Bitcoin island in the Philippines?

[cheezcarls]

Source: https://coinpedia.org/crypto-live-news/cryptocurrency-wallet-provider-pouch-to-turn-philippines-resort-into-bitcoin-island/

When I saw this news for the first time coming from a crypto friend of mine, it was really mind blowing. The adoption of Bitcoin and cryptocurrencies in the Philippines has taken to a whole new level in which a Philippines resort may be turning into a “Bitcoin island” by a crypto wallet provider.

What are your thoughts about this one guys especially Filipinos here on this forum? Would love to hearing some feedback, reactions or opinion from you all here.

Thanks in advance!

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[BlockChainMentor]

I think they will create a new world of bitcoin where all transactions will be by bitcoin ...In casino,in pool , in beach, everywhere no tension of carrying money in your pocket..nice one

[autumnleaf]

Boracay draws tourists from many different nations as one of the top tourist spots. I want to see how this plays out, because I think this is a tremendous step toward the Philippines adopting Bitcoin and other cryptocurrencies, which might eventually elevate the country to the status of "Bitcoin Island."

[Wapfika]

This is a big news because Boracay is the number tourist spot in the Philippines and most of them are foreigners around the globe which is a good promotion for Bitcoin to spread globally. I’m planning to do a vacation there soon and I hope that they will be offering discount to all Bitcoin payment because it’s still useless to accept Bitcoin if they will not give promo offers to attract people to use Bitcoin. I’m using traveloka app that gives me discount when I book using fiat so it will be waste to use Bitcoin if I can’t get any discount.

[mk4]

I'm currently in the Philippines and I haven't even heard of Pouch. With that said, seems like a decent wallet. I don't know how they can say "Ultimate Privacy" on their homepage while at the same time the wallet being custodial though.

[arwin100]

Source: https://coinpedia.org/crypto-live-news/cryptocurrency-wallet-provider-pouch-to-turn-philippines-resort-into-bitcoin-island/

When I saw this news for the first time coming from a crypto friend of mine, it was really mind blowing. The adoption of Bitcoin and cryptocurrencies in the Philippines has taken to a whole new level in which a Philippines resort may be turning into a “Bitcoin island” by a crypto wallet provider.

What are your thoughts about this one guys especially Filipinos here on this forum? Would love to hearing some feedback, reactions or opinion from you all here.

Thanks in advance!

For sure there's something huge brought by NFT and it awakes the curiosity of the people to participate then earn in the world of crypto. And for seeing this posted by media for sure this could create more noise to the government so that they will do something good on it terms of regulation.

For now this is good news but for sure BIR is now looking at this statistic and I will not get surprise if they came and ask about taxes on it.

[Yatsan]

This is simply a resort which would accept cryptos or Bitcoin to be more specific, a mode of payment. Indeed a great contribution with crypto adaptation but people in PH are mostly unaware of what this blockchain, really is. There's still this image of it being a "fraud" due to instances wherein investors lost huge amount of money from investing into it. Also, there's no assurance yet whether this plan on the article would last for a long period of time because in the same country, there are establishments who once accepted such mode of payment but eventually chose to stop.

Quite unsurprising still, the days for this technology is still young and is still separated with stocks. Businesses who would use such payment method will have a hard time dealing with volatility and maintaining profit for their businesses given how fast market prices moves, especially during bearish market, wherein they will either be forced to just hold, or to 'stop before it get worse' situation. A matter of tolerance with this market's nature.

[cr1776]

The more people that use bitcoin the better.  Anyone who owns some bitcoin will be well served in times of economic turmoil so if this plan is successful, the people involved should be better protected later.  Will one small place change the world?  One never knows, the world is made up of small places with people who each want to be free.

[traderethereum]

I think that is good news for bitcoin because the option of paying with it will make it easier for people who have bitcoins to make transactions.
This will open up opportunities for bitcoin to be more accepted by people and maybe they will never think that it is an option to transact other than using fiat or something else.
If they can implement well like what they want, cities around the Philippines will follow suit.
If it is also successfully implemented, more people will use bitcoin and feel the benefits.

[kryptqnick]

I've just recently seen a list of countries ranked by Bitcoin adoption, and the Philippines were at the top of the list, so I'm not surprised with this news. I am a bit skeptical to the ideas of Bitcoin islands, though, as I've heard of several such projects in different countries, but not a single one that was actually successful. Of course, maybe it will be different in the Philippines, but I'm not sure. If it's going to be a luxurious resort, I doubt many citizens will actually be able to afford it.

[Leviathan.007]

I can feel this new world after bitcoin and especially recently during its adoption. The Philippines is not the first and it's not going to be the last country going through this because I see many other countries trying to step forward into bitcoin and they will start this by having a bitcoin island or a bitcoin city, regarding the Philippines as far as know there is much demand for bitcoin and cryptocurrencies there and people are from the government side there is the interest for accepting and using bitcoin, that's why it's not surprising to see this article about Philippines and bitcoin.

