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Topic: Bitcoin Island in the Philippines, Have you ever been there? - page 2. (Read 531 times)

panganib999

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Quote from: kentrolla on January 27, 2024, 03:04:40 PM

I wonder how come I was unaware of such things till date, this is really cool and something which will boost the usage of Bitcoin for its original purpose instead of just investment, hope more countries or atleast tourist places follow the same stuff. But, I don't think this would have much impact on economy of the country because apart from a choice of paying through decentralised way we are not offering any investment sort of thing but yeah people will spend more money as it's through Bitcoin because converting crypto to fiat and then international exchange for foreign currency is an hassle but this would resolve the hassle part.

Cause the Philippines couldn't figure out its feelings towards cryptocurrency. The previous president's a little indifferent towards bitcoin and crypto, but the current one is actively against it and we even have news surrounding lately wherein Binance is no longer going to be legally supported in our country, which means we can't reliably use cryptocurrencies anymore as a P2P option.

This indecision could be one of the biggest reason why the country never really went so far as to advertise the island as bitcoin paradise despite the countless efforts in the past to beautify and furnish it as one. Not that there's anything wrong about it but it's a clear mismanagement on the government's part, and because of this the country can't even advertise itself as a bitcoin-friendly place anymore lol.

Hopefully something could change within its systems but I really wouldn't expect much at this point. Our president came from a long line of politicians known for graft and corruption, so there's that.

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Quote from: 0t3p0t on January 18, 2024, 05:55:38 AM

So my question here is that, does the Bitcoin thing on this Island really has impacts to the country's economic growth in the long run?

I haven't visited Boracay although I've been a citizen of this country but it just can't happen right now and it's been so long that I've been planning my trip there. Yes, pouch has worked hard to connect with the local businessmen there to use their wallet and to integrate their businesses to make payments easy with Bitcoin. As for your questions, as long as the locals are being in helped and they're making a living, that's part of economic's growth of our country and they're contributing to the country's purchasing power so, the impact is there but we don't know about for the long term.

Quote from: 0t3p0t on January 18, 2024, 05:55:38 AM

Do you really think that this kind of business model has potential in the future or just some kind of a trial and error?

Prolly a trial and error but this isn't really a business model, this is just like an adoption whether the tourists and locals use bitcoin as a payment method it won't matter. And that is because what matters there is that the money that flows from the tourists to the locals.

Quote from: 0t3p0t on January 18, 2024, 05:55:38 AM

Is there any possibility for local remittances to worry about this innovation? Please share your thoughts.

Maybe when pouch stops operating, they'll choose another one or when there are some difficulties of accessing the app but only minimal matters and problems I can think of.

kentrolla

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bangjoe

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Quote from: Peanutswar on January 27, 2024, 07:08:58 AM

Im in the Philippines but I cant still afford to get right there not financially of course other things matter, if this is widely accepted in their place and sure it will attract the people and travellers who are using crypto as their investment and of course, most of them have their device comes with that they can pay easily, I didn't see this kind of feature they are offering in the news, upon checking in the youtube right now there are a lot of tourists posted their thoughts with the BTC in Boracay and i guess its a good advertisement and attraction to the supporter of bitcoins too but did they already support other coins because market sometimes getting congested.

I am not Filipino but seeing from what you said it is a good step for the development of Bitcoin and economic development in Boracay, I also saw some comments that not so many payments have used bitcoin as an alternative payment for services in that area of the Philippines.

That is one of the benefits that will be obtained, when more and more tourists are interested in going there and using bitcoin and they post it on their social media accounts is much effective marketing so as to bring other tourists to vacation to Boracay, but yes I also think that if only bitcoin is accepted there, considering when the queue at the payment will be a little slow and or transaction fees become more expensive.

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Quote from: hugeblack on January 18, 2024, 07:55:21 AM

I visited Boracay on one of my business trips. It is definitely beautiful and the weather was wonderful, especially since the weather in my country is very hot. However, their acceptance of Bitcoin, although it is a good step, I do not expect to spend with Bitcoin on my tourist trips, especially with the limited places that accept payment in Bitcoin, but it is a good step.
I just hope that they will be accepted using Bitcoin wallets and not through third-party applications, or that they will convert Bitcoin to dollars by the end of the day.

