The BTC Impact.
Bitcoin in Roatan.
Traveling to Roatan with Cryptocurrencies.
Yes. Travelers to Roatan can pay for accommodations, adventures, scuba, and other services by purchasing these services, in advance, here on Roatan Online and by using any of the major cryptocurrencies.
Is Bitcoin accepted on Roatan?
No, Bitcoin is not widely accepted in Roatan, as a spontaneous transactional currency, at least not yet. But this is quickly changing and there is good reason for this change. For starters, transactional cost are much lower than the cost of transacting with traditional fiat currencies. Further, cryptocurrencies are decentralized and great for peer-to-peer transactions.
→ Bitcoin (BTC)
→ Ethereum (ETH)
→ Litcoin (LTC)
→ Crypto.com (CRO/MCO)
Is Bitcoin
trustworthy?
Don’t trust the stranger, trust the network.
With blockchain cryptography, buyers and sellers automatically can trust one another over an untrusted network. That's one of the features that make this technology so powerful. A blockchain transaction is verified in about 10 minutes. Credit cards take much longer to verify the transaction, and that is why so many transactions are rejected on the spot. Credit card transaction is not verified until many days later. Even paper checks are not verified for days. That sort of inefficiency is taken out of the system with blockchain technology.
Bitcoin & Poverty.
Poverty on Roatan.
YES. No economic system, in our history, has raised more people out of poverty as has capitalism. And no technology has done more for the impoverished as has the internet, until now. Blockchain technology is to cryptocurrencies, as what the internet is for email. Blockchain technology, cryptocurrencies, and smart contracts are here and they are here to stay. And while not all cryptocurrencies are made equal, rest assured that a handful of these cryptocurrencies will become the money of the future. This is a list of some of the most popular cryptocurrencies and their attributes:
BITCOIN - Decentralized. The first cryptocurrency. The most established currency. "Digital Gold."
ETHEREUM - Sends & receives "Smart Contracts" used for buying and selling of property.
LITECOIN - Faster transaction speeds better suited for day to day online transactions.
RIPPLE - Caters to the banking and credit card industries. More centralized regulations & oversight.
Three pillars of Capitalism.
The attributes of a capitalistic market, which in turn, impact the reduction of poverty are:
Increasing access to banking
Availability of the rule of law
The ability for individuals to own private property
These three pillars work together to reduce poverty. These three pillars have worked everywhere else in the world, and they work in Roatan. Bitcoin and the blockchain on which it operates has the unique ability to enable ordinary people to participate in the economy on equal footing and on a larger scale. Blockchain technology has the potential to reduce poverty in Roatan and other impoverished regions across the globe. Let’s have a look at how Blockchains work, below.
Private Property.
Blockchain, as a Record of truth.
In days past, the lack of good record keeping and correctness in public records and the lack of completeness in property ownership registration has kept investors from investing in Roatan. However, in recent years, the real estate market in Roatan has matured and buying and selling property is much easier and safer. But the infrastructure on which these transactions occur is old, and like in most countries, the system lends itself to fraudulent or unauthorized changes to public records. Blockchain technology is better suited for recording ownership of property. Further still, blockchain technology provides an easy way to resolve disputes, and it protects the rights of property owners.
Several countries already have adopted blockchains as their primary way to store, register, and record land titles and ownership. Sweden, Georgia, and Honduras are all testing and implementing blockchain technology. In Honduras, the technology is being tested as a transparent and public registry which enable the registration of land titles, mortgages, and contracts. This technology can only be a good thing as the technology reduces manual errors while it enhances security in document transfers.
Blockchain technology allows for the irreversible transfer of ownership records. And "Smart Contracts" allow for the transfer of property "if and only if" certain criteria have been met. Smart Contract plays the role of smart escrow agents in the exchange process between a buyer and seller.
Roatan Banking.
Financial Inclusion.
Financial inclusion is critical in the reduction of poverty in Roatan. It creates more alternatives for how money is spent, acquired, and saved. And in impoverished areas where transportation is limited and financial institutions are not available, trading is much more difficult. But this all changes with the blockchain as every person will have a bank and a bank account on their mobile devices. Bank loans will also become more accessible with this technology and will be less risky and more affordable for Roatan's impoverished. This new access to capital will improve peoples lives and help many future entrepreneurs build new businesses in Roatan. Having the "right ID" or the "right credit history" will be less important than having the talent or the willpower to prosper and innovate. This technology along with the work done by nonprofits in Roatan will help reduce poverty in Roatan like we've never seen before.
Every resident with an internet connection and a mobile device can already download a digital wallet and begin to transact using Bitcoin or some other cryptocurrency. Receiving money and sending money will continue to come with greater ease (and at a lower transactional cost), independently of the amount of money being transferred.
Bitcoin & Mobiles.
Airtime minutes as a currency.
Blockchain technology also allows for the mobile transfer of airtime minutes. Many developing countries, like Honduras, have been using pre-paid mobile minutes (or credits) as currency for years. The blockchain allows for the transfer of airtime minutes, credits, to occur from device to device with greater ease, much like crypto coins on the blockchain. The Roatan Communities are already familiar with trading and purchasing airtime minutes. These skills are sure to transfer to the exchange of cryptocurrencies.
