Lastly, there is also the simple language barrier in that most Bitcoin education is offered in English and not in Filipinos’ native language. This is also accompanied with the fact that there is a lot of technical jargon in learning about blockchain technology. Though some education platforms are already tackling this in the country, it is still a relevant issue to highlight.
This notion of needing sufficient education is not just limited to the Philippines but also extends to all other countries that Bitcoin will eventually permeate into. Each country will have its own unique problems with learning about Bitcoin, so it becomes important to identify each problem per country and then tackle them accordingly.
Interest In Bitcoin And The Opportunities It Presents
Nevertheless, there are numerous opportunities for the development and adoption of Bitcoin. Though countries like the Philippines will inevitably face some hurdles in Bitcoin education, most citizens become quite accepting and eager to learn once educated. The Philippines, in particular, shows a lot of promise.
With regards to opportunities, the Philippine people are avid internet users, with the country being dubbed the “social media capital” of the world . Inevitably, this has also led to the nation’s relatively high Bitcoin and cryptocurrency adoption. GWI’s global survey revealed the Philippines to be ranked as the second country in terms of owning cryptocurrency and another survey showed that bitcoin was the most popular cryptocurrency in the country, with 37.8% of the 12 million cryptocurrency owners there holding bitcoin in their wallets. The governor of the Bangko Sentral ng Pilipinas, the country’s central bank, has indicated that there are no plans there to prohibit the use of cryptocurrencies. Bitcoin education is also an increasing trend there .
Many other countries, especially developing ones, will show similar promise. Realizing this promise simply requires a sufficient understanding of economic problems and how to tap into mass education. The case of the Philippines shows how, despite numerous drawbacks in a government or economy, Bitcoin can still alleviate some troubles for regular citizens. Bitcoin shows that, even though there will be hurdles in the education process, breaking through to the people will bring huge opportunities.
This is a guest post by Jiro Reyes. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