You should come back again some time, there's more islands that are worth seeing and less touristy compared to Boracay that you might like. With all the tourists pouring in Boracay and it's nearby province, I do agree that it's a good idea that they're considering that when it comes to bitcoin adoption, I assume that this is an experiment so if ever the case that the Bitcoin Island becomes a success hopefully the local government would be able to see it and at the same time consider starting an implementation for a nationwide bitcoin adoption because if it can help by 1% then imagine what it can do if the whole country adopts what they propose in Boracay.

Darker45

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Quote from: Lucius on January 26, 2024, 07:26:17 AM

Quote from: Darker45 on January 26, 2024, 03:29:21 AM

I don't think this has a significant effect to the country's economy. Although this has some potential, of course, but the hassles or inconvenience involved with paying Bitcoin rather than cash is probably the main reason why it doesn't really attract much consumers.

I don't know why payments with Bitcoin (specifically using wallets with LN) would be in any way more problematic compared to cash or cards? I think it is much easier (and safer) to have only a mobile phone with you, than to carry cash. Of course, the biggest problem is that most of those who buy Bitcoin do not do so for the reason of spending it as a currency, but do so only to profit from the price change.

Well, I personally think cash remains king especially in face-to-face transactions. Transactions couldn't get easier with cash. It doesn't have a fee, to begin with. It is the fastest. Cash is easier to bring than your phone. It isn't battery dependent. It isn't internet dependent. There's no addresses to double-check when paying with cash. Cash payments can't be offline, too. And there's nothing to download with cash. No version to update as well. These and more reasons why cash is better.

And Bitcoin was created precisely because there has to be a version of cash online.

Quote from: Darker45 on January 26, 2024, 03:29:21 AM

I've been there. And while it's true that there are indeed merchants accepting Bitcoin payments, they're mostly small businesses. I've seen small eateries, bars, accommodation, tattoo shop, and others that have "Bitcoin accepted here" stickers. But if you inquire at big restaurants and expensive resorts, Bitcoin isn't accepted.
~snip~

It makes sense to me, considering that small businesses will always decide to accept alternative payment methods sooner than large ones that have businesses that are connected to banks and where clients are probably not even that familiar with Bitcoin. I am personally glad that the small ones are the leaders in accepting Bitcoin, considering that they have a greater chance for extra profit and all this costs them almost nothing.

It could be true, yes, but the reality is probably that they can more easily convince owners or managers of small businesses than owners or managers of big hotels, resorts, and restaurants.

Davian144

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Quote from: 0t3p0t on January 25, 2024, 09:17:46 AM

I can also see some decline on the number of local businesses that accept Bitcoin on the Island but hopefully they're gonna restore what they have started there. Though I am not from that island but I would love to visit that place in the near future just to experience the life of living the whole stay with Bitcoin.

Actually, I also really want to experience something like that on an island that is already very famous for Bitcoin, but because where I live is very far from that island, I am prevented from visiting that island to be able to experience life there with Bitcoin. And I also hope that people there do not ignore their own local businesses even though they already know Bitcoin and can enjoy the benefits of Bitcoin in their own way. Because after all, local businesses that can provide profits for themselves must also continue to be run for their prosperity on the island.

Lucius

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Quote from: Casalania on January 26, 2024, 02:17:29 AM

I am planning to visit Boracay for a tour in a few days, and I am looking forward to trying out this payment option using my wallet to see how it works.
~snip~

Good for you, I hope the weather is good this time of year and you enjoy your vacation. I hope you will remember to share your experiences with the forum members, because even though I watched several videos on the subject, any experience that someone shares is welcome.

A little friendly advice - try to edit the posts you quote, because there's really no need to quote the whole post. That looks pretty bad in the eyes of most observers.

Quote from: Darker45 on January 26, 2024, 03:29:21 AM

Darker45

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I don't think this has a significant effect to the country's economy. Although this has some potential, of course, but the hassles or inconvenience involved with paying Bitcoin rather than cash is probably the main reason why it doesn't really attract much consumers.

I've been there. And while it's true that there are indeed merchants accepting Bitcoin payments, they're mostly small businesses. I've seen small eateries, bars, accommodation, tattoo shop, and others that have "Bitcoin accepted here" stickers. But if you inquire at big restaurants and expensive resorts, Bitcoin isn't accepted.

I talked to a tattoo shop owner there and they're using Pouch, Strike, and Coins wallets. But only handful of customers actually paid in Bitcoin.

