A private island in Bahamas is seeking to adopt BTC due to a lack of financial

[hugeblack]

PRIVATE ISLAND IN THE BAHAMAS SEEKS BITCOIN LIGHTNING WALLET PROVIDER PARTNERSHIP

Chub Cay, an island in the Bahamas, is actively looking for a Lightning Network wallet provider to launch a bitcoin standard to pioneer financial inclusion.

Chub Cay is an island located in the Bahamas and is currently looking for a Bitcoin Lightning Network wallet provider to partner with.
Chub Cay Resort and Marina conducted an internal survey showing over 50% of its employees want at least some of their paychecks in bitcoin.
The lack of banks and financial education in the area make using traditional banking systems inefficient and at certain times, impossible.

Source ---> https://bitcoinmagazine.com/business/chub-cay-seeks-to-adopt-a-bitcoin-standard

I did a Google search and found that the island's area is very small, so they will not have international banking services. Do you think that Bitcoin might be a good alternative for these countries where it is difficult to establish a banking infrastructure? If that's true, we have millions, maybe billions of people who don't have a bank account or can easily send money around the world.

[LeGaulois]

There are 46 citizens there    and the island is private, owned by a company. They do have an international banking service but about twenty people are unbanked, so wasting high fees on money transfer services (Western Union, etc...) when their family is sending them money.
But again, we're talking about very very few people. My street is bigger lol.

we have millions, maybe billions of people who don't have a bank account or can easily send money around the world.

Yes, millions are unbanked (just in the US 25% of US households are either unbanked or underbanked, that mean millions of people) but they don't need to wait for their government to do something. Bitcoin doesn't need government approval'.

[Lucius]

They should contact Mallers (Strike) and see if he is interested in supporting them, unless it is something that is too small an operation for his company.

Yes, millions are unbanked (just in the US 25% of US households are either unbanked or underbanked, that mean millions of people) but they don't need to wait for their government to do something. Bitcoin doesn't need government approval'.

Unfortunately, most of these people are not at all interested in being part of any system, be it government and private banks or something they understand even less like Bitcoin. If they ever decide to try Bitcoin, the truth is that they won't have to ask permission from anyone, which is certainly a big advantage compared to many things in life.

One of my neighbors once told me that there will come a time when you will have to ask for permission even to go to the toilet, and now that I see all the measures they have in store for us in the fall/winter, I wouldn't be surprised if they start restricting us in this regard as well

[Findingnemo]

If the employees accept that deal of getting paid in bitcoin and their company is okay with that then there is nothing to stop them from doing it right? But as mentioned above we are talking about the issues of 20 people but it can be an example for others as well especially for people who need to transfer funds across the borders because they can save lot of fees with sending money via Bitcoin.

[aoluain]

There are 46 citizens there    and the island is private, owned by a company. They do have an international banking service but about twenty people are unbanked, so wasting high fees on money transfer services (Western Union, etc...) when their family is sending them money.
But again, we're talking about very very few people. My street is bigger lol.

we have millions, maybe billions of people who don't have a bank account or can easily send money around the world.

Yes, millions are unbanked (just in the US 25% of US households are either unbanked or underbanked, that mean millions of people) but they don't need to wait for their government to do something. Bitcoin doesn't need government approval'.

Yea I just Googled that island Chub Cay and yea I they have a population of 46. The biggest
industry is tourism for sport fishing. Bitcoin can offer something for them especially to
replace other money transfer providers. Maybe they can request that visitors can also pay
for goods and services with Bitcoin?

Indeed as they are a private island they can
* do what they like
* and can all agree or disagree on what route they take, seeing as there are only 46 of them
it should be easy.
* give the two fingers to any international banking and runn with Bitcoin.

[SFR10]

PRIVATE ISLAND IN THE BAHAMAS SEEKS BITCOIN LIGHTNING WALLET PROVIDER PARTNERSHIP

I'm a bit confused in regards to a need for partnering with a certain lightning wallet provider! What am I missing here?... In addition to that, based on the type of services that are being offered on that island, there isn't an urgent need ^[almost] for a confirmation ^{[on-chain TXs should be fine]}.

over 50% of its employees want at least some of their paychecks in bitcoin.

A service like "BitWage" would come in handy, but I prefer to not vouch!

There are 46 citizens there 

Yea I just Googled that island Chub Cay and yea I they have a population of 46.

The result google shows at the top of the page is from 2010... It appears that it's "around 100 people" now, but I do agree that it's an insignificant number.

Maybe they can request that visitors can also pay
for goods and services with Bitcoin?

I believe that's already the case in Chub Cay:

• Chub Cay Resort and Marina has already begun accepting discounts for paying for reservations in bitcoin, as well as adding QR codes to menus to pay in bitcoin, and even plans to rollout bitcoin ATMs in the area. Other businesses on the island have also started accepting bitcoin as well.

[dkbit98]

Chub Cay, an island in the Bahamas, is actively looking for a Lightning Network wallet provider to launch a bitcoin standard to pioneer financial inclusion.

I like the idea of island being used for this, and even if it is small and not many people lives there, fact is there are so many islands like this, some of them are even without people.
This could turn out to be a good thing.

Talking about this island I just remember one interesting project I saw recently called Satoshi Island, that is located in South Pacific tropical paradise of Vanuatu, between Australia and Fiji.
This island was purchased by company called Satoshi Island Holdings Limited, and they got a green light from the Vanuatu Prime Minister and Minister Of Finance for this project.
I know theymos and other people have been interested in similar projects like this, and I think they are offering NFT citizenship of Vanuatu and a real piece of island.
Negative side of all this is that I don't see mentions of Bitcoin being used, so they could always try to scam people with some shitcoin presale.


https://www.satoshi-island.com/

[stompix]

PRIVATE ISLAND IN THE BAHAMAS SEEKS BITCOIN LIGHTNING WALLET PROVIDER PARTNERSHIP

I'm a bit confused in regards to a need for partnering with a certain lightning wallet provider! What am I missing here?... In addition to that, based on the type of services that are being offered on that island, there isn't an urgent need ^[almost] for a confirmation ^{[on-chain TXs should be fine]}.

Yeah, I don't get it either.
It's a private company, if they are already accepting Bitcoin, why do they seek some partnership when that's the whole idea of bitcoin, to get rid of the third party? Do they want a centralized solution in which they will not own their funds?
I think the owner of this island has the wrong view or somebody is trying to sell him something that it's not needed.

The lack of banks and financial education in the area make using traditional banking systems inefficient and at certain times, impossible.

Since almost all of the population is actually hired by the company that owns the island I don't think that really something they would want to advert

Indeed as they are a private island they can
* do what they like

Being a private island doesn't make it an independent nation, it just means that the entire island is the property of somebody, it's still a Bahamas territory and still the laws of the Bahamas apply there.

[dansus021]

im just do a quick search the island is totally crazy yachts and private planes everywhere adopt bitcoin I think is good choice

[2stout]

This doesn't seem to be that big of a deal with a low population of 46.  However, it could be the spark that lights a grassroot movement of such small pockets of populations such as certain islands, rural areas, and isolated stretches.  If this happens, don't underestimate the power of such movement to spread.

[avikz]

For a population of around 50 people, bitcoin using lightening network can definitely become a good and viable alternative than the mainstream financial system. Since no bank will be interested in setting up their operations for such a small population, there's no other way either.

Since this island solely depends on tourism, such kind of initiative may attract bitcoin population to their island. Slowly we are getting there!