Unpacking Bitcoin’s Journey in the Philippines

As Bitcoin continues to make waves across the globe, the Philippine archipelago is quietly diving into the deep end of digital currencies. At the recent BTC Prague event, Ethan Rose, the founder of Pouch—a wallet services provider that champions the Bitcoin Lightning Network in the Philippines—shared some insights into the state of Bitcoin adoption in his country. It’s not just a Bitcoin revolution; it’s more of a casual swim in the crypto waters.

Spreading the Bitcoin Gospel in Boracay

With a tropical paradise like Boracay as a backdrop, Rose’s team has onboarded around 250 businesses on the island alone, and 400 across the Philippines. That’s a pretty impressive feat! But don’t get too excited; the merchants aren’t exactly rushing to sign their lives away on Bitcoin just yet. Rose suggests that their pitch isn’t so much about turning folks into hardcore Bitcoin enthusiasts as much as it is about helping businesses attract customers who want to spend their crypto.

The Heart of the Pitch

“They’re not really hard sold on Bitcoin. They’re not like they haven’t decided to spend the rest of their life stacking SATs,” Rose humorously remarked. This means that their angle is more about creating opportunities rather than converting every merchant into a Bitcoin believer. They are basically telling businesses, “Hey, accept Bitcoin to lure in those tech-savvy tourists eager to spend their digital coins!” Who doesn’t want to attract more customers?

Rolling Out The Orange Carpet—But With Challenges

As Rose pointed out, convincing someone to embrace Bitcoin isn’t as easy as handing out free tacos. It’s about engaging with people’s preconceived notions of money and trying not to make them go cross-eyed. “It’s hard to orange-pill people,” he noted, referencing the Bitcoin community’s term for getting someone to understand and appreciate the cryptocurrency. Morale of the story: If you can easily convince someone that Bitcoin is the best money, they might just be a touch gullible.

Risks Involved with Merchant Adoption

However, even if more businesses begin to accept Bitcoin, there’s a lurking risk: they might end up with crickets chirping instead of customers. “We need more spenders,” Rose mentioned, highlighting that a lack of demand could result in businesses having a not-so-great experience with Bitcoin. If a dozen shops already take Bitcoin in a tourist spot and tourists aren’t eager to spend it, someone’s going to feel left out in the cold.

How to Ensure a Positive Experience for Merchants

Rose emphasizes that for successful adoption, merchants must have a fruitful experience. If everyone begins accepting Bitcoin, and customers are nowhere to be found, it’s not long before a merchant rethinks the whole endeavor. “If nobody shows up after a couple months, they’ll just uninstall their wallet,” he quipped, painting a realistic picture of the ongoing battle against skepticism in the digital currency world.

Conclusion

Ultimately, the journey of Bitcoin in the Philippines is a blend of optimism and reality checks. While onboarding businesses is a solid step forward, actual consumer adoption is the bridge that needs to be crossed. So as Bitcoin attempts to cast its net in the sunny beaches of Boracay, it remains to be seen whether the fish will bite or swim the other way.