For the first time in history, a country will officially adopt bitcoin as its currency:Dominica, an island republic in the middle of the Caribbean. An event to mark the occasion will be held in March 2015, thanks to an agreement between local authorities and representatives of Coinapult, Aspen Assurance, Bitcoin Beauties, and the College Cryptocurrency Network (CCN).

The initiative, known as “Let the Bit Drop,” will send a small of amount of bitcoin to every island resident via text message. This effort will turn Dominica, and its more than 70,000 residents, into the most densely concentrated bitcoin community in the world.

“The objective is simply to increase bitcoin adoption. We are going to create tens of thousands of new bitcoin users overnight. Of course, we hope that these people enjoy and continue to use bitcoin, and that the project provides proof of concept to similar communities all around the world. We want a thousand Bit Drops,” said Ira Miller, CEO of Coinapult, in an exclusive interview with the PanAm Post.

Enigmatic Release Date a Tribute to MathematicsThe launch date chosen by organizers, March 15, 2015, at 9:26 a.m., coincides with Pi Day, a global celebration of the mathematical constant.

“Pi is an objective, mathematical truth, not a human creation. Everyone can understand, use, and be empowered by Pi. Bitcoin applies the same objectivity and openness to financial transactions,” says Miller, referring to the underlying mathematical principles of bitcoin that he believes allows the currency to provide security and transparency. Read More