Approximately 50% of the Caribbean’s population –about 20 million people- don’t have access to traditional banking. That’s because banks are hard to get to for many, and it’s difficult to qualify for opening an account. Many people are also uncomfortable sharing personal information and they simply don’t trust that the system won’t just up and run off with their money.
Bitcoin is changing the rules by giving you control over your digital funds. Our wallet will build on this model to allow anyone with a mobile phone to sign up for an account, get instant full-time access to their funds, and perform transactions that are securely encrypted with military grade technology. With the Caribbean boasting one of the highest levels of mobile phone penetration in the world, the introduction of bitcoin promises to deliver significant economic growth to the region.
And that’s not all; take remittances for instance. Remittances play a central role in the livelihoods of families in the Caribbean, help support national economies and provide governments with a substantial source of foreign exchange. Jamaica alone receives over US$2 billion in remittances annually, 10% of which is lost to transaction fees.
With Caricoin’s digital wallet aiming to open a zero-cost remittance corridor to the Caribbean our goal is to put that 10% – a figure representing over US$200 million per year – back in the hands of the people. Bitcoin has the potential to usher in an era of increasing wealth to regional economies and to greatly enhance the lives of people in the Caribbean in the process.