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Some local businesses had previously accepted Bitcoin but had since reverted to cash after experiencing scams related to cryptocurrency. While my accommodation was open to accepting Bitcoin, I was still asked for cash to cover specific expenses, illustrating that physical currency remains king—even in Bitcoin Beach.
A Mixed Bag of Adoption
As I engaged with locals, it became evident that cash still dominated financial transactions. A coconut vendor's initial confusion about accepting Bitcoin underscored the divide between locals keen on adopting new technology and those who rely on a more traditional cash system. It raised questions about the information gap within the community and highlighted that Bitcoin's acceptance does not automatically equate to widespread use.