Bitcoin island in the Philippines?

[2stout]

All of this is nice and good or at least it sounds so.  But I wonder how many of these islands/resorts/countries are Bitcoin True or Bitcoin Fairweather?  Are they all in when the next bear market hits or will they temporarily or permanently close shop for Bitcoin.

[Kakmakr]

I have some Philippine friends and I spoke to them this morning via Skype and they said that wallet is not known to them, so I think this is a small startup company that are doing this for publicity. 

A lot of the Libertarian groups have tried to create islands and boats and floating islands with the same concept, but it failed. The governments get wind of someone trying to compete with their local Fiat currency ....and they simply shut it down with guns. 

[Darker45]

I have some Philippine friends and I spoke to them this morning via Skype and they said that wallet is not known to them, so I think this is a small startup company that are doing this for publicity. 

A lot of the Libertarian groups have tried to create islands and boats and floating islands with the same concept, but it failed. The governments get wind of someone trying to compete with their local Fiat currency ....and they simply shut it down with guns. 

I'm also from the Philippines and while I have heard of a number of crypto wallets being popularly used locally, this one I just encountered now. But I understand because, as per the articles, this was just founded in 2021 and the wallet itself is still in Beta. So the efforts here are clearly for the brand to at least gain recognition. But, again, creating an El Zonte on Boracay might not be easy.

Anyway, this is definitely not about a libertarian group attempting to create an independent island. For one, the island is very popular and is already home to many 5-star resorts. It is really difficult to transform it into something else.

[danherbias07]

Never heard of this news (until now) and even about Pouch. The most widely used here in our country if I am right is either Coins.ph or Binance with the power of p2p transactions.
Whoever Mill is (according to the article) he is not wrong about saving more money in remittances because I currently do it but there should be a note too about the volatility of Bitcoin.
Yes, they may have saved some money but there is also the risk of their Bitcoin value going down anytime. That's an important detail that should be put in.

[bakasabo]

As I understand correctly, this "Bitcoin island" is just an area on Philippines, where only currency is Bitcoin? And it was stated that this was a resort place. How many of you, when spending time at the hotel on a vacation, spend a lot of money directly at the resort area? I think a lot of people prefer to make a payment at their own country, and enjoy all included services. Enjoy a place where you dont care much about paying for stuff, as everything is already prepaid. I see no real future of that resort Bitcoin island.

But if they want to make a free economic zone, zone with special services for crypto users, then El Salvador were first to create such benefits for crypto users, investors and etc, and so far they arent doing great.

[ajiz138]

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.

https://pouch.ph/bitcoinisland

This is a Map of Boracay Island where a lot of businesses have grown to accept bitcoin as a means of payment using Pouch as Lightning, I think it will continue to be significant in its improvement judging by this twitter https://twitter.com/BitcoinIslandPH micro merchants continue to show that they can pay Bitcoin which continues to be promoted on twitter to attract many tourists, especially foreigners.

Well maybe microeconomics will not be completely above bitcoin but some have accepted bitcoin from the lower to upper classes meaning Boracay Island will continue to develop what has become their goal to become a Bitcoin Island.

[bitzizzix]

I haven't heard this news but Boracay is one of paradise city in Philippines, it's all about amazing islands, water sports activities, nightlife which fascinates many tourists come from all over the world especially from Europe to explore.
and besides its beautiful and exotic beaches, delicious food, there is one more thing that makes this location attractive to foreign tourists is because they can easily and cheaply get sexual gratification.
and if the news is true, boracay will become a bitcoin island, this is very good news and also a good place to make bitcoin a payment option in every way, because boracay is the best choice vacation place for foreign tourists especially from Europe, because for sure they know bitcoin and own it too.

[Ayers]

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.

it's only a matter of time, mate. nothing can stop the strong flow of bitcoin
a few years ago bitcoin was still something very foreign, not many people were willing to listen to it, but since 2020 when the pandemic raged, the search term bitcoin has become more popular and since then bitcoin has become more popular than ever
nowadays, bitcoin is not so strange to everyone, even the elders in my hometown start hearing about bitcoin even though they still don't know how it works, this is something that surprised me quite a bit and i feel was right in choosing bitcoin as an investment for the future

[SFR10]

What are your thoughts about this one guys especially Filipinos here on this forum?

A part of me is hoping for it to be on the same trajectory as El Zonte, but that's me being over-optimistic for something that will probably go the other way.

it’s still useless to accept Bitcoin if they will not give promo offers to attract people to use Bitcoin.

You have a point but technically, they're still going to get fiat currency ^{[by default]}, so most likely they're not going to try hard in persuading customers to pay with Bitcoin:

• We use our own app @Pouch_PH for the merchants on the island but you can pay with any lightning wallet. The merchants by default receive peso but can choose to get it in #Bitcoin aswell.

Businesses who would use such payment method will have a hard time dealing with volatility

Not if they opt for the fiat currency route ^{[refer to the above quote]}.

As I understand correctly, this "Bitcoin island" is just an area on Philippines, where only currency is Bitcoin?

No, you still have the option of paying with other methods on that island.

[Asiska02]

The bitcoin community will always have hope when it hears news like this. Over time, more and more nations have come to see the value of using bitcoin as a means of transaction and savings. The gradual widespread acceptability of bitcoin continues to grow around the world, making its investors happier with their investment. Philippines have made a significant step, and I hope they fully grasp its advantages.

