24 BTC were traded in Venezuela last week only using LocalBitcoin, around 8% of the total traded worldwide. Other exchanges used here are Binance (king by far), AirTM, Reserve among others. Still, monthly minimum wage is around 2 USD! AMA

Just updating this week numbers, 24 BTC traded (around 1millon USD). Remember only measured with LocalBitcoin. There you can go BTC > Bs. (Bolivares, national currency) and Bs. > BTC. I'm a Venezuelan living in the country.

The week before was 25 BTC, almost the same.

Binance is king, the P2P option to go:

From Bs. to USDT, BTC, BUSD, BNB, ETH, SLP (yep, you can go direcly from SLP to Bs), DAI and DASH and from these coins to Bs.

Sadly, Binance doesn't offer the stats of the amound traded. But it is safe to assume Binance has absorbed all the amount that LocalBitcoin used to trade (In 2019 beween 5-10 millon USD were traded weekly, now it is around 1million).

Some remarks:

  • Four months ago, goverment removed six zeroes from the currency, meaning 1,000,000 "old" Bs. are now 1 "new" Bs. Today 1 BTC is around 220,000 "new" Bs. months ago it would have been 220,000,000,000 "old" Bs.
  • Monthly minimum wage is 2 USD that is for public workers and they receive some kind of incentives (a monthly box of food that is around 20 USD), you cannot live with that.
  • If that is you only income, you died years ago starving or your family is helping inside Venezuela or from abroad or you have another job or you left the country (even walking).
  • I would say it is hard to find someone that would work for less than 50 USD monthly. Average monthly wage is around 80 USD.
  • Some NGO say around 500 USD monthly are needed for a 5 members family to "live".
  • There are in fact so many places (department stores, big ones like Traki, Biomercados) where you can pay directly with crypto. People always use stablecoins like "USDT" (what a fear), USDC, BUSD, AirUSD and so on.
  • 2021 inflation was around 700%.

Any question, feel free to ask.

Some sources:

https://coin.dance/volume/localbitcoins/VED/BTC

https://coin.dance/volume/localbitcoins/VED

https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

https://localbitcoins.com/country/VE

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/



Submitted January 16, 2022 at 11:34PM by WorkingLime https://ift.tt/3A2u9p0

Comments

Post a Comment

Popular posts from this blog

Coinmarketcap are listing BCH sites as BTC

Under here: https://coinmarketcap.com/currencies/bitcoin/ They have links to https://bitcoin.com/ and https://forum.bitcoin.com/ which are no longer BTC sites; they're BCH sites. I'm not good at twitter and don't have many followers but I've tweeted at them here: https://twitter.com/bitplane/status/955918445014585344 Can we raise awareness of this and get them to change it please? Submitted January 24, 2018 at 02:47AM by david-song http://ift.tt/2DtOW70
Read more

15 years of BTC Power Law

5 years ago I made a post in this subreddit showing that BTC is a power law: Price=A*days^n, (days from Genesis Block), n=5.8. Many didn't believe me and said the past doesn't predict the future. Well, after 5 years it turns out that BTC continues its power law behavior with similar exponent. A power law is not another formula or model but the same mathematical behavior behind river formation, mountains growth, cities development, GDP vs population, and metabolic rate. Everything important is ruled by power laws, so BTC. BTC is a force of Nature. Here is the original post: https://www.reddit.com/r/Bitcoin/comments/9cqi0k/bitcoin_power_law_over_10_year_period_all_the_way/ https://preview.redd.it/ygtk3bb1fkac1.png?width=3211&format=png&auto=webp&s=46261e53d34b1d904f72eaf159cfaaf2999290ba ​ Submitted January 05, 2024 at 11:26AM by Econophysicist1 https://ift.tt/sdnkAoG
Read more