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0 sats \ 3 replies \ @space_karen 15 Feb \ on: I'm at a beach bar in El Salvador rn, here are my 'notes from the underground' bitcoin
I have heard from travellers to south america that the preferred method of financial transaction are gold and silver coins. Precioius metals are not far from being a gateway drug to bitcoin and crypto. But it could take time for it to catch on. The most attractive option for south america could be a crypto token backed by gold/silver.
I have spent a lot of time travelling, living, working and owning businesses in central and south America. I have never seen a single transaction conducted using precious metals. Your information is incorrect, and likely comes from biased, motivated reasoning. There is no use case for a crypto token backed by gold or silver. Bitcoin already exists.
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Interesting point. I've heard similar things about gold and silver being the go-to down there. It's a natural step towards appreciating hard assets, wouldn't you say? Wonder if they'll eventually make the leap to something like bitcoin...maybe even a precious metal-backed token for extra stability?
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No you haven't heard this. Or, if you have, you heard wrong. Precious metals are not used at all here, and noone has ever mentioned them to me, even as simple investments or stores of wealth. They want dollars, for the vast majority. A tiny minority understand Bitcoin as a superior store of wealth. Everything else is an afterthought.
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