Bitcoin island in the Philippines?

[Coyster]

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.

I am pretty sure they must have done their own research about Bitcoin before either accepting it, hodling it or incorporating it in their business; for merchants in these resorts/island, they really do not have anything to lose accepting Bitcoin payment since quite a lot of them use payment processors and they get fiat currencies at the end of the transaction, they only accept Bitcoin because it is tagged a Bitcoin island/resort or whatever, and it helps to attract crypto tourists and what have you, for such merchants, bull or bear period means nothing to them, whilst for those that will choose to receive Bitcoin directly and hold it, i am sure they know the risks involved and they'll surely be ready for it.

Having said that, the same things above goes for countries that have made Bitcoin a Legal tender, except of course if the country has also invested in Bitcoin with the nations funds (El Salvador did that), only then will market conditions bring the heat on them, but definitely before they take that step, they know the market is volatile, and ROI is for the long term, thus it is what it is.

For the Bitcoin community, we do not have anything to lose, all conditions is a win-win-win for us, they are contributing to mass adoption, and even if we lose some of them by the way side, that is very normal, they have played their own parts, and there will be other contributors that will definitely take their places as we progress.

[noormcs5]

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!

The idea of opening a bitcoin resort on an island of Philippines is indeed a superb thought but I wonder whether bitcoin is publicly accepted in the Philippines at the moment. Can everyone buy and selll good in bitcoins ?

Anyhow, at this resort, everything will be sold and bitcoins and it will indeed be are a very new experience for the people visiting this Island. I wish i could plan a visit there too. 

[AmoreJaz]

The idea of opening a bitcoin resort on an island of Philippines is indeed a superb thought but I wonder whether bitcoin is publicly accepted in the Philippines at the moment. Can everyone buy and selll good in bitcoins ?

Anyhow, at this resort, everything will be sold and bitcoins and it will indeed be are a very new experience for the people visiting this Island. I wish i could plan a visit there too. 

not that they will open a bitcoin resort, but the establishments in boracay island will accept bitcoin as form of payment. this island is one of the tourist destinations in this country. so a lot of foreigners will also benefit from this initiative. btc is publicly accepted in the PH, without any prob of doing their trading. they have local crypto exchange pdax. also, there's p2p in binance to convert crypto to PhP, their local currency. i guess, it is not too hard to introduce these to the people as smartphones and other digital gadgets are quite easy to access nowadays.

[Bitstar_coin]

Any news regarding btc usage, and growing awareness is always positive news imo, only FUD is what is not welcome. Am assuming the Philippines is a btc friendly country and the government will not want to intrude in such news. A resort that accepts btc is a good start, it will attract tourists who are btc lovers to take a trip there and spend their btc.

[buwaytress]

First thought when I saw this was: why would guy need to provide yet another wallet, probably inferior to anything else already out there? And then my second thought was: oh, but of course, it's business, the guy/company isn't really into Bitcoin, it's all marketing.

Sometimes I swear, I almost walk into traps when the simplest and most obvious answers are already out there haha.

But seriously: I probably need to look at Pouch first and see if it'd be as easy for me to use if I visited Boracay.

[blue_hurricanger]

Seem like isn't a big deal as many make it out to be and the headline and article make it way too sensational to my taste. It's just an island with businesses now allowing BTC to be used as an alternative payment method. Heck, plenty of service jump on the BTC's train but they are never serious about it. They set a very high fee that is unrealistic to implement for fast and easy to use for the customers. That's only got BTC a bad name. Basically, they did it for the current trend or chance to be picked up in the news or shill on Twitter. Here, they even tried to shill some new wallet service to store and transfer BTC too.

[xSkylarx]

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.

The article mentioned Boracay and it's not surprising if someone will make it into a bitcoin island. It's a place where there are more tourist than locals so it's a good marketing strategy if businesses will adopt bitcoin. It would attract more visitors especially crypto enthusiast to visit that place. If they own bitcoin, they can directly go there and won't need to exchange their cash to our local fiat. My friend recently went there and he said that most of his transactions were already cashless.

