additionally, Coins.ph had some good news to report as well. More specifically, the company obtained a license as an electronic money issuer. This means the company can legally accept and hold customer funds in The Philippines. A very interesting development to keep an eye on moving forward. This is still a very prominent region for future Bitcoin and cryptocurrency adoption. With this license in the pocket, the company continues to adhere to existing regulations.