[YOSHIE]

Would love to hearing some feedback, reactions or opinion from you all here.

If the Philippines is the first to make all services payable with digital currency like Bitcoin, I hope all the islands in the Philippines, especially tourist attractions can be made like Bitcoin Island, which they want to create now.

I once read in one of the news that tourists who come to the Philippines a lot, namely foreign tourists rather than local, even though I am not originally from the Philippines, but I understand some Filipino characters, maybe the idea of ​​adopting Bitcoin and making a small Bitcoin island in my opinion is a sporting and good act of all time, honestly I like to see the unique things that Bitcoin users do to the way Bitcoin works for the community.

An example that deserves support and motivation for what is being done in Filipino.

[tomos81]

Filipinos are very wary of Bitcoin or Cryptocurrency. E Philippines has been a huge response to Bitcoin since the past. The Philippines has big investors and legends. It's only natural that one's wallet can turn to Bitcoin because the Philippines has a lot more than a country full of e-investors from the past. and high officials and elders The people of the Philippines are in charge.

[bocyaj]

It was happy to see all this adoption of bitcoin all over the world.Most of the crypto currency was accepted as the payment for the shops in many countries.I had read some thread,they had started the shop with the crypto currency payments.It Will increase the flow of the crypto currency in the market.People with less know,don’t inverse in the crypto currency,it’s their flaw and not all the people mistakes.

[Japinat]

I've just recently seen a list of countries ranked by Bitcoin adoption, and the Philippines were at the top of the list, so I'm not surprised with this news. I am a bit skeptical to the ideas of Bitcoin islands, though, as I've heard of several such projects in different countries, but not a single one that was actually successful. Of course, maybe it will be different in the Philippines, but I'm not sure. If it's going to be a luxurious resort, I doubt many citizens will actually be able to afford it.

Yes, Philippines is just a small country but I'm quite positive that they aren't that left behind that's why they are even on the list when it comes to bitcoin adaptation and the same reason why I also think that there's already many Filipinos out there who are already in this forum and been observing the news about bitcoin in other parts of the world, Philippines is a great location and I think it's just waiting to be unlocked.

And about that Bitcoin Island, that's great if it's indeed true but I don't think that it will be located in Boracay because I've been there and it's quite pricey, so like you said, if it will be placed there, most of the people might not afford the place and what it has to offer.

[The Cryptovator]

I heard from the Philippines is a crypto-friendly country. Once I was abroad there were Filipinos with me and discuss crypto. However, it's a good initiative, especially encouraging crypto users to visit their resort. Definitely, this is a real Bitcoin adaption. If it draws attention from people then more adaption would be happening there. Let's think positively and visit the resort whoever is nearby to share the real experience.

[rhomelmabini]

Probably Pouch knows that Philippines is crypto-friendly but if I were to be asked it's more like on the grey area. Boracay has lot of foreign national visitors and it's no surprise thinking these folks around in the area would be interested in crypto or know about crypto.

[electronicash]

I heard from the Philippines is a crypto-friendly country. Once I was abroad there were Filipinos with me and discuss crypto. However, it's a good initiative, especially encouraging crypto users to visit their resort. Definitely, this is a real Bitcoin adaption. If it draws attention from people then more adaption would be happening there. Let's think positively and visit the resort whoever is nearby to share the real experience.

most tourists who visits Philippines always include Boracay on their itinerary and owners of businesses in the island are often foreigners of this country also. if more of these tourist influences the local to adopt BTC, i don't see it not possible. i remember there was a blockchain event in the island years ago. so that might have influenced businesses and people in the island.

Pouch however is not widely known in the country, its coins.ph is the most popular wallet.

[peter0425]

I've just recently seen a list of countries ranked by Bitcoin adoption, and the Philippines were at the top of the list, so I'm not surprised with this news.

yeah , with Philippines being one of the ranking country in favoring bitcoin will surely provide more of this in the coming days .

and also this is not New as there are also some establishments that accepts and use bitcoin .

I am a bit skeptical to the ideas of Bitcoin islands, though, as I've heard of several such projects in different countries, but not a single one that was actually successful. Of course, maybe it will be different in the Philippines, but I'm not sure. If it's going to be a luxurious resort, I doubt many citizens will actually be able to afford it.

Well, the said place is actually a luxurious Island and one of the most popular tourist spot in the world, so calling it a Bitcoin Island for me is fair and better.

[Darker45]

If the news is true, then it is indeed a good thing that there are already around 120 businesses on the island that signed up to accept Bitcoin payment. So in terms of Bitcoin acceptance, that wouldn't be a problem at all. But in terms of whether there will be a significant Bitcoin payment turnout or an increase in revenue or tourists following this, it's something that's beyond their control.

However, I don't think it is easy or even possible to establish "a micro-economy running entirely on bitcoin." Boracay has been catering international and domestic travelers all year round. It isn't an isolated island where activities are very low. So, quite frankly, I doubt this would be feasible.

On another note, it feels good that Pouch is a lightning wallet. At least it could easily support small transactions on the island.