More cellphones, lead to faster adoption.
The blockchain is a cheap payment system, but it's more important than that. Blockchain cryptography is all about digital transfer of ownership in a completely transparent and public way. We don’t have to go into any of the math and the complexities of blockchain technology but think of what that means. It means that local businesses, travelers, and residents of Roatan can record ownership in a public digital network which is more robust than anything the local government can offer. At least fifty percent of Roatan's population has a mobile phone. By the year 2020, the number of mobile phone owners will soar to 90% as the price of mobile phones drops below $25, $35 per smartphones.
Access to
Products & Services.
The rise of the impoverished.
Cryptocurrencies offer a wide variety of new services and products to the impoverished, and it brings these services to the market at a fraction of the cost.
Companies like Wayniloans are developing a Bitcoin lending platform which is gaining traction and popularity in Latin America. The company offers an array of financial services which include cash advances and peer to peer lending, and business loans. The fee structure and is far lower than what we see with Pay Day Loan companies today.
Remittances.
Remittances to Roatan.
Blockchain enabled remittances are another major up and coming industry. The days of paying high dollar to send money internationally by way of remittance are gone. Well over $410 billion in remittances alone from into developing countries like Honduras. Not only are remittances expensive, but their cost is usually borne predominantly by the poor. Blockchain technology is drastically reducing the rate to transact and send money to Roatan.
United nations & Bitcoin.
Even the United Nations is sponsoring new and exciting startups that facilitate the transfer of money by way of blockchain technology. Crypto-remittances work by transferring cryptocurrencies like Bitcoin. These crypto tokens or crypto coins can then be exchanged for fiat currency in any part of the world. Learn more about the work that the is being done at the United Nations by clicking the button below.
Future Currency.
Blockchain technology.
Blockchain payments will be part of our future. And many cryptocurrencies will replace the fiat currencies we see today. No one knows if Bitcoin will be one of these future currencies, but we know that Bitcoin is an industry leader in today's economy. Bitcoin has now reached global acceptance and it would take a major effort to derail its forward progress. Bitcoin, or rather, the blockchain encryption technology that's behind it, has a superior ability to bring more of Roatan's communities out of poverty than anything that has come before it. The blockchain and its cryptocurrencies will change the tourism industry in Roatan for the better.
Bitcoin vs. Credit Cards.
Bitcoin transactions have the benefits of transacting in cash as well as the benefits of digital payments which we get from credit cards today. For one thing, the blockchain is a cheaper payment system than what is in place in Roatan now. Credit card fees are high enough as it is, and then a conversion rate is added to the cost of doing business in Roatan. These two factors alone make transaction cost on Roatan high. But blockchain technology is much cheaper, and it will eliminate much of the this added cost. The benefactors of this will be local business owners and residents. Roatan is a worldwide destination, and it will soon trade in a worldwide blockchain and a worldwide token, like Bitcoin.
Monetizing Capital.
The poor do not lack capital. They lack the ability to monetize their capital. And technological advancements like what we see in Blockchain technology will greatly reduce poverty in Roatan because these advances enable a wider adoption and adaptation of free trade practices in Roatan. Empowering the impoverished to monetize their own capital reduces poverty through economic growth for all.
Private Property
Ownership on Roatan.
Right to private property.
One of the most powerful things for an economy and the creation of wealth is the ownership of property. Owning private property can lead individuals to use it as collateral. Or, individuals who own private property can also develop it. The best thing individuals can do for the environment is to own it because when they own it, they make sure it's sustainable for themselves and their future family.
Public ledger & transparency.
Once blockchain cryptography is introduced into the marketplace, a public ledger of ownership and transfer cannot be denied because it's transparent. The blockchain is the means through which individual living in Roatan can bring themselves out of poverty because buying and selling property in Roatan comes with greater ease.
Private Property.
Blockchain and cryptocurrencies, in particular, can give Roatan locals the right of owning property with greater ease than they have today. More than anything else, these currencies can bring Roatan residents out of poverty. Bitcoin, or some other token, will be adopted in Roatan and it will be adopted fully inside of 10 years. Blockchain encryption is the most transformative technology since the internet, and it is a powerful tool for local islands. The blockchain is already being used by banks and others to replace costly remittances. And with smart contracts also having the ability to move from peer to peer on the blockchain, the transfer of property and other goods will also be possible.
Blockchain brings Market Disruption
History repeats itself.
Let's think about it by reviewing the past. When there was one manufacturer of phones in the U.S., the U.S. government, what did we have? We had these big clunky rotary things we called phones, and they sat on our desks or hung on a wall. Now, what do we have? Cell phones of all shapes and sizes. I can sit in Roatan on my cell phone and take a course at MIT or Stanford because they're public records. It's astounding what happens when we innovate around the world and compete on equal footing. Today, blockchain cryptography (forget Bitcoin) creates a competitive innovation, a competitive technology, that credit card companies, banks, title companies, transportation companies, and the tourism industry at large will have to adopt. Those in Roatan who adopt this technology first will bring their cost base down first and will benefit the most.
