The first community of the world which is enabled completely with the help of Bitcoins is on the second-largest island of Grenadines. This area will have about 39 luxury villas and will cover about 18 square kilometres. This is considered to be the very first location that will be accepting the payments related to properties and even everyday essentials. Things like groceries, food, and movies can also be paid for with the help of Bitcoins on this island. This shows that Bitcoin affects eCommerce and the economy of an area. The Caribbean islands will be the very first place that will accept Bitcoins as payment.

The developers of this area have mentioned that they think it to be a necessity rather than a publicity stunt. It is not a ploy to attract the attention of the people but it is a measure that must be taken by all organizations in recent times.

The Caribbean islands are one of the places which are very well known for their casual atmosphere. It is not a place where you will expect a property development that will attract global standards. The model which is followed by the world has been challenged in this project. Storm Gonsalves is the developer of this plan named One Bequia. He mentioned that to break the traditional norms, he will be allowing Bitcoin payments in the property.

This will be a great opportunity for people who are interested in Bitcoins. The investors will find a good ground to spend their money on. Moreover, the market of Bitcoins will be boosted with the development of this island as well. When you can purchase the essentials with Bitcoins, you will have the urge to save cryptocurrencies as well.

Understanding the Challenges

  • The developers of this property have mentioned that the use of cryptocurrency is considered to be their necessity rather than a gimmick. They believe that the use of cryptocurrency will be the lynchpin of society in the upcoming days.
  • The use must be normalized at this point to make sure that the challenges become less in the future.
  • It has been mentioned that steering from the mainstream banking; processes would mean that there will be several financial issues.
  • Bitcoin-enabled transactions will not be a single measure to attract tourists. This will work to a certain extent but the people will need to look on the flipside of the coin as well.
  • Gonsalves has mentioned that the small island nation residents have a huge problem in transactions on an international scale.
  • There are risks of the international banks that are generally avoided by the residents of the smaller islands.
  • Since the intermediary banking services are removed in the Bitcoin transactions, it might be safer for the small islands to use.

Also read: The Different Types of Cryptocurrency: An Investor’s Guide

Some Erroneous Judgment  

  • However, if this continues, the economies that are dependent entirely on the tourism sector will be destroyed.
  • International trade and commerce will be completely cut off in this case.
  • Bermuda, Barbados, and Bahamas had already accepted Bitcoins within their economies because they are dependent on the international banks for their economic development.
  • It has been mentioned that DCash had been launched in the Eastern Caribbean which made cryptocurrency so popular in each part of the world.
  • Four island nations received the boon of this digital currency as a whole. The residents of the Caribbean islands have been relieved with the addition of Altcoins into their economy.
  • It is regulated centrally unlike Bitcoins. Perhaps the people are more comfortable with the concept of digital currency rather than Bitcoins themselves.
  • The decentralized conviction presented by Bitcoins has been removed with Altcoins which are already accepted in the small islands.

Conclusion

You must keep in mind the DCash which is introduced in the Caribbean Islands is not entirely like Bitcoin. It is rather a form of digital currency which can be used by the local people and the visitors when they want to pay in virtual assets. DCash will be regulated by a centralized bank of the island itself. The decentralized nature of Bitcoins will not be accepted in this case.

Despite the drawbacks, it has been made quite clear that the island is opening its arms towards digital assets in one way or the other. Since the remote islands have severe problems in terms of payment, digital currencies can be a respite from that issue.

It is expected that One Bequia will be one of the islands which will set the trend for Bitcoins to operate in the future.

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