The Bitcoin Scene in the Philippines

As Bitcoin continues to evolve and make headlines globally, the Philippines finds itself on the frontier of cryptocurrency adoption. During the recent BTC Prague event, Pouch founder Ethan Rose shared insights on the challenges and strides being made in this regard.

Setting Up Shop: Pouch’s Goal

Pouch is all about facilitating Bitcoin transactions through the Lightning Network in the Philippines. Rose revealed that their efforts have already led to onboarding about 250 businesses on Boracay, not to mention an impressive 400 businesses throughout the country. They aim to position Bitcoin not as a complete overhaul of the existing monetary system but as a mechanism for attracting new customers.

• Why Bitcoin? Many businesses view this as a way to stand out in a crowded tourist market.
• Long-Term Vision: The goal is not to convert every merchant into a crypto enthusiast overnight but to introduce them gently to the idea of Bitcoin.

Pitching Bitcoin: The Orange Pill Challenge

On the topic of changing mindsets, Rose had a candid take on what it means to “orange-pill” someone. “It’s hard to orange-pill… walk up to somebody and convince them that Bitcoin is the best money? You might as well be trying to sell ice to an eskimo!” This reflects the challenge faced by many in the Bitcoin sector:

“If you can just like walk up to somebody and convince them to like that Bitcoin is the best money… I would say that’s a pretty gullible person.”

The Risk of Overextension

However, it’s not all sunshine and rainbows. Rose noted that as more businesses accept Bitcoin, there’s a palpable risk: what if the customers don’t show up? Running a Bitcoin venture in the hopes of garnering sales might lead to dire financial decisions if the customer base doesn’t materialize. “We need more spenders,” he emphasized.

Merchant Experience Matters

According to Rose, the experience of the merchants accepting Bitcoin is crucial for sustained adoption. If local businesses do not see a positive return on investment after a few months, they might uninstall their wallets faster than you can say “blockchain.” As he succinctly put it:

“If nobody shows up after a couple of months, they just like, uninstall their wallet.”

Concluding Thoughts: Moving Forward

The landscape for Bitcoin in the Philippines may still be formative, but with efforts like those of Pouch and others, there’s hope for growth. Adopting Bitcoin is not just about the technology, but fostering a community that loves what it offers. And let’s face it, who wouldn’t want to pay for their beach sundae with a little slice of their crypto fortune?