As per Pouch vice president Bill Mill, around 120 big and small businesses in Boracay have so far signed up to allow users to make payments in BTC.

[$crypto$]

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.

The article mentioned Boracay and it's not surprising if someone will make it into a bitcoin island. It's a place where there are more tourist than locals so it's a good marketing strategy if businesses will adopt bitcoin. It would attract more visitors especially crypto enthusiast to visit that place. If they own bitcoin, they can directly go there and won't need to exchange their cash to our local fiat. My friend recently went there and he said that most of his transactions were already cashless.

As per Pouch vice president Bill Mill, around 120 big and small businesses in Boracay have so far signed up to allow users to make payments in BTC.

Well I saw some news about Boracay Island which is nicknamed Bitcoin Island because most tourists come here just to enjoy the holidays and spend Bitcoin, even recently I saw tourists eating Burgers or other types of food only paying with Bitcoin using this QR code like this it's easy to adopt Bitcoin on this island, I'm also sure that more tourists will try how to spend Bitcoin on this island, almost all of this area already accepts Bitcoin.

[blockman]

Good plan in a good place.
But let's see on how they're going to make it happen since there's still a lot of people that don't know what bitcoin is in our country.
Boracay island is already popular and they can probably get a lot of businesses their to get involved to this project that they want to do. I remember that this has happened first in El Salvador before they have fully adopted it as a legal tender.

[lalabotax]

This is actually how Bitcoin is used.
Really impressed with what he is doing to make this happen. Bitcoin Island turned out to be not just an idea but actually a reality. This can happen, of course, because of the support from various parties, especially from the owner. This freedom to use Bitcoin is actually one of the goals of cryptocurrency, to be used as a transaction tool without any obstacles, anyone can enjoy, it anytime, and anywhere, without having to exchange it for the local fiat of a country. Because this is the goal of global cryptocurrency, without any limits or restrictions.

[goinmerry]

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.

Just hype. It's not possible. Been in Boracay last summer and all I can say is, everything is now digital there. That's the wonderful development there where everything is now cashless and almost all establishments are accepting cashless payment.

Gcash is the popular payment method there and credit cards are as well. Adding crypto-payment is good though and I'm looking forward to that.

[budi691]

Boracay is a small island in the Philippines but on that island Bitcoin can be used freely and probably almost everyone uses Bitcoin to transact,
this is good news, Bitcoin adoption and adaptation can open everyone's eyes that Bitcoin thrives in the future, Barocay is a small island but can make something bigger about Bitcoin

[Yaunfitda]

Good plan in a good place.
But let's see on how they're going to make it happen since there's still a lot of people that don't know what bitcoin is in our country.
Boracay island is already popular and they can probably get a lot of businesses their to get involved to this project that they want to do. I remember that this has happened first in El Salvador before they have fully adopted it as a legal tender.

Compared to most other Asian countries, Philipines is stated to be the one to have good awareness and people using it more. On that reason it is good to have bitcoin Island. By the time there is no clear data on how this island is gonna make positive move on the country's growth and economy needs to be analysed. Just because an island is named with bitcoin doesn't sound good without big things out of it.

You already said it yourself, Philippines is a bitcoin friendly country already, they have local exchange and other digital wallet like their Gcash and Maya and now this new wallet.

Definitely but if case you are interested:

https://bitpinas.com/feature/philippines-ranks-2nd-in-crypto-ownership-survey/
https://bitpinas.com/cryptocurrency/chainalysis-ph-second-crypto-adoption/

So I wouldn't be surprised if they will be very successful in the future, their new administration looks like they are as supported as the previous government of Duterte. They wanted the Philippines to be a crypto hub.

[yazher]

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.

The evidence is even the online payment wallet is now accepting cryptocurrencies and many more, no surprise that they want to create a bitcoin island in the Philippines because they know many people will gonna enjoy it and they can even attract some tourists from outside of the country. Now the problem here is, the current situation of the market where we are currently in a bearish market. if this is no problem for them, then they can really proceed with this big plan for bitcoin and I'm sure everyone in the crypto industry will like to see how will it be.

