It’s easier to like Bitcoin when your national currency biggest banknote was 1,000,000 and months later it was "converted" to 1 and now it’s worth only 0.04 USD. The country is Venezuela and the national currency is Bs (Bolivares).

Hello, I'm Venezuelan dwelling right here, sufferer of dwelling in a rustic with unhealthy politics and financial administration.

I had posted this some other place however I feel the Bitcoin subreddit deserves it immediately.

Normally I publish outdoors the crypto neighborhood, some individuals blame and mock me for being "crypto fanatic", yeah, it's straightforward saying that when your inflation fee is lower than 10% yearly and your FIAT foreign money is accepted and revered worldwide (Perhaps I’d be like that too in that state of affairs).

However for us dwelling in international locations with actually unhealthy financial administration, utilizing one thing not managed by a central financial institution (which often means politicians), is a reduction.

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That banknote is "outdated" whereas nonetheless in circulation, its face worth is "1 millon" which is 1,000,000 Bs. (Bolivares) however as a result of six zeroes had been eliminated by legislation greater than a 12 months in the past, not it's 1 "new" Bs, they didn't hassle creating a brand new banknote so it's similar to that individuals ought to perceive it says 1,000,000 however it’s price 1. After all lots of issues specifically with outdated individuals. Authorities simply doesn't care.

Trade fee is 25 Bs. / USD, so 1 Bs. is round 4 cents. You want 25 of those to make 1 USD.

Month-to-month minimal wage is 130 Bs. so round 5 USD. Or 130 banknotes of 1 Bs.