[freedomgo]

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.

We never know, Boracay Island or soon to be known as Bitcoin Island will be a successful project in the future that will be the 1st for the Philippines or anywhere in the world, for now they haven't launched it properly and it was stated that they are still trying to talk to the small-medium business owners to start collecting payments in the form of BTC.

[Jating]

I guess this is similar to Bali Island in Indonesia if I'm not mistaken. I read that the island is taking bitcoin as payment because there are a lot of tourist in there. Unfortunately, there was a crackdown and we don't know what happened after that.

The Philippines though is very welcome to crypto, so I will say that this is good to hear that they are going to allow it in Boracay, another tourist destination for the country.

[dunfida]

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!

Anything that is related to recognition and adoption is always been a good thing or good news.Reading up on the link provided it is  been said about integrating micro-payments on 100+ small businesses around
on an island which does simply shows that they are really that too positive on what would be the outcome and affecting countries GDP as mentioned.It would really be a big convenience into those people
who had known bitcoin or crypto already and create out some buzz and curiosity into those people who do lurk around or come into that place which its impossible for it not to be noticed out.

[rdbase]

All of this is nice and good or at least it sounds so.  But I wonder how many of these islands/resorts/countries are Bitcoin True or Bitcoin Fairweather?  Are they all in when the next bear market hits or will they temporarily or permanently close shop for Bitcoin.

This is what I currently thought of when I first heard this news.
It is possibly the worse time to announce a new endeavour to begin another bitcoin island.
If this term sounds familiar thats because it is!
Bitcoin island was created by an architecture firm from hong kong that is located on Vanuatu in the Coral sea.

"A small, private island—32 million square feet, to be exact—in the middle of the South Pacific Ocean will soon become a crypto-haven. Formerly a mini portion of Vanuatu, the lush 800-acre spread of land has since been named Satoshi Island, after the pseudonymous developer of Bitcoin."
source: https://www.architecturaldigest.com/story/tropical-island-developing-worlds-first-bitcoin-economy

[Vaskiy]

These are private Islands that are being developed for the rich to enjoy their holidays. Philippines being much into cryptocurrency, makes this news a big attraction. I see these moves make some spread about the word bitcoin. Someone reading this will try to understand what is bitcoin. This is how these adoptions help and nothing big, because these are attractive terms for the elite.

[GreatArkansas]

All of this is nice and good or at least it sounds so.  But I wonder how many of these islands/resorts/countries are Bitcoin True or Bitcoin Fairweather?  Are they all in when the next bear market hits or will they temporarily or permanently close shop for Bitcoin.

This is what I currently thought of when I first heard this news.
It is possibly the worse time to announce a new endeavour to begin another bitcoin island.
If this term sounds familiar thats because it is!
(.....)

Exactly! For sure they are just using these kinds of phrases or ways to promote their project. There is already lof of cases like these, like "Bitcoin City, Bitcoin Country, etc."
That way seems they will lure people's attention, even just a headline on some articles.

[BRINIRHA]

wow for me this is great news and warms my feelings. because in the source you included above I read in it that "about 120 large and small businesses in Boracay have so far signed up to allow users to make payments in BTC.". Isn't that evidence of a fairly positive response from large and small business owners there. they show good enthusiasm. And I'm sure it's not just in the Philippines. In other countries there are certainly many business owners who are enthusiastic about bitcoin payments but they just haven't found the opportunity to channel and realize their enthusiasm. because in some countries there are still many strict regulations related to bitcoin.

[jrrsparkles]

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!

Its actually a good news, this is about bringing the payment system between customer and merchant with lightning network. Even though we have questions about the wallet providers the news can be good for the cryptocurrency community. However what is the state of government for this decision, do they support or any restrictionn?

[Taskford]

All of this is nice and good or at least it sounds so.  But I wonder how many of these islands/resorts/countries are Bitcoin True or Bitcoin Fairweather?  Are they all in when the next bear market hits or will they temporarily or permanently close shop for Bitcoin.

This is what I currently thought of when I first heard this news.
It is possibly the worse time to announce a new endeavour to begin another bitcoin island.
If this term sounds familiar thats because it is!
(.....)

Exactly! For sure they are just using these kinds of phrases or ways to promote their project. There is already lof of cases like these, like "Bitcoin City, Bitcoin Country, etc."
That way seems they will lure people's attention, even just a headline on some articles.

One of the reason why I don't believe on certain headlines because for sure this will be another form of click bait for people to read their article but as well maybe to promote their project. The government have final say about this and this kind of plan will remain plan if no government acceptance especially on local will accept this plan created by certain individual. So even if this is a good plan still people need to be careful since for sure more hypes coming from it might it can cost them financial loss so they need to be careful on anything they can read on imternet.

[Wapfika]

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.

It is not a big news in my country but indeed crypto is fast growing in our country. There are mobile crypto wallet that allows to easily pay bills, book resorts since it converts traded crypto into fiat easily. There are small business who accepts BTC now. If they will really built a resort in Boracay it can influence more tourist spots to accept and will make wide adoption even in tourist. Hopefully it will be managed and run well to make it possible.