Bitcoin Island in the Philippines, Have you ever been there?

[ringgo96]

I was there just a few weeks ago and tbh, it's not appealing to pay in bitcoins when there are other viable and rather cheaper options to pay for your drinks like credit cards or those financial apps they have (Gcash, Maya). Also, it's a hassle to pay for something with bitcoin that you need to consume immediately, e.g. cocktails or any other goodies. They will have to wait 1 confirmation before they mark the sale as complete, plus the fact that you as the buyer will need to shoulder the fees.

It's good that the island is being marketed like that, but I don't think this will get traction in the long run.

You are great to have been to that place but I am not interested if the service is like you said, of course it will be very inconvenient and visitors will certainly look for ways with easier and cheaper payments, and I am sure they will use credit cards on average, so in the future they have to make a special way of doing transactions and free costs must be borne by them, So I am sure that later many will use Bitcoin, especially now that there are very many crypto users who vacation in various countries and places like this they will definitely visit.

[Lucius]

With this topic in mind, I decided to check if there is any new video from Boracay that mentions Bitcoin and I found one video that is just over 1 month old in which a German family describes their experience on the island when it comes to Bitcoin. Unfortunately, the situation is much worse than what I imagined, because although many stores have signs that accept Bitcoin, in most of them it is not possible to pay with the same.

In one of the comments, a man says that it is simply too expensive for him to convert BTC - > local currency, and would that mean that Pouch charges too much for that conversion?



Click the image to watch the video.

[angrybirdy]

With this topic in mind, I decided to check if there is any new video from Boracay that mentions Bitcoin and I found one video that is just over 1 month old in which a German family describes their experience on the island when it comes to Bitcoin. Unfortunately, the situation is much worse than what I imagined, because although many stores have signs that accept Bitcoin, in most of them it is not possible to pay with the same.

In one of the comments, a man says that it is simply too expensive for him to convert BTC - > local currency, and would that mean that Pouch charges too much for that conversion?



Click the image to watch the video.

I'm here now at one of the famous Burger and mini resto bar in Boracay where they accept bitcoin as mode of payment. Visit the two Brown boys, located in laketown Station 2. Their meals are a bit pricey but the foods and drinks they offer are delicious. Regarding the bitcoin payment, you are right that the conversion charge from pouch is too high, so maybe even the other foreign tourists who have btc don't use it to pay for their orders, because there are people I have met who also ask about crypto payment but in the end they paid with the credit cards and cash they had.

[moneystery]

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...

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.

why should we doubt bitcoin, even now the impact of bitcoin on the world economy continues to strengthen, for a country's economy to strengthen, it needs not only a good cryptocurrency ecosystem but also good regulations regarding cryptocurrency within it.

i don't really understand the details regarding the rules regarding bitcoin in the philippines, but looking at el salvador's success in making bitcoin one of their legal tenders, other countries have the same opportunity to have great success by making bitcoin one of the legal means of payment in their countries.