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In May 2021, the Philippines crypto community was surprised by the news of Philstar about the leading Philippine mobile wallet GCash for its future adoption of cryptocurrencies on its products and services. The mobile wallet will soon be accessible for buying, selling, and saving cryptocurrencies just like its great rival crypto wallet Coins.ph is offering.
As a crypto holder, the GCash adoption of cryptocurrencies will be a great start for massive crypto adoption in the Philippines, and that includes Bitcoin Cash. Cryptocurrencies may be known to many Filipinos, but the adoption and integration of cryptocurrencies in daily transactions are what our country is lacking. The intention to invest in cryptocurrencies is high among Filipinos because we are always open to any kind of investment that will give us a definite return.
The youngsters, for example, are among the Filipinos that are keen on exploring and trying new earning opportunities online, either on crypto or non-crypto-related earning platforms. Poverty and aiming for a higher income that our country can't provide are some of the reasons why Filipinos are seeking better opportunities online that will give them extra cash to support their families and studies financially.
Back on track, the GCash integration of cryptocurrencies in its financial products and services is a potential road to massive Bitcoin Cash adoption in the Philippines.
How can GCash help Bitcoin Cash mass adoption in the Philippines?
GCash is a preferred mobile wallet by most Filipinos and the number one finance app. It is owned by Mynt and is a subsidiary of Globe Telecom Inc which is one of the biggest network companies in the country. And according to Statista, the digital wallet has an average of 33 million users in 2020 with a 65 percent increase from the previous year. And as of July 2021, the wallet has about 46 million registered users according to Rappler.
The potential for massive BCH adoption in the Philippines is high once GCash will integrate cryptocurrencies into its financial products and services. As of 2021, there are only a few merchants in the Philippines accepting Bitcoin Cash. You can check the list of BCH merchants in the Philippines in this article of @BantayanIsland
Philippine Merchants Accepting Bitcoin Cash (BCH) As Payment
GCash on the other hand has over 73, 000 partner merchants across the Philippines.
As the pandemic hit the world, the Philippines became the third-highest rate of crypto users across the world according to Thefintechtimes. Meanwhile, GCash serves as the main medium for cashless payment of most Filipinos in buying, selling, paying bills, bank transfers, and more digital payment transactions.
Probably, millions of Filipinos are now using cryptocurrencies since it was known in the country in 2017. And the average number of users is increasing day by day with the help of different crypto platforms.
And with the help of GCash crypto adoption, cryptocurrencies can easily be introduced to their current million users and thousands of merchants and will be known to more Filipinos across the country. Many GCash users are current users of cryptocurrencies already. Noise.cash for example has more than 200,000 users and read.cash has more than 70, 000 users and the majority of them are Filipinos. These Filipinos are already aware of Bitcoin Cash and other cryptocurrencies and users of GCash as well.
The start of Bitcoin Cash Mass Adoption with GCash
As I have mentioned above, Filipinos are keen on exploring new earning opportunities. The BCH adoption will start by introducing crypto to GCash users and merchants. The consumers' and merchant's curiosity about the new feature of GCash will lead them to dig more information regarding cryptocurrencies and how they will be useful in their daily business transactions. The cryptocurrencies' advantages, benefits, and huge potential returns will then convince them to use cryptocurrencies in GCash, and accept crypto as a form of payment.
GCash Merchants' form of payment: Why Bitcoin Cash, not other cryptos?
The possible list of cryptocurrencies that will be added on GCash based on the first blockchain-backed platform coins.ph might include Bitcoin, Ethereum, Bitcoin Cash, and Ripple.
For practical merchants, if they will adopt cryptocurrencies as a form of payment using GCash, they will choose the crypto with lesser fees, fast transactions, higher potential returns, and good for long-term investment.
Bitcoin was the first crypto introduced in the Philippines and is currently used widely in the country. Ethereum on the other hand is famous for its outstanding innovation, DApps, and smart contract platforms.
However, BTC and ETH are really not good options for digital payment because of their high transaction fee and very low transaction speed.
Among all the cryptocurrencies above, Bitcoin Cash is the peer-to-peer digital currency that allows consumers and merchants to receive and send payment in the fastest transaction time and with very low transaction fees. Meanwhile, many crypto users see Ripple as a good form of payment as well and many Filipinos are also using this crypto because of its cheaper price.
However, if you will compare the two cryptos based on their potentials and fundamentals, Bitcoin Cash will always lead the spot. XRP is also backed by RippleNet, and the company's downfall is also a downfall for XRP. Just like what happened to it last November 2020 where the company faced a lawsuit charged by the U.S. Securities and Exchange Commission (SEC) due to alleged marketing of XRP illegally to retailer customers.
A practical merchant won't wait for too long for the payment to arrive in his wallet. And a practical customer won't use crypto with high transaction fees as customers are always after saving money and lower prices. Thus, Bitcoin Cash is a great form of digital payment that will be accepted by most GCash merchants and users.
Why is GCash the way to crypto mass adoption when coins.ph comes first?
Coins.ph is the first blockchain-backed crypto wallet in the Philippines and regulated by the Bangko Sentral ng Pilipinas (BSP) that offers products and services that GCash has.
Both coins.ph and GCash apps allow their consumers to:
Direct access to banking
Send remittances local and international
Pay bills
Buy loads/mobile data
Buy game credits/internet plan
Online shopping
Save money
Coins.ph may be the first crypto wallet in the Philippines, but GCash offers services that coins.ph don't have. And that is the use of QR code in buying products in many local stores and supermarkets as well as in public transportations.
Coins.ph has fewer partner merchants compared to GCash and a growing number of Filipinos are aiming for cashless payment for their safety and convenience. And if you visit different shops in the Philippines, you'll see GCash QR codes in many stores. Public vehicles are now accepting GCash as well as forms of payment. The process for cashing in and cashing out in GCash is also more convenient because of its thousands of partners anywhere in the country, compared to coins.ph that can only be done through remittance centers and banks.
Thus, GCash is a great way to massive Bitcoin Cash adoption in the country if all its consumers and merchants will adopt crypto and use Bitcoin Cash as a form of digital payment. And it would be the moment that we are waiting for, to use Bitcoin Cash in our daily transactions, buying products, mobile data, paying bills, online shops, and more.
Closing Thoughts:
Digital payments and cryptocurrencies are becoming mainstream in the Philippines. And in this pandemic era, many are clamoring for cashless payments for their safety and convenience, and to avoid physical contact during transactions. The adoption of cryptocurrencies has also been a huge help for many Filipinos financially especially during this pandemic crisis wherein many Filipinos lost their jobs and many business owners closed their businesses.
Filipinos are now starting to view the value of cryptocurrencies as an investment and a mode of generating income through the help of crypto games and other crypto platforms. The evolving technological landscape in the Philippines is also the main factor of growing cryptocurrency adoption in the country.
With the help of the upcoming GCash feature for cryptocurrencies, the possibility for Bitcoin Cash to be adopted by its partner merchants and consumers is high due to its advantages and being a great candidate for digital payment.
Besides, Bitcoin Cash sound money to the world. It is fast, has low fees, is reliable, simple, stable, and secure. And its permissionless innovation, fixed supply, and decentralized development are the qualities that make it stand out among cryptocurrencies.
