July 12, 2017
Bitcoin Transaction at 7 Sins Bar, Moalboal
Location: 7 Sins Bar, Panagsama Beach, Basdiot (municipality), Cebu (province), Philippines
Google Map: 9°56'55.5"N 123°21'57.1"E
What is Bitcoin
Bitcoin is a crypto-currency (an encrypted digital currency that resides only on the internet) developed by a Satoshi Nakamoto (a pseudonym). It does not exist in paper or coin format. Think of it as an ATM card where you can buy goods and services without using cash. But you don't go through a bank - you are essentially your own bank but you go through third parties to process the transaction.
Bitcoin Payment for a Pineapple Juice
I was at 7 Sins Bar when I saw their sign saying they accept Bitcoin. Whoa!!! Since I've opened a Bitcoin account in Bali last year, I haven't made any transaction yet. I couldn't find any establishment in the Philippines accepting Bitcoin until now. Total charge for a P100 pineapple juice was BTC .00093206 (BTC 1 = PHP 120,169.51). Abraham received BTC .0008733 which leaves me with a transaction fee of BTC .00005876 or PHP 7.06. I was surprised to find out it's a 7% transaction fee. This is higher than most banks!
The transaction was fast and painless. I put in the amount and scanned his QR code and in a few seconds, the transaction was confirmed. Transactions are completely anonymous but you can see the money trail through the Block Chain - so no one can squeeze-in fake Bitcoin. Yes, you need wifi.
I talked to the bar owner, Abraham, and got into a conversation about global finance. He makes money-talk riveting like a spy novel. He's quite a renaissance man - scuba diver, freediver, pilot, forex trader, military, law enforcement, meditator, etc. He reminds me of my yoga teacher, Veer, who was a human Swiss Army knife. To make the story even better, he agreed to my web proposal with payment in Bitcoin! I would more than gladly do business with a company supporting Bitcoin.
The 7% user fee is unsettling. I still have to double check what happened here. But setting that aside, Bitcoin is empowering. The banks cannot rig the system (so no more subprime market meltdown!), it cannot be counterfeited (because of the Block Chain feature) and no government can stop it (unless they crash the entire internet). If only more people will use this currency and if only more establishments will accept Bitcoin payments, the banks and their manipulations would be a thing of the past.
(July 13, 2017) You will find charges vary depending on who you use for Bitcoin transactions. Some companies charge higher than 7% up to 20% and others charge less than 1%. You will find the ones with the cheaper charges will have a higher turnover.
Moalboal, Cebu, Philippines
External Links about Bitcoin
- The Bitcoin Gospel - as video documentary primer on Bitcoin, its supporters, problems, creation and application
- Bitcoin.com - general information website about anything related to Bitcoin
- Warning BITCOIN - Youtube video on banking genesis and the threat Bitcoin poses to it
- bitaddress.org - Bitcoin Wallet generator site
- Coin Desk - real time valuation and historical valuation of Bitcoin
Bitcoin Blogs by TheLoneRider
- Bitcoin Transaction at 7 Sins Bar, Moalboal July 12, 2017
- Opening Up a Bitcoin Account in Bali Jul 20, 2016
- Satoshi Nakamoto - Bitcoin Creator Dec 8, 2015
- Bitcoin - the Liberation of Currency Dec 7, 2015
Travel Tips about Moalboal
- money changer - there are 2 money changes here in Panagsama Beach - Saavedra Cottages and the small store in front of Cora's Cottages. They both offer dismal rates. Best exchange rate is at Gaisano Moalboal town center (bring an ID!!!) followed by M. Lhuillier, then Palawan
- weather - even though it might be raining cats-and-dogs in Cebu City or in Negros Oriental, the sun is likely to be out in Moalboal. It only rains there if there is an actual monsoon. So don't let that rain scare you off from your dive trip.
- tricycle - rides could end up pricey if you don't plan for it. Best to get a price established with a tricycle or motorcycle driver as you arrive (usually P50/pax for single motorcycle ride and P100/trip for a tricycle) to White Beach. Then arrange for a date/time pick-up from your resort at that same price rate (otherwise you will end up paying for a round trip)
- folding bike - if you really want to save up on tricycle fare (which could seriously add up if you keep going back and forth from Panagsama - White Beach), bring a folding bike with you. A folding bike fits in the under-belly of a Ceres bus
- Town Center to Panagsama Beach - if you want to pay the local rate (not tourist rate) of P10/pax from Town Center to Panagsama Beach, take the tricycle behind Three Sixty Pharmacy. The tricycle will wait until its full before taking off. Tell the driver you're going to "Baybay". On the way back, from Panagsama Beach to Town Center, walk a bit here and board the local tricycle. It will wait again to fill up before taking off. Best to pay the tricycle driver while awaiting for other passengers. That way, he can't charge you tourist fare when you alight.
- Town Center to White Beach - local tricycle rate is P25/pax beside Three Sixty Pharmacy. You should see tricycles with painted signboard, "White Beach". Tell the driver you're going to "Basdaku"
How to get to Moalboal from Dumaguete:
- From Dumaguete, take a bus or jeep going north and ask to be dropped-off at the Sibulan Town Proper (~P10, 10 mins). Take the short walk to the pier.
- Take either the pumpboat or fastcraft to Liloan, Cebu (~P50, 30 mins)
- From the Liloan port, take a tricycle to the Bato Bus Terminal (~P20 if shared, 10 mins)
- From the terminal, take the Cebu City bus via Barili and ask to dropped-off to Moalboal Town Proper (P70, ~2 hours)
How to get to Moalboal from Cebu City:
- take a Ceres Bus at the South Bus Terminal going to Bato (make sure its via Barili) and get off at the Moalboal Town Center - 3 hours, P130 (aircon)
- From Town Center, take a tricycle to your resort. Town Center to Panagsama Beach (~P50 if no other passenger, 10 mins).
Moalboal Blogs by TheLoneRider
- Goodbye Moalboal Sep 2, 2017
- Fitness on the Jetty Aug 18, 2017
- Freediving Pescador Island with Seaquest Dive Center Aug 13, 2017
- Life in Moalboal Aug 7, 2017
- Pranayama in Moalboal Aug 3, 2017
- Settling-in at Moalboal Poblacion July 23, 2017
- Freediving with Jean Pol Francois of Freediving-Planet July 22, 2017
- Freediving Moalboal July 10-18, 2017
- Scuba Diving through the Sardine Bowl July 17, 2017
- Bitcoin Transaction at 7 Sins Bar, Moalboal July 12, 2017
- Scuba Diving Tongo Point with SeaQuest Dive Center July 10, 2017
- Revisiting Moalboal July 10-16, 2017
- Freediving in Moalboal at Asian Belgian Resort Sep 6-7, 2015
- Beach Life and Free-Diving in Moalboal, Cebu Sep 13-23, 2012
More Information about Cebu City
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