Bali, The Island That Will Be Transformed into a Bitcoin Paradise.
Traveling with cash will become obsolete, according to BitIslands, a Bitcoin initiative who’s main focus is on the island of Bali.
This recently new project was created in conjunction with BitcoinIndonesia and Coin Of Sale, a Bitcoin point-of-sale system, has setout on a campaign to install bitcoin as their preferred currency of one of the most rowdy popular tourist destination in the world.
The founders behind this project have stated that BitIslands shallhelp travelers to avoid any highly unnecessary exchanges rates, and afford them the security that usually not available for them when they carry and kind of physical currency.
During a bitcointalk.org forum post, the team from BitIslands statedthat their main priority for this project is to convert the local merchants into accepting the digital currency. This also includes an opening of a storefront on a main strip on the island, they also hope to establish Bitcoin ATMs, allowing the travelers to withdraw physical currency at a fair and transparent exchange rate. Founder of Coin Of Sale, Tomas Fogac, had stated in a interview that the project provides more than just a great convenience for travelers.
“It’s also a mission to help Indonesians cope with chronic inflation by getting currency which cannot be manipulated into circulation,” he said.
Reality or Dream?
The real question one should wonder is, if this will all work out asthem to think? or will it be simply nothing but a dream? This project has as of yet to be confronted with any regulatory hurdles, the team has stated that they are highly confident on not facing down too man problems. During the meantime, a local kite-surfing business has signed up as BitIslands first merchant and first Bitcoin merchant within country Indonesia.
Will it work? It has yet to be faced with regulatory hurdles, but the team is confident that won’t be a problem. Meanwhile, a local kite-surfing business has signed up as BitIsland’s first merchant–and first Bitcoin merchant in the country of Indonesia.