A couple months ago I realized that there are people here who have Bitcoin because, unfortunately for them, they bought into this pyramid scheme where they need to buy Bitcoin and send it to some place and after a while they get payouts in Bitcoin. I could go into what it is but I don’t want to break any rules. Anyway, these people with their earned Bitcoin need to change it back to the local money here, the Colón, and to do that they first need to convert it to dollars and then to the Colón. At each step there are fees and commissions so they’re getting a lot less than they should be by doing that. But since that’s the only way they’re told they can get the money out, that’s what they do.
So here I am, an American expat, in a small town with a small restaurant and a bunch of people in on this pyramid scheme. I told my wife since I was already invested in crypto and already had my accounts set up that we should offer to accept Bitcoin and other cryptos and that way the people can buy something at an exact conversion price and use their crypto that they would have otherwise paid a bunch of fees and commissions to exchange.
Well guess what, it hasn’t been crazy but people are using their crypto to buy our food! They’re getting to exchange for a fair price and I’m getting, little by little, some more crypto invested for my children’s future. Win win I’d say!