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

[0t3p0t]

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.

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[hugeblack]

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.

[Jawhead999]

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.

[Natsuu]

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

[btc78]

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

[TheBTCRat]

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.

[o48o]

I honestly think that it is a good idea

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.

[Helena Yu]

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.

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.

[Zlantann]

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.

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.

[AicecreaME]

<...>
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.

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.

[YOSHIE]

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?

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.

Do you really think that this kind of business model has potential in the future or just some kind of a trial and error?

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.

Is there any possibility for local remittances to worry about this innovation? Please share your thoughts.

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.

[Sunderland]

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.

[Mr. Magkaisa]

        -   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.

[Lucius]

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

~snip~
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.

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.

[puloweh555]

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.

[carlfebz2]

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.

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.

[angrybirdy]

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.

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.

[taufik123]

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.

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.

[Wexnident]

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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.

[icalical]

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.