CaribbeanCulturePayments

This Caribbean Island Will Soon Be A Bitcoin-Enabled Paradise

A development on the Caribbean’s Bequia island will take bitcoin as payment for villas and services to circumvent international banks.

Bequia, an 18-square-kilometer island in the Caribbean’s Grenadines archipelago, is poised to become one of the most Bitcoin-integrated communities in the world.

“The One Bequia development, where 39 luxury villas are set to be built, will be the first of its kind in the Caribbean to accept bitcoin as payment for the properties,” according to a recent report from Euronews. “Bitcoin will also be accepted as payment for everyday essentials at the development’s grocery store as well as its restaurant, café and cinema.”

It may seem that Bitcoin-enabled transactions throughout the development are merely tourist attractions — more of a Bubba Gump-style activation than a community taking charge of its financial wellbeing, as in El Salvador’s Bitcoin Beach. But the property developers behind One Bequia stress that Bitcoin is a very necessary alternative to legacy financial services, or lack thereof.

“Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of ‘derisking’ by large international banks,” Storm Gonsalves, the development’s manager and a native of the Caribbean, told Euronews. “This prevents the island-based banks from transacting internationally. If this trend continues it means small island nations will be essentially cut off from international trade and commerce. For tourism-based economies, this will be devastating.”

Residents and governments in the Caribbean have adopted cryptocurrencies as a solution to these problems in the past, but most of this adoption has centered around altcoins or centrally-managed digital currencies. But the vision for One Bequia appears to be more focused on the decentralized conviction of Bitcoiners.

“Not everyone understands the advantage of cryptocurrencies. People are still skeptical,” Gonsalves said. “Early crypto investors are not your typical speculators and they believe strongly in the philosophy of decentralization behind Bitcoin/blockchain. They are not your typical speculator.”

Article First Published on Bitcoin Magazine

Related posts
Adam BackBitcoin Magazine PodcastCulturepodcastSatoshi NakamotoVideo

Interview: Reflections On Satoshi With Adam Back And Pete Rizzo

Pete Rizzo discussed the earliest days of Bitcoin and Satoshi Nakamoto’s influence with Blockstream’s Adam Back. Watch This Episode On YouTube Listen To This Episode: Apple Spotify Libsyn Overcast This week for the “Bitcoin Magazine Podcast,” we have a replay…
BankingCultureenvironmentgold

A Comparison Of Bitcoin’s Environmental Impact With That Of Gold And Banking

The impacts of gold and banking on the environment relative to Bitcoin are much greater than mainstream narratives suggest. The following is a republishing of Hass McCook’s “Comparing Bitcoin’s Environmental Impact…,” which was first published here. NOTE: The methodology and…
ArtCultureSotheby's

Sotheby's Accepting Bitcoin For A Banksy

The legacy fine arts auction house Sotheby’s International would accept bitcoin in exchange for a Banksy painting being auctioned soon. 276-year-old fine arts auction house Sotheby’s International is open to bitcoin payments for a Banksy piece estimated to fetch $3…