Topic: Bitcoin Island in the Philippines, Have you ever been there? (Read 590 times)

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.

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.

---

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.


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.

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.

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.

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.

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.

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.

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.

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.

        -    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.

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.

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 

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.

Good for those who are already rich, and have some numbers of Bitcoin that they are ready to lavish away, I am planning to get retired with Bitcoin and I can't afford to keep wasting my Bitcoin on luxury life style, this idea is definitely not a good one for someone like myself.

I am planning to visit some countries after I achieve my goals, there is no point starting something you can't really afford yet, there is time for everything if you put in the work at the right time, for me this is one of the right times, I need to keep accumulating Bitcoin for now.

My advice is you need to do this if you can afford it, going places is good, but don't end up going broke because you traveling around the world, make the bags of money first.

Well, you should try to visit in the philippines, there's a lot of tourist places, beautiful island and natural resources  which is worth to visit, even some other Asian people loves to visit boracay. Anyway, since this island is accepting bitcoin payment for their offered services and merchants, there's a huge possibility to attract more tourist especially that some foreign people does have bitcoin as their investments, It could attract tourists in the neighboring country too. That's a good suggestion to have marketing ads about boracay island offers bitcoin as a mode of payment, I hope Aklan government officials will make ads so that the entry of many tourists can be improved

I say the Bitcoin Island as they say it is a little more hype than reality really.

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.

The island's still far from its dream of being a crypto-centric space in the Philippines but I can see the effort and I applaud them personally. But for people like me who are really interested about the whole bitcoin island shtick it's a little disappointing to see just how different it was from what we envisioned.

If you're going to visit Boracay as a tourist spot you will never be disappointed. It's beautiful and it's got one of the most beautiful beaches on the planet. The people are nice and the night life is crazy cool. However, if you're going to visit Boracay for the sake of its bitcoin island title, I think you should lower your expectations.

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 live in neighboring country of Philippines but this is actually the first time I have ever heard of Boracay Island, I have been to Thailand and Vietnam, but I think (at least) for me and my peers we never thought that Philippines as a tourist destination. And if this is actually true that there is an island where most (if not all) of the merchant is accepting Bitcoin, it could attract more tourist, at least from the neighboring country in SEA because from what I know, crypto is huge and keep growing in this area. And this could be a marketing material, since there is not much marketing and ads about Philippines tourism.

Well, it is quite effective in generating noise to attract tourists I guess, so it kind of somehow works? It remains to be seen whether tourists who actually can use Bitcoin will visit the country and whether said tourists differ from their usual expected tourist group, both of which are questions that I can't really answer.

In general, though I think it's good enough just based on the fact that it can create articles about it being this "Bitcoin Island" as they say, and if they attract even a small group of crypto users that they usually wouldn't be able to, I think it would work out well enough.

Luckily enough you can take a vacation to the island of Boracay, it becomes an extraordinary experience when it is called the title of Bitcoin Island in the Philippines.

You may not be ready with your Bitcoin wallet, and using regular wallet payments will require long confirmation times as well as expensive fees.

Do you see how Bitcoin transactions there are conducted?
Using the Lightning Network or not?

Perhaps the third-party services provided are already regulated by the government and Bitcoin is just a bridge to eventually becoming Fiat.
And this is also possible to keep costs down to make it easier and faster.

Same here! The last time we visited Boracay, I saw that there are other businesses and hotels that accept bitcoin payment for the services they offer, Since it is popular and many are aware of bitcoin investment, especially many tourists loves to visit Boracay, so they put bitcoin/ crypto payment in their payment options which in fact is a good goal so that somehow the country gradually adopts this payment set up.

Any news when it comes to integration or adoption will be always a good news, doesnt matter on what are those notable effects or it might be that relevant or not but most of the time it is.

Regarding on the question, Economic growth? For sure to those establishments or business that do accepts Bitcoin or crypto payments then they are really that obliged to pay up taxes
which we do know that government doesnt really like to let it skip if there would really be those significant numbers if we do speak about to those people who are really that
making such payment but the question is, how they would really be able to tally it out or would be able to know or trace it up?

Doesnt matter on how they would be doing it, as long it would really be that be applied or integrated as some sort of payment option then this is what most important.

If we talk about the economic impact, of course this has a big impact. from several media that I read, even now almost all local businesses on the island accept digital asset payments on Boracay Bitcoin Island. That way, of course economic growth there will increase due to higher monthly transactions. This is something innovative in the future, because Pouch as a wallet application there will also continue to increase the number of local businesses that accept Bitcoin payments.

Apart from improving the economy, Boracay Bitcoin Island will also be a real example of how transactions work when crypto assets are used as the main means of payment in everyday life, of course this will also be a motivation for other Asian countries to implement transactions using bitcoin. However, what is certain is that Boracay Bitcoin Island was inspired by the country of El Salvador which has accepted Bitcoin as a legal means of payment in its country.

Bitcoin payment implementing at the Bitcoin Island(BORACAY)
Bitcoin island in the Philippines?

