If you’ve lived under a rock for the past few years, you probably still don’t even know what Bitcoin is. To give you a quick rundown, Bitcoin is a decentralized peer-to-peer digital currency.
You’d probably think, “a what now?” Bitcoins are the currency of the internet, and is slowly being accepted as an alternative payment method due to its customer friendly transactions and ease of use, which is as easy as registering for a wallet, and boom! You have an digital bank account, as simple as that.
If you’re still tilting your head over what I just said, this video may be more enlightening:
Now you’re probably thinking, “Alright, so how can I even use this digital money here in the Philippines?”
A lot of retailers already accept Bitcoin as a payment method here in the Philippines. Discount sites like CashCashPinoy and MetroDeal already accept it, and it’s even safer, secure and faster than having to rummage around for a credit card, even escaping those pesky hidden fees made by banks.
Meanwhile, there are even certain branches of Manang’s Chicken that use it if you’re grabbing a bite to eat, or even certain traders who are willing to trade for Bitcoin. If you’re not willing to trade, there are even several Bitcoin ATMs and currency exchanges where you can buy Bitcoin or even sell them for several currencies, including Philippine peso or US dollar. This is especially useful if you need to send money, which is especially appealing if you know or are related to someone working overseas. Just go to the local exchange and have your money converted to Bitcoin and send it over, where your relative can convert it back to the local currency. It’s simple, faster, minimizes transaction fees and all you need is just a wallet.
Bitcoin here in the Philippines still has a long ways to go to become a viable main payment method, but it’s definitely wrong to say that it doesn’t have a presence here in the country. Nevertheless, it’s interesting to see what its entry would usher into the Philippine economy.