Bitcoin payments exec shares adoption challenges in the Philippines

Bitcoin payments exec shares adoption challenges in the Philippines

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As many developments within the space show to what extent Bitcoin (BTC) has arrived, a BTC payment provider executive shared how in other parts of the world, adoption may still be in its early stages.

At the BTC event in Prague, Cointelegraph reporter Joseph Hall interviewed Ethan Rose, the founder of Pouch, a wallet service that supports the Bitcoin Lightning Network in the Philippines. The duo discussed the state of adoption in the country and how the Pouch team is trying to introduce Bitcoin to merchants on the island of Boracay, a popular tourist spot in the country.

According to Rose, his team has already managed to incorporate around 250 companies within the island and 400 companies in the country. Her team is working to promote Bitcoin adoption in the country by offering merchants another way to attract customers.

“They are not very sold in Bitcoin. It’s not that they haven’t decided to spend the rest of their lives racking up SATs. Good? So our argument is more like a way to attract new customers to your business for the long term,” Rose said.

Cointelegraph reporter Joseph Hall with Pouch founder Ethan Rose at BTC Prague. Source: Cointelegraph

Apart from this, the executive also shared that there are still some difficulties in introducing people to Bitcoin. He explained:

“It is difficult to take the orange pill. If you can go up to someone and convince them that they like Bitcoin is the best money and they just decide to change their mental model of what money is, right there. He would say that he is quite a gullible person.

In addition to the challenge of introducing people to Bitcoin, the executive also shared that as more businesses start to accept Bitcoin, there is also a risk that they may not get any sales.

Local restaurant in the Philippines that accepts Bitcoin. Source: Stock Market

“We need more spenders,” he explained. The executive said that there is a risk that businesses will not have a good experience because consumers could be diluted if many stores accept Bitcoin in a single area.

Related: Philippines Delays Crypto Framework Release

Furthermore, Rose reiterated that it is crucial that businesses have a good experience when accepting Bitcoin. The executive explained that the merchants could end up abandoning the effort if it does not bear any fruit. “If no one shows up after a couple of months, they just like to uninstall your wallet,” he added.

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