[Oasisman]

My question is what happens at that crypto island? I mean why it is named so?
There only we can transact with Bitcoins or alts, for that reason it’s named so ? Or some great Bitcoin Scriptures have been made for which it is named so?
More details about the same was needed in the OP.
Nevertheless really feeling proud about Philippines brave decision regarding Bitcoins. More countries soon joining in after Philippines and I bet that.

It was all just a plan for now, but I'm not sure if more merchants have been accepting crypto in Boracay these days.
IMO, this will probably work as Boracay is one of the most heavily visited island for the tourist around the world. For sure, there are tourists who visits the island that owns crypto. That could be a good opportunity for the merchants to sell their products with an extra mile of payment options.
This could also be a good opportunity for the crypto wallet that promotes Boracay as a crypto island.

[justdimin]

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.

The evidence is even the online payment wallet is now accepting cryptocurrencies and many more, no surprise that they want to create a bitcoin island in the Philippines because they know many people will gonna enjoy it and they can even attract some tourists from outside of the country. Now the problem here is, the current situation of the market where we are currently in a bearish market. if this is no problem for them, then they can really proceed with this big plan for bitcoin and I'm sure everyone in the crypto industry will like to see how will it be.

Plus, there is a huge community that follows bitcoin in there, which means that there is going to be something that would benefit everyone there since it would be ready with a community in the long run.

That’s going to be a key element because it makes people realize that they could at least populate the place easily and could make a good profit from it as well. Doesn't mean they have to change anything, it would still be a problem with the general idea of it, but if somehow there could be an island, population problem would be solved and that’s a good thing, all the other things needs to be still solved since it’s definitely a big problem for sure.

[Oneandpure]

Could be note my list destination one days later because have small town in Philippines are Boracay accepted payment using bitcoin, trough source link I read most excited get travelling to Boracay because have support around 120 big and small businesses accepted bitcoin as payment currency. Around Philippines is near from my country I am excited next year going there and made first purchase by using bitcoin although in my country still not allowed using bitcoin as payment transaction.

Still need checking about what the amazing place and destination in Boracay although have accepted bitcoin as payment transaction I think need to find placed view and another interested why have to go there. I think many tourist will go there because have accepted bitcoin around all business.

[qwertyup23]

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!

This is very interesting- given that lots of countries have started to adopt cryptocurrencies in their financials as well, I guess the government of the Philippines saw it as a potential benefit in the long-run in our country. With this in mind, I do hope that the government would allow a more lenient on its application.

Our local exchange have started to adopt stringent regulations in terms of requiring KYC documents to be submitted + additional more documents that makes it counter-productive. If the government really wants to adopt cryptocurrencies in the country, I hope they make the application easier and convenient to all people willing to test it out.

[_BlackStar]

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.

OP, I didn't know about this news until I actually read it from you. Of course this will probably be a good one for any user who likes bitcoin in the Philippines, I think they will definitely be interested in visit the island named bitcoin island. But one question, I may have heard that the Philippines is a crypto-friendly country, but does your country's law legalize bitcoin as a legal tender?

I'm not Filipino, but I support adoption wherever it is. Perhaps it would be better if there were other pioneers supporting bitcoin user privacy on the island. Their service will be in demand by users who care about privacy rather than just being spearheaded by a custodial wallet.

[Jeger.Kiting]

The Philippines is indeed being turned into a "Bitcoin Island." For the past four months, cryptocurrency wallet service Pockets has been actively promoting the use of Bitcoin on the island. The main goal of the company is to take advantage of faster and cheaper Bitcoin transactions to compete in the third largest global remittance industry, which is the Philippines' multi-billion dollar market. Digital nomads and BTC advocates who feel right at home even on the move are also taken into consideration. Pouch has been granted permission by the Philippine central bank to conduct transactions in both local pesos and bitcoins.