Taken from Dominica “The Bit Drop” PR:
Dominica is set to be the first nation to adopt Bitcoin following a successful collaboration between island officials, Coinapult, Aspen Assurance, Bitcoin Beauties and the College Cryptocurrency Network, who have partnered to deliver the project, officially titled The Bit Drop.
The Bit Drop project will send Bitcoin to every resident on Dominica, a Caribbean commonwealth island, via SMS texting. With a population of over 70,000, this project will create the world’s largest and highest density Bitcoin community.
1. Can you tell me a little bit of what The Bit Drop is?
The “ The Bit Drop ” campaign goal is to bring Bitcoin to the small Caribbean island Dominica Dominica is a small island in the Eastern Caribbean with a population of a little over 70,000 people. The project is designed to put Bitcoin into the hands of the entire population while incorporating education and opportunities for entrepreneurship during the next 6 months before the date of the Bit Drop on Pi Day 3.14.15.
2. How does it relate to your main company, Coinapult? (Coinapult is a separate company than The Bit Drop and is just a sponsor.)
Coinapult is one of the main sponsors of The Bit Drop. We are utilizing their SMS Bitcoin technology to send bitcoin to each Dominican that wishes to own Bitcoin on Pi Day. Sending the bitcoing through Text SMS provides a great solution, in that no software or even hardware barriers exist.
Coinapult is also working to educate merchants on the islands about Bitcoin and the global opportunities for accepting bitcoin.
We are also working with many other sponsors to make this a great event, including Aspen Assurance, College Cryptocurrency Network, Free Talk Live, and Bitcoin Beauties.
3. Why Dominica?
Dominica is the perfect location for this drop, as it is a relatively small population just over 73,000 people and the GDP per capita coming in at $6,691 . Mobile penetration on the island is incredibly high, so the actual distribution should not be terribly difficult.
The island has opportunities for remittance, eco-tourism and large opportunities Blockchain technology entrepreneurship.
4. How do you feel Dominica will be affected by adopting Bitcoin?
Education and experience are the two main objectives of The Bit Drop. Providing education, weekly meetups, learning platforms before the Bit Drop event on Pi Day paired with the opportunity for everyone to own and learn to use Bitcoin at the party I feel will provide long term opportunities for every person on Dominica.
It will be exciting to see how the Dominicans will spend or hold their bitcoin and begin to innovate on the blockchain technology to help benefit their everyday lives. It’s extremely exciting to think about all the positive outcomes.
5. Will they be dropping fiat entirely in favor of Bitcoin?
No, Dominica will still use their local EC currency. The goal is to give people options when looking to do business locally and globally.
6. As you are assisting Dominica, what struggles legally have you came across?
We have not come across any legal issues.
For more information: http://www.letthebitdrop.com/
Photo Source: Google Images and The Bit Drop Team
