AirBitz Targeting Bitcoin In Cuba

Washington D.C. and Cuba have been relaxing relations in recent months, restoring diplomatic relations after five decades.

“On April 11, 2015, Presidents Barack Obama and Raul Castro shook hands at the Summit of the Americas in Panama, marking the first meeting between a U.S. and Cuban head of state since the two countries severed their ties in 1961. The meeting came four months after the presidents announced their countries would restore ties.”
— – Council on Foreign Relations

The US embargo, a lack of funding, tight government restrictions, and high costs are among the reasons that internet adoption in Cuba has been slow. Now Cuban’s are being connected to the internet via State run public Wi-Fi.

The first free Wi-Fi spot emerged in March, and there are now 35. Up until then it could cost from $2 to $4.50 for an hour of internet, while the average income in Cuba is $20 per month.

The newly accessible public Wi-Fi has opened up opportunities for bitcoin service providers. In August, the first documented bitcoin transaction took place in Cuba, Fernando Villar of BitcoinCuba hopes this will draw attention from the global Bitcoin community.

This first documented transaction used the Airbitz wallet, “Cuba has been one of the most isolated countries in the world for more than half a century. Despite having trade relations with many developed nations, the US embargo has stifled its growth, relegated it to a bygone era of technology, and discouraged global markets from bringing Cuba into the fold,” stated Airbitz.

“The Airbitz mobile Bitcoin wallet is a decentralized, secure, and backed up Bitcoin wallet that provides true financial autonomy & privacy for users. Neither Airbitz nor any 3rd party can access users’ funds or data within the Airbitz wallet. A clean, user-first interface solves many of the usability issues plaguing current wallet solutions…”
— – Airbitz

Airbitz recently announced they will be giving away free bitcoin to anyone who creates an Airbitz wallet in Cuba. “We understand that it is hard to start from zero, so we want to make sure Cubans who want to explore Bitcoin can start with a little more,” said Airbitz.

The offer is for 10mBTC per person, up to 10 BTC in total. “We hope this is meaningful to at least a handful of Cubans, and we really hope that our community is grown and further diversified as a result!” states Airbitz.