Even if you're not interested in the cryptocurrency world, you can't escape hearing crypto news every day. This is normal as the topic is of utmost importance for many. The other day I came across an article that surprised me and made me think.
Caribbean Crypto Hotbed: More Than 40 Businesses Accept Bitcoin Cash in Antigua
In The Middle Of Nowhere
I knew that Antigua and Barbuda is a small island but that was all, so I had to check it out on Wikipedia to see if I'm right. Basically there are two major islands. Antigua and Barbuda gained full independence on 1 November 1981 from United Kingdom. This is an important detail and shows how young the country is, if I can use this term.
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The estimated population of the country in 2018 was 96,286 inhabitants, which is approximately half the population of the city I'm based in. Living in a country of around 19 million inhabitants, it's difficult to imagine a county of the size of Antigua and Barbuda. Yet they are far ahead of most of the countries of the world.
When You Have No Choice
As the title of the article says, 40 businesses accept Bitcoin Cash in Antigua. 80% of GDP comes from tourism, therefore there's no surprise that these 40 businesses are made of hotels, restaurants, shops, rental services and so on. Antigua also has a channel where locals can discuss trades and merchant acceptance.
Further, there’s a web portal called payantigua.com that offers educational information for accepting BCH, an introduction to crypto automated teller machines (ATM), information about the Bitcoin Cash Register App, and how to shop with bitcoin cash and save up to 50% on Amazon by leveraging Purse.io. source
This lets you know how serious they are about crypto. They are also investing in education by holding meetings and helping people transitioning from an old monetary system to a new one, as well as bringing up the new generation teaching them all they have to know about crypto.
At this point I was curious to see who the leaders are and was surprised to learn the president is an 53 year old former banker and businessman, Gaston Alfonso Browne, with an MBA in Finance. The Senate has 17 members, the House of Representatives also has 17 members, which is 34 in total. The city council of my city has 23 members.
They are capitalizing on any form of business as people need to change in order to benefit. They see this as offering what other places don't and will attract more visitors because of it. Those who like exotic places and prefer to pay with cryptocurrency, will like these small islands.
This is just a drop in the ocean you'd say, but it needs to start somewhere and once the system is tested and proven successful, other will follow.
While In My Country
I must confess, I'm not exactly up to date with things as have no intention to spend any yet, so I've been focusing on accumulating different tokens. But now that I'm writing this post, I thought let's see what's the situation in my city.
So there are two ATM's in the city (although the second is not sure), where you can buy and sell Bitcoin. The limit is 2050 EUR per transaction and verification of the document is required on 10 k EUR. You can buy BTC, ETH, LTC, DASH for CHF, EUR, GBP, HUF, RON, USD, and sell BTC, ETH, LTC, DASH for RON, which is the local currency.
There are companies selling online that accept Bitcoin, as well as a few service providers in bigger cities, and some restaurants.
This is a start, at least it's something, more than nothing but far from enough. If I'm comparing my country of 19 million inhabitants to that tiny island, we're nowhere.
Change Is Coming
Looks like small countries have the advantage of having just a few people making decisions. Antigua and Barbuda is forced to change, to adapt to a new situation if they want to survive. When depending almost entirely on tourism, you have no other choice than to offer more, or something the others don't.
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I think a big difference maker here is that in the smaller countries, the impact can be felt in a shorter period of time.
For a country like the US to feel the impact, it will take a lot. However, in the smaller ones, each new user has considerably more impact, overall.
Of course, this also applies to the standard of living...those that are lower in this areas means the impact is much greater.
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Sorry, @leoline is our leo curation account, I forgot to switch accounts :)
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It certainly does have the effect of "follow the leader". All of this is copy/paste. If one does it, do it yourself. This applies to individuals as well as countries.
Smaller countries should jump onboard since the larger ones are dragging ass.
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Smaller countries are going to jump onboard as they may not have a choice. This will speed up things a little I believe. Those countries that reply massively on tourism may not have any choice after these disastrous years.
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I agree and this is why I think other small countries will follow and once they do, it will be easier for the others to follow.
I'm happy though that these small islands are making a difference.
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It is okay about the mixed up accounts. LOL
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That is exactly what I was going to say until I saw your comment. Smaller places can make more ripples as it will be far more noticeable and much quicker to help bring others in.
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Crypto can be the great equalizer. Countries that get in early will be further along than the ones slow to adopt.
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That is correct, I agree.
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It's good that it started somewhere, the example will no doubt be followed ... maybe in the Baltic countries?
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At some point Baltic countries are going to follow button not in the near future. Look at what's happening in the country, they are barely capable of managing the covid19 created crisis, let alone creating an acceptable environment for us.
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Of course, I don't think about our country, anyway we are last in any ranking ...
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Oh no, we're first sometimes but for all the wrong reasons 🙂
I guess we always need 50 years to learn something, to do something and we as a country are doing it only when all the others have done it.
Fighting for power and milking public funds is more important here.
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Unfortunately, to our misfortune.
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Great to hear about these things as we don't notice it around us yet it is happening. Maybe not on a big scale where we are but these are important steps to mass adoption.
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That would be cool to visit a place that uses crypto, it has to start somewhere.
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I guess many of us would think differently when choosing a travel destination if paying with crypto would be available. Exchanging crypto to fiat means playing extra fees, that could be eliminated this way.
Maybe one day ...
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same in my country as well but i don't know if anyone using it. There are many people who use Binance and Bittrex for example. Also, to tell you the truth i have no clue about the laws and regulations, maybe because we are in EU we got some common ones regarding that
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Possible but as taxation it falls under the country's taxation law. As about the ATM, I wouldn't use it either. I'm not comfortable standing at the entrance of a shopping mall transacting.
There's a long way to go as these ATMs are for bitcoin only, plus I'd prefer the pay option to be implemented by business.
Who knows, maybe the damage covid does will open their eyes and rush some changes.
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