“El Salvador to transfer ‘big chunk’ of bitcoin to physical vault”
March 20, 2024
“…El Salvador will transfer “a big chunk” of its bitcoin assets to an offline device that will be stored in a physical vault within the Central American country’s territory, President Nayib Bukele said on Thursday.
“We’ve decided to transfer a big chunk of our Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory,” Bukele, who last month was re-elected to a second term as president, said in a post on X…”
https://finance.yahoo.com/news/el-salvador-transfer-big-chunk-004554163.html
Bitcoin will not replace gold. Don’t get me wrong I think what El Salvador is doing is a good thing. I think crypto is the way of the future but at the end of the day Gold is tamable and crypto currency is not. No electricity? No Crypto. No interent? No crypto. 1 bad flash drive is all you need to lose everything you have in that crypto cold store wallet.
It’s easier to transfer crypto so its easier to steal. A 100 tons of gold can’t be stolen by a single individual but a flash drive can be. Crypto enthusiast always try to downplay these risk. It’s stupid and dangerous to do so. It also hurts their cause in the long run. Just tell the truth about the flaws. It’s a good technology. We don’t need lies.