I searched for establishments in the Philippines that accept BCH as payment and my total count is 25. For this feat, https://map.bitcoin.com/ is an excellent, reliable source.
With this figure, I can say that it's still a long shot for the Filipinos to enjoy BCH mass adoption. Nevertheless, a good start.
Not that much, but it's a good start.
What does a massive adoption of Bitcoin Cash would mean for the Filipinos? I can't say much about El Salvador's recent move to accept Bitcoin as legal tender. I don't know about their culture and their economy. I have read good points and bad points. As of now, the world awaits. But allow me to speculate if the same ruling will be applied to the Philippines, but with Bitcoin Cash.
Filipinos are the most social media savvy in the world
Back in 2015, the Philippines was dubbed as the social media capital of the world, spending 4 hours and 15 minutes a day on social media platforms, particularly on Facebook. Fast forward to 2020 - for five years in a row now - the Philippines remain to be on top, with an average daily time spent of 3 hours and 53 minutes. Even today, read.cash and noise.cash are testaments of how Filipinos love the internet and social media in general. We have lots of time in our hands to update our friends and not-so-friends with everything that happens to us - even the most trivial of all things.
While this paints various pictures of Filipinos in general, we can leverage the fact that it would be very helpful in making sure that everyone is in the loop with what's happening with Bitcoin Cash - assuming it becomes legal tender or massively adopted. Want to inform the majority of the population about Bitcoin Cash? Given favorable circumstances, Filipinos can make it trend like wildfire.
OFW remittances will be a breeze
Remittances from our Overseas Filipino Workers remain to be a significant player in the country's economy. Filipinos are basically all over the world. And our culture brags about helping family wherever we may be. Imagine the concept of OFWs sending their remittances without having to go through banks and other middlemen. Everything will be within the power of their fingertips. I just don't know how things will be measured once remittances go straight from user to user on a decentralized system. But some things I can think of: no more exorbitant and unnecessary fees. Just plain convenience.
The world gets closer than ever
The internet played a huge role in bringing people closer - even if we're physically distant from each other. Imagine celebrating Korean Pop Culture, enjoying Hollywood movies, laughing at some Chinese humor via Tiktok, or crying over some European drama. But a digital society that uses a BCH as peer-to-peer cash for transactions is truly remarkable. Yes, Paypal and other digital wallets have been around for years now, but BCH is the currency for the people, by the people, and is enjoyed by the people. As an aspiring author, I dream of having my books being sold to people from wherever they are on a peer-to-peer basis. All they have to do is to scan my QR, send payment, and I will receive it in my wallet in no time.
Let's enter the Filipino local scene.
According to BitPinas, BPI, one of the leading banks in the Philippines, no longer allows crypto transactions. The bank allegedly blocks deposits to Binance, an international crypto-exchange platform. On the other hand, GCash is considering embracing crypto in its platform. Can we say BPI is making a backward move, as GCash steps up their game?
With the cryptomarket's volatility a major player, it's no wonder why a lot of people are still at odds with the idea of adoption.
Read my BCH-related blogs:
Bitcoin Cash Changed not only my Routine but also my Perspective
Installing BCH Payment Channel on my Blog (and eStore) A Success!
Hi, I am Marts! Aside from read.cash, I also run my blog - martsvalenzuela.com. I plan on growing my readership while learning to improve my craft and journey towards my passion to write and publish books that add value to people.
Carpe Diem!
go go go GCASH! I am waiting for you!