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RE: A digital currency to preserve wealth.

in #bitcoin6 years ago

Honestly, there's many places in Venezuela where you can pay with crypto, including dash, btc, bch, and even steem because there's actually a huge community of steemers here. It's always interesting to understand the functioning of crypto a lil better. People here and around the world are going crazy talking shit about Venezuela's Petro, since it's backed by oil, gold, diamonds and gas. It looks like a ghost coin to me, and I can't seem to understand it very well. But if there's other functional cryptos backed by these kind of things, I don't understand why it wouldn't work.

Except nothing works here. Which is why crypto is so important for countries like these, where our fiat is not valuable at all. AT ALL.

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This is spot on and cores on what I intended to address in this piece. While fiat is specific to certain countries, gold is associated with value across the globe. If a Stellar fork provides a means to transact and spend gold, then it can easily attract an early market from countries with weak fiat.

Of course, KAU can be used anywhere, but it has a ready market.