Hello guys, I am Venezuelan residing right here, wish to put up this right here too as a result of the principle topic is Bitcoin!
Quantity traded right here (utilizing LocalBitcoin solely) dropped from 38 to 32 BTC this week. Round 8% of the worldwide commerce there (408 BTC).
Why LocalBitcon? It is the one change that put up its stats. It isn’t essentially the most used or standard anymore, that’s for positive. Individuals use Binance (king), AirTM, Reserve and others.
One BTC is round 160,000 Bs. -Bolivar, our currency- (Lacking some zeroes? Authorities eliminated by regulation 6 zeroes final 12 months, third time doing it, first 3 zeroes in 2007 and 5 in 2018, one “present” bolivar can be 100,000,000,000,000 Bs. earlier than 2007).
Sure, MONTHLY minimal wage is 16 USD. 130 Bs. and change price is 8:1. Based on a NGO 52% of the Venezuelan employee earn lower than 100 USD month-to-month
https://eldiario-com.translate.goog/2022/09/14/ecoanalitica-venezolanos-menos-de-100-dolares-mensuales/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
Common ought to be round that, 100 USD month-to-month.
One other NGO says you want 500 USD month-to-month just for primary necesities for a 5 members household and I believe it is quick contemplating final month inflation.
Individuals use crypto to pay in some locations, to save lots of (BTC is extra secure than Bolivares) utilizing or not stablecoins, Binance permits you to buy crypto with Bolivares and promote your crypto for Bolivares, remittances can be a approach of utilizing crypto folks from overseas ship cash to their households right here and in addition miners, electrical energy is free so huge mining operations right here (even GPU mining nonetheless provides you one thing right here even after the merge).
https://www.reuters.com/know-how/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/
https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela
https://coin.dance/quantity/localbitcoins/VED/BTC
https://coin.dance/quantity/localbitcoins/VED
https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/
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/nation/VE
https://www.bloomberg.com/options/2016-venezuela-cafe-con-leche-index/
