bitcoin

20 BTC were traded in Venezuela last week using LocalBitcoins, monthly minimum wage lower now at 5.6 USD (per month)

As always I like to post here too!

*Hi guys,*

*Hope you are doing great, I was feeling a little ill today, but here I am. Remember I’m Venezuelan living here.*

*Not much to comment this week, 20 BTC, 10% less than last week.*

*One BTC trades around 450,000 Bs. (Bolivares, national currency), you wonder why no many zeroes, well since 2007 government has been removed zeroes from the currency by law (3 in 2007, 5 in2018 and 6 in 2021). It’s not the most used exchange by far, but it has public stats. Others are Binance (king), AirTM, Reserve and others.*

*Yes, MONTHLY minimum wage is 130 Bs. and exchange rate is around 23 Bs. / USD (street and official rate are almost the same), so 5.6 USD.*

*Average wage is around 120 USD monthly, a nice wage could be 600 USD monthly (I dream haha).*

*Inflation is around 300% yearly, way lower than before.*

*People use crypto to avoid inflation, receive remittances, exchange mining profits (as I always say, electricity is free for now) and just as a form of payment.*

*Any question let me know!*

[*https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela*](https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela)

[*https://coin.dance/volume/localbitcoins/VED/BTC*](https://coin.dance/volume/localbitcoins/VED/BTC)

[*https://coin.dance/volume/localbitcoins/VED*](https://coin.dance/volume/localbitcoins/VED)

[*https://localbitcoins.com/country/VE*](https://localbitcoins.com/country/VE)

[*https://www.reuters.com/world/americas/venezuelan-teachers-march-better-pay-amid-sky-high-inflation-2023-01-16/?utm_source=reddit.com*](https://www.reuters.com/world/americas/venezuelan-teachers-march-better-pay-amid-sky-high-inflation-2023-01-16/?utm_source=reddit.com)

Amirim

hello my name is amir; i love bitcoin and dogecoin 🎯

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6 Comments

  1. What information are the people of Venezuela getting about Bitcoin? Is the pain of inflation enough to make them use something different than Bolivares, or are they not at that point yet?

  2. Hello u/workingLime

    I have some questions. Are you an economics major? Are you studying economics? How much do you know about cryptocurrency? I am working on developing a cryptocurrency and need someone to help me work out the tokenomics, do you know much about that?

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