Bahamas island wants to adopt BTC for financial access

CHUB CAY, A SMALL ISLAND IN THE BAHAMAS, IS ON THE HUNT FOR A PARTNER TO PROVIDE A LIGHTNING NETWORK WALLET, AIMING TO IMPLEMENT A BITCOIN STANDARD TO PROMOTE FINANCIAL INCLUSION. So I looked it up, and it turns out the island is pretty tiny and likely won’t have access to international banking services. Do you think Bitcoin could actually work well for places like this where setting up a solid banking system is a hassle? If that’s the case, think how many people around the globe, probably millions or even billions, don’t have bank accounts or face obstacles when sending money internationally.

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. 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'.

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. 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

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.

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.

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]. A service like "BitWage" would come in handy, but I prefer to not vouch! 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. I believe that's already the case in Chub Cay:

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/

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. 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 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.

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

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.

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!