Cryptocurrency and Steemit in the Philippines - Changing Lives, Changing the World!

Dear Steemit Friends,

I have always believed that Cryptocurrencies would change the world and serve as a catalyst for amazing changes that would benefit us all. Blockchain technology and the platforms built upon it will reshape how we do business and live our lives. People are beginning to realize that this technology has a massive opportunities and potential to disrupt and transform the world of money, business, and society and has started to reshape healthcare, finance and virtually every industry that requires transactions.

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Platforms like Steemit, built on blockchain technology has started to disrupt how we approach social media and has set the standard of compensating people better for content that they create and share with the rest of the world. Cryptocurrencies blur the lines of social economics and give rise to a new class of entrepreneur who can work for themselves and earn just as much if not more then current modern day jobs which in most cases are more stressful and less rewarding.

I have always believed that Cryptocurrencies and platforms like Steemit would serve best and be more effective in countries where poverty ranks high. Although the Philippines is not economically considered among one of the poorest countries in the world, the line drawn between the wealthy and poor is great. I spent a good 12 years living and working in the Philippines where about 90% of our population lives on less than $10 per household per day (the international definition of 'extreme poverty' is $2 a day per person).

I recently read a post by @asbonclz ( a member of the Steemit Philippines Community that I support) titled How to survive with $5.00 for at least 3 DAYS in the Philippines and it got me thinking of how some of us who live pretty comfortably, make a decent amount of money, and live in first world countries take for granted what we have. In his post, he talks about how he can buy enough ingredients for the preparation of a meal that can last and sustain him for 3 days. This post of his earned him roughly 6 SBD after payout which equates to about $24 USD using today's exchange rate. This means he could potentially survive for 2 weeks on the earnings he received. Most of us can't even imagine living on such a tight budget, yet people all around the world do it, and sometimes with less.

In many ways, the Philippines is probably one of many perfect environments for the kind of decentralized revolution that cryptocurrency has the potential to enable. Currently, the BPO industry is one of the fastest growing and highest paying industries in the Philippines. It is responsible for generating roughly $25 billion in revenue and accounts for about 10 percent of the country's GDP growth. This industry employs a little over 1.5 million people and is projected to nearly double in size over the course of the next few years. Salaries in this industry are among the highest than any other industry, however, with the increased growth comes increased expenses which end up being more than what a typical call center employee takes home. In addition, the stress and hours that one must work are not conducive to a healthy lifestyle.

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On top of the call center industry, there are about 10 million Filipinos living and working outside the Philippines who regularly send remittances back to their families. This makes up another 10% of the countries overall GDP. Institutions who charge 4-percent to 10-percent per transaction end up taking a hefty chunk out of this $30-billion overall budget.

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This is where Cryptocurrency and platforms like Steemit can make a difference. With faster transaction times, lower fees, and less regulation and control from 3rd party institutions, people are able to save more of their hard-earned cash. As the number of Internet-connected devices has increased, so has the number of online transactions. Smartphone penetration is now at over 50% and the majority of those people frequently use online services and social media platforms as a part of their daily lives.

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A number of people in the Philippines are now moving towards online sales in the Philippines, however, most transactions are still offline when it comes to fulfillment of orders because less than 5% of Filipinos have access to credit cards. Buyers either agree to meet the sellers at a physical location (such as a mall or other public venue), or they make a cash deposit at the seller's bank and then wait for next-day delivery. Applying for and getting approved for credit is a very difficult task in the Philippines and once you mess up, your record never recovers. There is no central authority that really manages credit and consumer information so most establishments require a number of documents, information, and paperwork as well as several forms of ID to even be considered.

Because of all 3 examples above, cryptocurrencies and the opportunities they provide are perfect for the Philippines environment. Already we are starting to see shining examples in the Steemit community where people are able to support and live independently on earnings that they make. People's lives have been completely changed due to the generous support of others and more so because of the recognition that content creators receive for their work which may otherwise not get noticed without blockchain platforms like Steemit. e have seen several occasions where a post has been made by someone who is struggling where the community has chipped in a vote valued at as low as a few cents each, but when added up turn into tens-of-thousands of dollars.

When it comes to financial institutions, cryptocurrencies represent money that 90-million low-income Filipinos could use in areas and situations where the traditional banking system have otherwise failed them. They could start sending and accepting bitcoin immediately with just their mobile phones, with very little cost, and without having to ask for permission from anyone.

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The Philippines has a surprisingly large number of vendors, online merchants, and platforms that accept direct bitcoin and cryptocurrency payments. In Metro Manila, coffee shops and restaurants accept direct bitcoin payments and local e-commerce platforms partner with institutions like Coins.ph to accept bitcoin payments. People are also able to use Coins.ph to buy cryptocurrencies and trade on a number of platforms to earn (or lose) quite a hefty sum of money in a matter of days vs traditional investments.

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As the technology continues to grow and evolve, income opportunities are constantly being created that allow individuals to empower themselves and getting paid more fairly for the content they produce and the value they bring to the ecosystem. The ecosystem concept (the internet we currently understand) is being replaced by the blockchain and soon all those dollars that went to large corporations will begin to flow to individuals who truly make a difference.

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This change will be global and the places where it can be most effective are the countries (like the Philippines) where individuals struggle the most. Large corporations will still benefit and Governments will still find a way to get their share, but overall the playing field will grow and provide more and better opportunities to all.

Below I have compiled a list of the countries with the toughest living conditions ranked by the per Capita GDP (which is a measurement of how much wealth is available to each individual person of that region). Although this is not a complete list, it does highlight where cryptocurrencies might do the most good and have the greatest impact.

The Philippines is ranked number 69 on the list. It's staggering to see how much poverty is out there, but amazing and exciting to see how a little caring, ingenuity, and technology can reshape the world and make it a better place for us all. The future is bright for cryptocurrencies and Steemit in the Philippines. Part of my mission is to help spread the word and make the technology more accessible in regions where it can do the most good.

I hope you enjoyed the post. Let me know what you think in the comments section below. If you do have any questions, inputs, or feedback, please also share those with me.

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