On March 14, 2015, the Caribbean will host a collaboration of Bitcoin businesses, interest groups and local government officials at its “The Bit Drop” event- an island wide party celebrating the virtual currency. The event will take place on Dominica, where all residents (approximately 70,000) will be eligible to receive bitcoin via their mobile phone. Partners of the project include Coinapult, the College Cryptocurrency Network, Bitcoin Beauties, and Aspen Assurance.
According to Sarah Blincoe, project manager of “The Bit Drop,” the island presents a unique opportunity to demonstrate the potential of Bitcoin as an every-day currency.
The island has opportunities for remittance due to many islanders moving for work to [other] islands, as well as the local medical university with students from around the globe. Dominica citizens also face currency exchange issues when traveling to nearby islands.”
According to CoinDesk, this is not the first attempt to spread bitcoin by targeting a specific nation using free currency. The auroracoin project ,which took place in Iceland, distributed what was hoped to be a national cryptocurrency to all residents. Blinco points out that the results of “The Bit Drop” are expected to be more successful than Iceland’s project in that the currency in question is comparatively more stable that the other.
The project plans to extend the introduction of Bitcoin to the island long after the party has ended. Bitcoin point-of-sale (POS) systems will be provided to merchants and Bitcoin ATMs (BTMs) will be installed on the island. Jeremy Gardner, executive director of College Cryptocurrency Network claims,
We will be providing the educational materials and resources necessary to educate the people of Dominica about bitcoin, and hopefully, as a result, leave a lasting economic and social impact on the island.”
The event will provide an interesting case study for Bitcoin in that it will indicate the extent to which virtual currency can be adopted by residents once the technology allows it to become an easy part of every day life. Fore more information on the event itself, click here.
Read more here- “70,000 Caribbean Island Residents to Receive Bitcoin in 2015,” (Pete Rizzo, CoinDesk)