30 BTC were traded in Venezuela (Only using LocalBitcoins), 10% increase from last week. Economic situation is worse now as minimum monthly wage is near 6 USD
Hi guys, as I always do I like to post this here too!
*Hi crypto brothers, as you probably know I’m Venezuelan “living” here that believes in crypto probably because I live in a country where the fiat currency is worthless (since 2007, 14 zeroes have been removed from it).*
*I have been posting this for over 5 years now!*
*One BTC traders now at around 490,000 Bs. (Bolivares), exchange rate is around 21 Bs. per USD. Before any zero removal it would have been* ***49,000,000,000,000,000,000 Bs.***
*Othes CEX used are Binance, Reserve, AirTM among others. I use LocalBitcoin as a sample because it has an API and some pages get that information and put it in a easy way!*
*Inflation las been crazy last months, I have been a bit anxious and depressed about that lately ( months ago it was much more stable to be honest).*
*Last year inflation is estimated to be over 300% (way better than last years where it was over 180,000% !!!!!)*
*People use crypto to avoid inflation, receive remittances and exchange mining profits (as I always say, electricity is free for now).*
*Monthly minimum wage is 130 Bs. so 6.5 USD monthly!*
*One teacher has a wage of around 10 USD and one professor from the university around 60 USD (monthly).*
*Average wage is 100 USD monthly.*
*When someone says FIAT is good and crypto is bad, show them this post! As always, any question let me know!*[*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) [*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)
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How the heck do you remove zeroes from a currency. Do you have to change all the bills?
Why wont the politicos pivot in to a Bitcoin standard like El Salvador/Panama what have they got to lose?
How is the minimum wage is $6.5 but the average wage is $100?! That’s 15 times higher.
The federal minimum wage for 1 month in america is $1,256, but the average American wage isn’t x15 higher, which would make it $18,840/month, which is 226k/year. It’s more like only x2.5 higher
Crazy to see a doctor make almost half the average?
Sounds like this would be an interesting read
There are people in this group, who own more than 3%+ of a country’s weekly dealings.
In 25 years people will be in Awe.