Casalania

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Quote from: Lucius on January 25, 2024, 12:43:54 PM

Quote from: Casalania on January 25, 2024, 08:12:06 AM

Not anyone in Boracay accepts Bitcoin as a payment option. There are approximately 200+ local businesses. Although this is a considerable number, it does not represent the entire community.
~snip~

Last year's data shows the number of 250+ local merchants accepting Bitcoin (LN) in Boracay, but there is also information that more than 400+ merchants in the Philippines accept BTC through the same platform. The numbers clearly show that there are more and more service providers and sellers who want to add this type of payment, and why not if it will bring them additional profit.

Payment is made via LN and fees do not play any role here, and the one who receives BTC can very easily convert it into the national currency within the application.

Quote from: https://bitpinas.com/news/ph-merchants-bitcoin-payments/

Pouch.ph now has over 400 small businesses accepting Bitcoin payments, expanding beyond their initial success in Boracay to key cities like Cebu City, Dumaguete, Iloilo, and Bacolod City.

The payments provider also enables Bitcoin payments in Metro Manila through establishments such as URBN QC, Draper Startup House, and KosneyLand, providing alternative payment options to credit cards and e-wallets.

Consequently, Pouch.ph offers a Batch Pay feature that streamlines payroll processes and allows for immediate transfers of funds to employees, suppliers, and recipients, with plans to expand the service to over-the-counter remittances through partners like LBC, M Lhuillier, and Palawan Pawnshop.

It's great to see that there has been a significant increase in the number of local businesses in Boracay that now accept Bitcoin as a payment option. I am planning to visit Boracay for a tour in a few days, and I am looking forward to trying out this payment option using my wallet to see how it works. I am impressed with the progress made by this partnership since it started in Boracay. Now, it is even available in Metro Manila.

Lucius

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Quote from: Casalania on January 25, 2024, 08:12:06 AM

Not anyone in Boracay accepts Bitcoin as a payment option. There are approximately 200+ local businesses. Although this is a considerable number, it does not represent the entire community.
~snip~

Quote from: https://bitpinas.com/news/ph-merchants-bitcoin-payments/

Mate2237

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Quote from: hugeblack on January 18, 2024, 07:55:21 AM

Wow!! That is what we called "travel and see". Those who are in their countries like me who have not travelled to any country even the neighboring countries I have not travelled to would not see all those happenings. Every country has their climate change. My country is a very cold area. Though there is a period of time between December to March is a period of Sunny time. After then rain season through out the year. Since they have created the island as the bitcoin island I think they would accept bitcoin and the legality of it will make everyone to use it there.

kingvirtus09

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Boracay is one of the main tourist hot spots in the Philippines, and I can't even imagine that I will suddenly hear that it has been dubbed the Bitcoin island because the majority of people who make a living on that island are those who use pouch wallets for tourists who want to pay Bitcoin.

It just means that the internet is also strong on that island because there are many merchants who accept bitcoin as payment in their businesses. And because it's just a small island, I'm pretty sure that in a little while, everyone there will be able to try to use and hold Bitcoin in the future.

0t3p0t

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Quote from: Casdinyard on January 20, 2024, 06:50:01 PM

I would know cause I've visited that place last year with my girlfriend, and let me tell you that while it definitely prides itself as the only Island in the Philippines where bitcoin can be used to buy items and shit, it's not as prevalent as you might think. For example, there are only a couple stalls and stores in there that actively accept bitcoin as a payment option, shown by the bitcoin signs on their doors when you enter their establishments, local inns and rooms aren't accepting bitcoin and are only accepting money in the form of Gcash or Fiat, and so do their local food hubs.

Casalania

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Quote from: Mr. Magkaisa on January 25, 2024, 04:26:20 AM

Quote from: qwertyup23 on January 20, 2024, 11:39:10 AM

Quote from: 0t3p0t on January 18, 2024, 05:55:38 AM

<..snip..>
So my question here is that, does the Bitcoin thing on this Island really has impacts to the country's economic growth in the long run? Do you really think that this kind of business model has potential in the future or just some kind of a trial and error? Is there any possibility for local remittances to worry about this innovation? Please share your thoughts.

I do think that it may definitely impact the economy once Boracay becomes the national BTC island of the Philippines.

