What is it like to live in the Philippines and South Korea on Bitcoin alone?

A chart about the usability of Bitcoin for daily spending has been circulating in major Bitcoin online forums such as Reddit. The poster, "themetalfriend", is a Bitcoin enthusiast. He compiled this chart after living in Germany for a period of time relying solely on Bitcoin.

After seeing this table, users of the community and online forums expressed strong interest in analyzing the use of Bitcoin in other countries. Therefore, in light of the rapid development of innovative Bitcoin startups in Asia and my personal experience using Bitcoin in South Korea and the Philippines, I have made the following analysis on the practicality of this cryptocurrency.

the Philippines

The number of Bitcoin users in the Philippines has surged. Coins.ph is the most popular and most used application in the country, and the application covers a wide range of areas, including games, content sharing, social media, etc.

Coins.ph is a Bitcoin remittance app. Anyone who uses this app can rely solely on Bitcoin for daily life, which is very convenient. Through this app, users can buy and sell Bitcoin directly at ATMs, banks, remittance agencies, and convenience stores. Therefore, for users who don’t like fiat currency, Coins.ph is definitely the best choice.

Coins.ph can be used to pay tuition fees, make domestic remittances, pay for Internet, rental fees, utility bills, credit card bills, and other bills. In simple terms, Coins.ph directly converts bank bills into Bitcoin bills, so that users do not have to use legal currency to pay card accounts.

A user in the Philippines said she started using Coins.ph after buying a mobile credit card with Bitcoin. Normally, people have to go to a physical store and queue for hours to buy a credit card. She first learned about Bitcoin at a technology event.

In the Philippines, there are many stores, online stores and online platforms that accept Bitcoin payments. Even many coffee shops and restaurants in Manila accept Bitcoin payments. Local e-commerce platforms such as Pinoy Travel and Metrodeal have cooperated with Coins.ph, and Bitcoin has become a payment method on these platforms.

In addition to Coins.ph, Bitcoin remittance services provided by platforms such as Rebit.ph and BuyBitcoin.ph are also very convenient. Filipinos working abroad can directly remit money to China through these platforms with very low fees. There are also two options for receiving payments: Bitcoin and cash.

In general, it is feasible to use Bitcoin to purchase durable goods, food, pay rent and various bills in the Philippines.

South Korea

South Korea is an important fintech hub in Asia, apart from Singapore, China and Hong Kong. The Bitcoin industry in South Korea has been developing rapidly since 2014. Some of South Korea's Bitcoin startups are the first in Asia to receive venture capital funding from well-known angel investor Tim Draper and others.

Most payments initiated by South Koreans are made through digital networks and banking systems. Physical cash is rarely used in the country because credit card service providers have successfully integrated most of South Korea's transportation and bill settlement systems.

As Korean users are familiar with digital financial networks, the public is very receptive to Bitcoin. Bitcoin ATMs are installed in Korean universities and some famous tourist attractions. The introduction of Bitcoin ATMs has greatly promoted the popularity of Bitcoin, and companies such as Coinplug have also emerged.

Coinplug is a company invested by Tim Draper and is one of the few companies in the world that focuses on simplifying Bitcoin transfers and spending. Coinplug has successfully transformed more than 20,000 convenience stores in South Korea into Bitcoin OTC platforms and installed ATMs in each convenience store.

However, other bitcoin companies such as Coinplug and Korbit still rely heavily on cash. Although they have simplified the process of buying and selling bitcoin, South Korea still lacks a local app that allows direct use of bitcoin like in the Philippines and Thailand.

Therefore, if you are in South Korea, it is best to consider Bitcoin as an investment tool. Once funds are needed, users can withdraw them directly at domestic convenience stores. However, Korean startups are currently unable to help people get out of the fiat currency system.