“Bitcoin Island”, also known as Boracay Island, is a charming island paradise that tourists flock to. With pure white sandy beaches, clear water, food and greenery of the island. This island is everything a traveler needs from a vacation. Including all Crypto disciples
When tourists come to the island They will be greeted with an atmosphere that blends traditional Filipino traditions. with modern conveniences such as digital currency
Carrying a lot of cash when traveling is usually not a good idea. And using your credit card abroad may incur significant fees for both currency conversion and overseas card usage fees.
However, if you use Bitcoin, the fees will be a fraction of the fees in traditional banking systems.
Bitcoin, Lightning Network and Boracay
Bitcoin is a digital currency that you can use to buy things online or in stores. It’s like regular money but only on the internet. There are smaller units called “Satoshi” where people can hold some of their Bitcoin and not necessarily own all of it.
Bitcoin uses the Lightning Network to transfer Bitcoin and is like a superhighway. because normally When people send BTC from one place to another It may take some time for BTC to get there, but with Lightning Network This will allow Bitcoin to be sent much faster. Like a car driving on a highway And this makes it easier and faster to use Bitcoin to buy things.
Not only can tourists pay with Bitcoin in Boracay, but locals who accept it can store their Bitcoin in their digital wallet. Or they can pay in local currency. which is the Philippine peso
The acceptance of Bitcoin by the locals on the island has been very successful. Even street food vendors accept Bitcoin, making the island more crypto-friendly and attracting more enthusiasts to visit.
Pouch’s Vice President, Bill Hill, lives in Boracay. sayHe hasn’t used fiat money since August 2022.
“This is one of the top attractions. Not just in the Philippines but also in Southeast Asia. So we know there will be more foreigners coming in and they already have a Bitcoin Lightning wallet and we will have more tourists which will bring Bitcoin to the local economy.”
Hill said that so far, in a month, “about $100,000 has been in the system.”
“We want more islands accepting Bitcoin in the Philippines. And we’re helping people on board, as our remittance channels continue to get stronger, we’re going to see natural growth. Because in the Philippines, every day over $86 million is transferred from migrant workers who are returning to support their families. And now about 7% of that money goes to money transfer fees. But we only charge 1% spread for converting foreign currency into our system.”
That means savings of over $5 million per day. If People in the Philippines Use Bitcoin and the Lightning Network
For now, Bitcoin Island is an interesting experiment. It acts like a place of experimentation until the day when Bitcoin is accepted all over the world. and if the trial goes well The day we dreamed about might come to us sooner than we thought.
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