Dominica and Bitcoins: A Bitter Drop!

The Caribbean island of Dominica will soon become a crypto currency community. Yes, internet money is coming to Dominica on March 14, 2015 at 9.26 am.

But what does this mean to an island nation of less than 70K people that once used agriculture as its source of livelihood? The answer may well lie in a now defunct "passport for bitcoin" program that previously partnered with criminals in exchange for citizenship.

According to the bitcoin website, "70,000 residents living on the Caribbean nation of Dominica will be eligible to receive bitcoin as part of 'The Bit Drop' project, - an upcoming collaboration between bitcoin businesses, interest groups and the government of Dominica."

Elaborating further, the website stated that "this effort will turn Dominica and its more than 70,000 residents, into the most densely concentrated bitcoin community in the world."

But why the Caribbean island of Dominica among all others?

Bitcoin officials believe that Dominica, with its relatively small population and Gross Domestic Product (GDP), proved an ideal location for the event.

Project manager Sarah Blincoe stressed that Dominica's smart phone users will be able to solve real-world problems using bitcoin. It will also provide Bitcoin point-of-sale (POS) systems to merchants and install Bitcoin ATMs on the island. Those interested in donating to help the project see a successful launch can visit letthebitdrop.com. and those who donate 0.1 bitcoins or more will be entered into a drawing to win an all-inclusive trip to join the celebration.

Bitcoin is a virtual currency that allows users to trade "actual" money for digital tender and exchange it online for goods and services, just as they would with "actual" money. Bitcoin is software-based and uses peer-to-peer technology to operate without the involvement of the central bank or commercial banks.

However, economists state that "for bitcoin's price to stabilize, a large scale economy needs to develop with more businesses than users." At present, Dominica's newly elected prime minister, the right Hon, Roosevelt Skerrit has stated that "his government will be focusing heavily on project implementation to give Dominicans a greater competitive edge of attracting investments and creating jobs in the economy."

Maybe Bitcoin is one of those projects but for now we just have to wait and see.

By Rebecca Theodore