Topic: Will the Dominica Bitcoin Drop be a Success? - page 2. (Read 2657 times)

In a way it still is nothing more than an experiment, until now a rather successful one that has grasped traction in the real financial world! In a way I'd say "just do it and try it out!" and we'll see whether or not the whole thing works out in the end!

A possibility for sure, in my opinion a bit bearish about how the drop will be implemented in practice and the services the island nation will be able to spend their coins at.

Not including all the internet stores of course, but in person locations.
That said will remain neutral until we see what happens.

Bitcoin's entire history has been full of failures. But it always rises and meets the next challenge all the wiser.

I am pessimistic about the drop. The ecosystem of BTC in Dominica is not built up yet. The citizens have nothing knowledge about BTC and don't know how to use it.

What happens if it fails? Will it repel other countries from trying the same?

This is a brilliant campaign idea. It would also adapt to larger countries like the Philippines if it is targeted specifically at such things as a disaster or children living in poverty.

I believe it really does depend on how they approach this. It can either go terribly wrong or work out really well and be a success. This is pretty much a make or break in a way for bitcoin because if it goes really well it will be given praise but if it goes wrong and does not become a success it could become the centre of a huge debate with many more reasons why it's bad than good.

some people call me a pessimist, sceptic, etc. yet i call myself a realist. so lets get real and think up the plausible scenario

scenario 1
70k leaflets hand delivered to each house, with brief explanation of what bitcoin is, a link to where they can download a phone app and message that tells people to go to a beach location with their leaflet and someone from coinapult will send them bitcoin to the phone app that amounts to maybe $1.
part of the leaflet would most probably mention that they can also redeem the coin for FIAT by walking to the aspen assurance tent right next door.

 
scenario 2
70k leaflets littered on the streets due to an actual air drop from a plane, with brief explanation of what bitcoin is, a link to where they can download a phone app and message that tells people to go to a beach location with their leaflet and someone from coinapult will send them bitcoin to the phone app that amounts to maybe $1.
part of the leaflet would most probably mention that they can also redeem the coin for FIAT by walking to the aspen assurance tent right next door.

i truly hope that the explanation has something like:
"what to do if not interested: these bitcoins are valued between 98c and $1.02 so do not throw it away, instead speak with neighbours and friends to see if they wish to buy it from you as they may be more interested"

to atleast get some local exchanging happening between the people

They're not going to replace their current currency with bitcoin. A group of organisations is just planning a massive, nationwide drop to popularise bitcoin.

Whatever the outcome, it's a great idea imho


How can this possibly fail? You mean no one will claim the BTC, or everyone will try to sell it for fiat straight away?

Probably not. Free money is never a good thing.

Governments don't want Bitcoin. There's no incentive in this for the Government of Dominica to allow this or use Bitcoin. this is possibly a scam I haven't come across this article in Caribbean news. So it's more likely a scam being spread across the Bitcoin Network.

I dont know, but i think...no.

Yes absolutely its would be a great success as well another great achievement for bitcoin and its adopters.We are talking here about the whole country getting a drop of bit means more than 60% in rough figure who are not already onto cryptos of them will surely get into cryptos.

If the government can see green with it and instead see it as a threat to its own currency, then yeah Im sure that we will read about them in the history books are kids or grand kids will bring home.

Well it totally depends how those drops play out! If done right they may be a success. By using Bitcoin and not a proprietary new currency, they at least make sure the currency won't go bust immediately after being spread!

Not happening ever in Dominica! Heads of Government in the Caricom region just won't allow it.

Last week news got out that Dominica will be the first nation in the world to use Bitcoin as an official currency. Even though Dominica can hardly be called a big country, it still is a big step for cryptocurrencies in general. For all we know, children will be learning about this small country in future history and economics lessons as the nation that helped pave the way for worldwide Bitcoin adoption. Whatever the future may hold, it’s worth to take a look at some other places that could benefit from Bitcoin as well.

http://www.cryptocoinsnews.com/news/dominica-bitcoin-drop-inspire-repel/2014/08/30

But, what will happen to the public opinion if this is a failure? Any comments?