Caribbean island of Bequia to possibly become Bitcoin community

Caribbean island of Bequia to become Bitcoin community

The South American region is once again making its presence known. This time with the help of a small island called Bequia, which has the potential to become a Bitcoin community. Interestingly, the originator indicates that this is a result of necessity and not just a rebellion against traditional currencies. 

Bequia and its characteristics

Bequia is a small island belonging to the archipelago of Saint Vincent and the Grenadines, in the Caribbean islands region. It has an area of 18 square kilometers and is inhabited by about 100,000 people. It is a dependent territory of the British Isles and is governed by a governor on behalf of the Queen. The currency used in this region of the world is the Eastern Caribbean dollar. 

The originator of Bequia as a Bitcoin island is the head of the One Bequita project, Storm Gonsalves. As he points out in his statements, the adoption of Bitcoin as a payment method is far from any kind of marketing gimmick. According to him, it is a response to the problems of island communities that are effectively cut off from mainstream traditional banking. This is to be the result of what is known as “derisking”. It involves larger banks depriving the smaller ones of their complicity in setting up international payment networks. The result is that people in the Caribbean are having increasing difficulty making cross-border transfers. 

Bitcoin as a way to solve the problem

The answer to this situation is the idea of creating a community independent of the traditional financial system. The developers of One Bequita are working on an ecosystem where everything from groceries, to the simplest services, to villas can be paid for using the leading cryptocurrency. This absolutely does not exclude the local, Eastern Caribbean dollar from circulation. Instead, it allows for an easier way for the community to function both on and off the island. The idea is aptly summed up by Storm Gonsalves saying:

“Cryptocurrencies don’t need any additional financial institutions, and the only basis for their operation is an internet connection. This has pushed many Caribbean island nations to adopt blockchain technology and other cryptocurrencies much faster than other more developed countries. Bermuda, the Bahamas, Barbados and now St. Vincent are leading the way.”

Gonsalves also notes that many people don’t believe or even trust cryptocurrencies. The preconceived skepticism of many global communities makes it difficult to understand their benefits. The situation is different on Caribbean islands, however. For residents of the archipelago of St. Vincent and the Grenadines, for example, Bitcoin is not only a financial instrument but also a philosophy of decentralization and an opportunity not to be left behind.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

XRP

XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load

Learn

Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load