Sunday, September 21, 2014
So how is it that the Philippines – a developing country with its share of geographical and economical problems – manages to be leaping to the front of the pack when it comes to bitcoin?
Some western entrepreneurs now regularly visit the country to check out the cryptocurrency scene’s progress, including Nick Sullivan from Silicon Valley-based ChangeTip.
There are two main ingredients that have brought about this state of affairs.
The first is remittances. The Philippines is the third largest recipient of money from its workers overseas, after China and India, with $22bn received in 2013.
Ron Hose, founder of bitcoin exchange Coins.ph, adds that “internal remittance, people in the Philippines sending money to family and friends in the country, probably adds $50bn to $70bn on top of that”.
Both flows of money can earn the legacy money-transmitting companies up to a 10% cut on average remittances of $200 – an industry that bitcoin companies could do very well in disrupting, lowering fees and still making good profit in the process.
The second ingredient is the incredible level of social interactions of the Filipinos. It’s not a myth to say that people are over-friendly and connecting the dots, making it both the selfie capital of the world and one of the most active social media nations.
Mobile penetration is already beyond the 100% milestone and, combined with the youngest population of South-East Asia and rapid growth, you have what some call the ‘perfect digital storm’.
Read more: http://www.coindesk.com/bitcoin-philippines-perfect-cryptocurrency-storm/
Produced for SQ1.tv, this Bitcoin documentary looks at the history, the ideologies, and the conflict between the politics of the early-adopters and the VCs/entrepreneurs pushing to take Bitcoin mainstream.
SQ1.tv interviewed many of the leaders in the Bitcoin movement including Gavin Andresen, the former lead developer; Jeremy Liew, a venture capitalist; Erik Voorhees, one of the notable libertarians in the movement; Fred Ehrsam, co-founder of Coinbase; Peter Vessenes, head of the Bitcoin Foundation.
And by far the most out-of-this-world way to use bitcoin:
Richard Branson's commercial space company, Virgin Galactic, will accept Bitcoin in exchange for a ride into space. Yeehaw!!!