32 BTC were traded last week in Venezuela (measured only LocalBitcoin), monthly minimum wage "stable" at 16 USD and 52% of the population earn less than 100 USD monthly
Hi guys, I'm Venezuelan living here, like to post this here too because the main subject is Bitcoin!
Amount traded here (using LocalBitcoin only) dropped from 38 to 32 BTC this week. Around 8% of the worldwide trade there (408 BTC).
Why LocalBitcon? It's the only exchange that post its stats. It is not the most used or popular anymore, that is for sure. People use Binance (king), AirTM, Reserve and others.
One BTC is around 160,000 Bs. -Bolivar, our currency- (Missing some zeroes? Government removed by law 6 zeroes last year, third time doing it, first 3 zeroes in 2007 and 5 in 2018, one "current" bolivar would be 100,000,000,000,000 Bs. before 2007).
Yes, MONTHLY minimum wage is 16 USD. 130 Bs. and exchange rate is 8:1. According to a NGO 52% of the Venezuelan worker earn less than 100 USD monthly
Average should be around that, 100 USD monthly.
Another NGO says you need 500 USD monthly only for basic necesities for a 5 members family and I think it's short considering last month inflation.
People use crypto to pay in some places, to save (BTC is more stable than Bolivares) using or not stablecoins, Binance allows you to purchase crypto with Bolivares and sell your crypto for Bolivares, remittances is also a way of using crypto people from abroad send money to their families here and also miners, electricity is free so big mining operations here (even GPU mining still gives you something here even after the merge).
https://www.reuters.com/technology/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/
https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela
https://coin.dance/volume/localbitcoins/VED/BTC
https://coin.dance/volume/localbitcoins/VED
https://www.caracaschronicles.com/2022/04/21/is-venezuela-doing-better/
https://www.caracaschronicles.com/2022/04/20/the-bizarre-figures-of-venezuelas-economic-recovery/
https://localbitcoins.com/country/VE
https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/
Submitted September 18, 2022 at 10:24PM by WorkingLime https://ift.tt/tlfgBDV
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