10 sats \ 9 replies \ @0xbitcoiner OP 17 Jun \ parent \ on: The Countries Receiving the Most Remittances From Abroad econ
The Philippines' GDP is roughly 10 times larger than remittances.
They have probably heard about bitcoin, but they might not be aware that using LN can make sending remittances almost free.
The Philippines have a couple of shitcoin options designed for remittances and sold as sending money abroad cheaper. Ultimately Western Union type operations are the winners though. It doesn’t matter if you have a BTC-savvy US worker if his family can’t receive BTC and translate that into dollars or local currency…. Strike needs to happen and be promoted.
Bongbong Marcos is very keen on exporting labour and is pushing hard on an already important remittance structure. Unaccounted / unaccountable remittance in the form of ‘balikbayan’ boxes is also significant in supporting families. Wonder if there is an advantage for him in looking to BTC rails.
reply
reply
I am not unfortunately - just know a couple of people from there and I listen to their struggles.
The problem in transferring in BTC is getting it back out again when they need fiat
(Assuming they need the cash)
reply
reply
And write a few guides or how-to to help others in a similar situations if not necessarily the same country
reply
You have friends from all over the world
I would prefer if adoption happened on the merchant's side through LN, but in the meantime I think Strike is bringing adoption, it's undeniable.
reply