Before the month of May ends, the Philippines' most used e-wallet announced that they are eyeing on cryptocurrency. The CEO and President of Gcash, Martha Sazon said “While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that,” it became hot news especially to the crypto-enthusiast who is in favor for mass adoption. According to her, 40% of Filipinos are having Gcash account that made them to the top of the most used e-wallet in the Philippines.
Now, is it the new beginning and sign for mass adoption? Probably yes, the news posted by Philippine star stated that there's a tricycle driver in Pasay City is offering a cashless mode of payment using Gcash to avoid close contact to prevent the spread of COVID-19.
If the Gcash team successfully implemented cryptocurrency, it will have more exposure to the Filipino people and if possible, they will open their mind on this opportunity. It is possible that they will consider to use it as a mode of payment and there is a chance that they will choose Bitcoin cash as one of the best alternative because knowing that it has a cheaper fees and of course fast transactions. In addition, it is also a good investment because we can consider it as a store of value plus a digical cash that we can use for peer-to-peer electronic cash.
I put this review on Playstore under the Gcash app, hopefully they will consider it...
...but here's the best! If they consider the first situation that we included; 1. Adopt cryptocurrency specifically Bitcoin cash we need to encourage them to go on the second situation that we want. 2. Mass adoption. Since Gcash is offering different services such as paying bills, buying a load, pay for internet and etcetera, hopefully they will also consider to use Bitcoin cash in these kind of stuffs.
If Gcash will implement this thing, it is possible that other institutions who have a service related to Gcash such as the service providers—Globe Telecom, Smart, Talk N Text—we are hoping that they will also consider to adopt cryptocurrency and have more exposure to Filipino people.
The most exciting part is, Filipino people always follow the trend. If one person will do a thing, it is possible that 80% of them will also follow it and if this thing happened, the mass adoption will happen. I am sure that the news post from the Philippine star will also adopt by other drivers (and other people) to use Gcash as a cashless mode of payment.
Conclusion
Filipino people will possibly open this opportunity in the near future since we are always following the lead and the trend especially the most used e-wallet was eyeing on adopting cryptocurrency. Even though they don't mentioned a specific coin that they will include, hoping that Bitcoin cash is on their list.
There is still no confirmation that the Filipinos will adopt Bitcoin cash but in the near future, it will be possible. El Salvador already adopted Bitcoin and used it as legal tender, it is possible that other countries will also embrace this opportunity and open their mind in this kind of matter.
I do believe that cryptocurrency is one part of the key to lift up the poor and developing countries like Philippines to make it successful. In this case, we can avoid the corruption with the help of decentralisation and avoid third party institutions in every transaction that we will do.
You can look at me in noise.cash:
“Honestly, one thing that came to my mind when I seen this post (link below) is none other than Bitcoin cash. I even shared it with a caption “Use Bitcoin cash as legal tender”😄”
Posts:
You can also follow me on Twitter where I am sharing random thoughts—personal and Bitcoin cash tweets.
I believe in Bitcoin cash in different aspects, store of value and digital cash. Use it and spend it like money 💰
Link of my Tweet: Bitcoin cash is the future
Sources:
https://cointelegraph.com/news/major-philippine-e-wallet-gcash-eyes-crypto-trading
https://www.facebook.com/134752476678442/posts/2278805928939742/?app=fbl
Published: June 19, 2021
Omg! Eto inaabangan ko. Pag nagkataon, bye bye coinsph. Hehe.