Remember that any form of payment that we receive is an additional money in our economy. If BTC transactions were to occur in this island, hundreds of tourists will definitely be maximizing this kind of payment channel. Not to mention, Boracay in itself is a tourist spot- lots of tourists globally visit the island yearly in order to experience its amazing beaches and waters. If tourists were enabled to use BTC on their transactions, this can directly impact the economy as more money would be circulated and added in its finances.

I just hope that the government takes advantage of this set-up given that Boracay has all the tools to be the first BTC island in the country. It already is a popular tourist spot- might as well maximize its potential by adding cryptocurrencies as its payment channel.

- I think almost the majority of the communities on that bitcoin island are aware of the Bitcoin payments made using the pouch apps and wallets that they use. Because of my knowledge and research, anyone there accepts bitcoin payments, and it is said that most of the tourists who went to the bitcoin island are aware of Bitcoin, and others are even making a documentary about it.

The funny thing about this place is that it seems that even their barbershop accepts payment, and even the other tricycle drivers in Bitcoin Island also accept Bitcoin payment using the Pouch app wallet.

Not anyone in Boracay accepts Bitcoin as a payment option. There are approximately 200+ local businesses. Although this is a considerable number, it does not represent the entire community.

That's how widely Bitcoin payment is accepted in the area, even for transportation. Hopefully, other tourist destinations in the Philippines will also do the same in the near future.

Mr. Magkaisa

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Quote from: qwertyup23 on January 20, 2024, 11:39:10 AM

Quote from: 0t3p0t on January 18, 2024, 05:55:38 AM

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Quote from: 0t3p0t on January 18, 2024, 05:55:38 AM

Boracay island already get another title as a "Bitcoin island" by Pouch a cryptocurrency wallet service provider here in the country. Bill Mill, the Vice President of Pouch stated that...

Quote

If all the remittance markets were to switch to bitcoin as rails, it would increase the GDP of the entire country by 1%

Source: https://bitpinas.com/cryptocurrency/pouch-ph-boracay-bitcoin-island/

You can watch foreigners exploring on Bitcoin island here:
https://youtu.be/TyDBiBMYP6M?si=FIWIBiQn0Xmq-BPn
https://youtu.be/n5sDNRuUiWg?si=C50MlpvmPlQLliZl
https://youtu.be/ftHLO9gaUb4?si=3aWNt1_8Eceuq9IA

Since Boracay is one of the most beautiful tourist destination in the world that accepts Bitcoin payment I think it will boost the country's economy by attracting more and more foreign crypto enthusiast and tourists around the world. And I can also see booming local businesses getting into Bitcoin transactions on that island.

So my question here is that, does the Bitcoin thing on this Island really has impacts to the country's economic growth in the long run? Do you really think that this kind of business model has potential in the future or just some kind of a trial and error? Is there any possibility for local remittances to worry about this innovation? Please share your thoughts.

Many of these smaller islands dotted around the world and the pacific have few sources of income, so it makes perfect sense to try to capitalize on cryptocurrency. The smaller the island, the easier it is to implement the technology required to make crypto ubiquitous throughout. We see islands that try to make a source of revenue from offering gambling companies a license, with the so-called oversight that it is meant to bring. Many islands focus purely on tourism without adding this extra twist. There are lots of people out there who got rich from cryptocurrency and would love to give a little something back, or spend the amounts they've got left in such a paradise location - it just needs that upfront capital injection to get going.

tread93

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This is very interesting concept, who wouldn't want to go to a place called Bitcoin Island? I guess most HODLers wouldn't want to go if that was the only means of payment because most folks want to hold onto their crypto and save it!! I wonder if this will catch on though, I will have to keep up with this one! Who knows maybe one day I'll go and visit Bitcoin Island Cool

demonica

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Well Boracay is a great tourist spot for a lot of foreigners so expect to see different races there. And I think it's also a great spot for promoting Bitcoin. Since a lot of tourists go there, there are more chances that you can encounter tourist Bitcoin user there. And since there are only few merchants accepting Bitcoin, it'll excite them to see Bitcoin payment options, and might as well try using bitcoin for payments. More Bitcoin payment options spots in Boracay can also help promote it to non user tourist as they will intrigue about it.

About the economic growth that Bitcoin can bring because of this Bitcoin island, I think for now, there's only a small impact since it's not yet widely used. Maybe once the adoption grew bigger, and more user are willing to use Bitcoin for daily payments, it can help with tourist and economic growth.