That's a good point. However, the plan is to be self-sufficient, so there won't be much use of a currency.
Bitcoin could however be declared our official currency as a statement.
No country in this world is 100% self-sufficient. I will give you an example. Some of the cancer drugs are patented to the US pharma. companies. That means that you cannot manufacture them in your country. You'll have to import them. To do that, you need fiat currency. Bitcoin will not do the job.
Yeah, sure, not that we will sign any international copyright treaty anyway, but we won't have the resources to produce medical stuff in our country. And as someone else said, it's not hard to convert BTC to dollars or whatever.
We have endless ways the generate money we needs to be creative and practical.
We can run hosting servers, operate cayman type banks, operate exchanges, accept tourist, operate gambling sites etc the possibilities to earn are endless. The profits can be used to expand the island, security and for our dollar reserve.
but the only currency accepted inside the island has to be bitcoin!
as for tourists, when they enter the island we'll have stores where they could as soon as they enter purchase some coins with their dollars
they will generate great revenue for us, there will be plenty of people willing to see the new utopia without taxes and without centralised currency, bringing money they will convert into bitcoins and spend in our stores, enhance the value of bitcoin (and our bitcoin reserve), put more money in hands of the islanders and increase our GDP
Toursim could contribute to our economy. I know for sure that if I traveled in that area I'd visit a small nation like this.
We'll build a harbour where all boats will arrive, and where we have our fishing boats. We could also let "illegal" sites operate servers on our island, for a small fee (basically anything except child porn).
If we get a big surplus the money will be given to the residents.