@0t3p0t, Be careful that someone doesn't accuse you of plagiarizing the title


I wouldn't say that Bitcoin won't have some kind of impact on that island, because every additional form of payment is only something positive for the local population, and the fact that a popular tourist destination accepts Bitcoin at hundreds of locations on the island must have attracted some people over the years who wanted to pay for their vacation with Bitcoin.

Of course, the "problem" with Bitcoin is that most people consider it only as an investment and not as a currency to pay for something.

        -   Boracay in the Philippines is one of the tourist hot spots that foreigners can really go to when it comes to really beautiful scenery. Then the good thing about this island is that since most of the people who came here are tourists, there are many merchants on that island who accept Bitcoin payments via the Pouch app wallet.

So even those who can't really be said to have an idea or knowledge of bitcoin or crypto know how to process payments through bitcoin or cryptocurrency. So, over time, they gradually familiarize themselves with this thing, as long as they don't always have problems with the bitcoin network when there is congestion in the network.

Does the Philippines Gov there allowed it? I mean its legal there? A few years ago here in Bali (Indonesia) we can use crypto for payments on any merchants or services which accept crypto.
But last year the Gov started to crack down on crypto payments for goods and services, due to the taxes.

Of course there must be an impact on economic growth, it can be studied based on tourists who treat Bitcoin as a source of transactions, this can be assessed from the total number of visits per year, as long as Bitcoin is implemented as a payment method for tourism increases or decreases and vice versa, on the one hand bitcoin can make it easier for those who visit there, without carrying too much fiat money.

It depends, firstly on the internet signal, secondly how much costs are incurred during the transaction, whether there is an error or not depends on the situation.

Of course, what is worried about is the costs and expenses incurred, if the costs are greater than the price of the product, of course that is a real worry for users who carry out Bitcoin method transactions.

I don't think so.

First of, the government here in the Philippines is way too corrupt for them to prioritize economic growth. They can't even support local farmers, if you're always watching the news, plenty of vegetables and fruits in Baguio and in other regions are always thrown out by the farmers since they can't even sell it in a very cheap price. The irony of that is the government chose imported goods instead of buying locally goods.

And in terms of cryptocurrency, all they wanted is to control it, probably going to put an insane taxes on those who owns it and accepts it as a payment in their businesses. They are even planning to ban binance, lol, what a joke.

This step could attract tourist that wants to enjoy their vacation using only Bitcoin. These tourists could help increase the revenue of these businesses and this will definitely increase the tax they pay to the government. More tourists will also mean employment opportunities since businesses will prosper due to high patronage. This kind of policy has great potential in the future when Bitcoin adoption has increased in different countries. It will be very possible when people begin to use Bitcoin as a currency and not just for investment. Before now Bitcoin was a good means of sending money to loved ones in different parts of the world because of its cheap transaction fees and privacy. But with the current high transaction fee Bitcoin is not a fantastic option anymore.

They have mentioned their wallet https://www.pouch.ph/

Although I don't have experience with the wallet, but it seems the wallet is centralized and they use lightning network, so the transactions would be quick and cheap. I don't think they have "local token" their CBDC is under development and it's no longer Bitcoin Island if they promoting their own token instead of Bitcoin.

I can't even remember how many of these crypto islands there were planned since 2014, and maybe before it. There were even several icos trying to fund them, but everyone of these ideas collapsed as people were overestimating the need for it. And the problems for retailers when it's converted to cash. I guess this could work in some places, but it just makes me think that these people haven't thought this trough. There's a reason why advertising mixers was banned in here and regulations are getting so much tighter on centralized exchanges. That's because people don't want / can't escape these regulations for much longer.

If some major power shift doesn't happen in finance regulatory, it doesn't take too much time before crypto spend on these kind of islands need a kyc as well. Even if they were outside of FATF regulatory regions, at some point that btc needs to turned into fiat money. Even if we would remove the fiat money out of the picture, the regulations would most likely stay. So i can't really see any difference of spending btc with debit cards to paying directly with crypto.

Do you think the speed and cost of Btc transactions is prohibitive to daily spending use?

It would be more convenient for the users to arrive at the resort and exchange Btc for a local token that is quicker & cheaper.

I honestly think that it is a good idea

there are already lots of tourists entering the Philippines ever since particularly in Boracay but ever since the pandemic we can’t help but notice the hardships or challenges the tourism sector faces for foreigners to use bitcoin as a mode of payment is very inclusive and progressive not only foreigners can benefit from the use of cryptocurrency but most especially the young ones who also visit boracay

Boracay has become quite a tourist hotspot and crowds can be overwhelming. It's a beautiful destination, but I havent visited it yet.  I think the number of so many tourists to Boracay creates more opportunities for Bitcoin transactions and it could be a unique selling point for businesses and enhance the overall tourist experience. It could be a game-changer, attracting more tourists and boosting local businesses, or it might just fizzle out. Who knows

Since they have their own wallet e.g. pouch.ph which adopt lightning network, so there's no more complain about the high fees. It could be successful as long as the tax is not big, as long as they can offer many entertainment, it might be successful since the main traffic is the tourist.

The only thing that need to worry is privacy, I can't think there's other problem except that.

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.

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...


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.