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You would have to be living in the tropics to know the FULL potential of coconut water and the other uses of the coconut. Although each tropical country/island uses the coconut differently. As the nut gets older, and the meat gets thicker, the water does ferment in the nut, that it is undrinkable. Fresh coconut water is what is used as a sports drink, and also as an intravenous liquid. Coconut milk and oil are made from the coconut meat. Personally, I like the coconut water when the meat is a little thicker, and the fermentation is at an early stage - that is when the water begins its slightly fizzy stage - delicious!!
In the Caribbean, the coconut shells are also used to make costume jewelry, even painted on. The coconut shell is also used to make containers and drinking cups complete with its own stand. These are usually etched with designs and coloured.