November 7, 2018. Blockchain is a technology poised to disrupt a number of industries, from supply chain to river rehabilitation. A number of people and companies are proposing ways for blockchain to gain mass adoption. Everyone agrees, however, that “payments” is a low hanging fruit that can be disrupted by blockchain through cryptocurrency.
Indeed companies like Coins.ph and Pundi X (there are other examples) have created systems so that cryptocurrencies can become an alternative mode of payment. Crypto adoption, by extension, can validate “blockchain adoption”. Even blockchain evangelist Brock Pierce believes that cryptocurrency is critical for blockchain to gain adoption.
That’s why at BitPinas, we constantly look for merchants, places, companies that are adopting crypto as a mode of payment:
Table of Contents.
Crypto Adoption So Far
- How to Pay SSS Using Bitcoin and other Cryptocurrency
- How to Buy Garena Shells Online Using Bitcoin and Crypto
- This Resto Bar in Mandaluyong Accepts Bitcoin
- This Coffee Shop in Davao Now Accepts Bitcoin
- Philippine Airlines Bitcoin? | Buying Flight Tickets With Cryptocurrency
- This Gaming Store in the Philippines Accepts Bitcoin Cash, Litecoin, Etc
While browsing our social feeds, it came as a surprise to find a gas station in the Philippines that accept bitcoin:
Ardy Mejorada, ASEAN Secretary of the World Blockchain Organization (WBO) snapped a photo of Blockchain Fuel, a gas station in Matalava, Lingayen, Pangasinan that accepts bitcoin. Mr. Mejorada admitted he still used cash to pay because the owner of the station was not there to facilitate the transaction.
Why It Matters
Nevertheless, a cryptocurrency payment-enabled gas station in Pangasinan is a big deal. Here’s why:
- It’s outside Metro Manila or any “metro city” – When we hear about blockchain meetups, blockchain companies, crypto companies, most of the time, they are situated in Manila, Makati, Cebu, Davao, an all those other metro cities in the Philippines.
- It exposes more people to “blockchain” – The name of the gas station is “Blockchain Fuel”. While not everyone who sees it will immediately ask themselves “What is Blockchain?” or “What is Bitcoin?”, maybe a few of them will actually search on Google to find what those terms really are.
- It’s an example of cryptocurrency adoption – You will often read on BitPinas stories of restaurants and coffee shops (and convenience stores) accepting crypto as a mode of payment. This one is a freaking GAS Station. It’s nice to hear stories of adoption in the Philippines. It makes us feel one step closer into that world where tokens are universally used for payments.
What’s stopping adoption from happening?
But adoption will not happen immediately. Things still need to be addressed:
- An official government stance regarding cryptocurrency. At the moment, the Securities and Exchange Commission (SEC) is still in the process of finalizing the rules for initial coin offerings.
- Transaction speed is an issue. At least for bitcoin. There are others that can do, or claims to do, lightning fast payments. However, a key issue here is that bitcoin is the leading cryptocurrency. At least more people know about it already versus the other blockchains that can do fast transactions. If transaction speed can be solved on the bitcoin network (something some people are solving now), or if another blockchain will become dominant that can facilitate more crypto transactions, then the transaction speed problem can be solved.
- No mainstream recognition yet. Let’s be honest, while readers of BitPinas are used to these terms, majority of people still do not. Admittedly, there is still a lot of work to make the public aware of bitcoin and blockchain, and for more companies and industries to adopt.
On the subject of “blockchain adoption”, Mr. Ardy Mejorada of the World Blockchain Organization is one of those people campaigning for more industries in the Philippines to adopt blockchain. Through WBO, Mr. Mejorada organized events and spearheaded partnerships between blockchain companies & industries interested in what the technology can offer them.
But for now, let us all appreciate the owner of this gas station’s initiative to introduce adoption of cryptocurrency and let more people be aware of the blockchain.