Bitcoin payments exec shares adoption challenges in the Philippines

As evidence of the progress the Bitcoin (BTC) community has made, an executive from a BTC payment provider has highlighted that in other parts of the world, adoption is still in its infancy.

At the BTC Prague conference, Cointelegraph journalist Joseph Hall held a conversation with Ethan Rose, the originator of Pouch, a wallet service that promotes the Bitcoin Lightning Network in the Philippines. They discussed the level of acceptance in the nation and how the Pouch team is attempting to bring Bitcoin to vendors on Boracay, a well-known tourist destination in the country.

Rose stated that they have already been able to onboard approximately 250 businesses within the island and 400 businesses nationwide. Their team is striving to increase Bitcoin acceptance in the nation by providing merchants with an additional way to draw in customers.

“Rose stated that they were not particularly enthusiastic about Bitcoin, not having made up their minds to commit to it for the long haul. Thus, she suggested that the pitch should be used to draw in new customers to the business in the long run.”

The executive additionally revealed that there are still some challenges in getting people to accept Bitcoin. He elucidated:

Alongside the difficulty of educating people about Bitcoin, the executive also noted that as more companies begin to accept the cryptocurrency, there is a risk that they may not receive any revenue from it.

“He elucidated that there is a need for more spenders,” the executive stated. They warned that businesses may not have a positive experience if many stores in one area start to accept Bitcoin, as it could lead to a dilution of spenders.

The Philippines has postponed the release of its cryptocurrency regulations.

Rose further emphasized that it is essential for businesses to have a positive experience when they adopt Bitcoin. The executive explained that merchants may end up giving up the effort if it does not yield any results. “If no one uses it after a few months, they just uninstall their wallet,” he added.

Magazine: The Competition to Construct Secure and Legitimate Coin Mixers with Tornado Cash 2.0