Will this one work? All 70,000 citizens of Dominica to receive bitcoin in "Bit Drop"

All 70,000 inhabitants on the Caribbean island of Dominica will reportedly receive bitcoins as part of a "Bit Drop". They are to receive their Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term via SMS. The initiative is being organized by a consortium of bitcoin businesses/organizations including Coinapult, Aspen Assurance, Bitcoin Beauties, and College Cryptocurrency Network.

Like several other bitcoin-friendly islands, such as Isle of Man and Jersey, the island is connected to the British Commonwealth. It however gained complete independence in 1978. There are high hopes for Dominica, with organizers stating:

“Our goal is to create the world’s largest and highest density Bitcoin community on the planet.”

The party and Bit Drop will take place on March 14, 2015 at 9:26 am, coinciding with Piday, the island's celebration of the mathematical constant pi. It also happens to be 11 days before the one-year anniversary of the Airdrop of Auroracoin in Iceland.

That Airdrop Airdrop An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more li An airdrop is defined as the distribution of a cryptocurrency token to numerous wallet addresses, in most instances free of charge.Airdrops are primarily utilized as a way of a project garnering higher levels of attention and new followers. Such efforts are important in culturing a larger user-base and a wider disbursement of coins.Airdrops can be seen as a marketing tool. They are usually used as a promotional effort to encourage liquidity in the markets for these coins, since users are more li Read this Term was highly anticipated, and led to Auroracoin's total valuation ballooning to over $1 billion- ahead of Litecoin. Ultimately, it failed to impress and proceeded to lose over 99.99% of its value. Today, it is worth $62,000.

Several differences have been pointed out between this initiative and Auroracoin, the most important being that here, we are dealing with an established cryptocurrency. Other technicalities include: Auroracoin had no government support (it was in fact anti-government, purportedly in response to a declining krona). Iceland has 5x the population, making distribution more difficult (?). And Auroracoin didn't have the backing of sponsors.

Some details of the Bit Drop initiative remain unclear: How much bitcoin will be distributed? Are there plans to transform Bitcoin into the common currency? Currently, the country uses the Dominican Peso.

The initiative is currently seeking sponsors to finance the production of education material and the bitcoins for distribution.