Hi, as you know I’m a Venezuelan living here in the country.
I have been posting these stats for years.
LocalBitcoin is only used as one of the measurements because it makes public its stats. Binance is way more used, same Reserve, AirTM among others.
Last week it was 35 BTC, so a 3 BTC drop.
Monthly minimum wage is 23 USD (It’s 130 Bolivares “Bs.” and exchange rate is 1 USD = 5.8 Bs.), average is around 100 USD.
People “survive” at the bare minimum.
There are no zeroes anymore because 9 months ago, government ordered removing six zeroes from the currency by law.
* They did that before in 2018 (5 zeroes)
* And 2007 (3 zeroes)
People use crypto to get rid of Bolivares and escape inflation, also to receive money from abroad, exchange their mining profit (mining here in theory is legal, but not safe anyway, electricity is free but unreliable), here mining even with old S9 and GPU will be profitable.
Any question, let me know!
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I understand some points of people that hate crypto religiously but this right here is a major plus point for crypto
23 USD? How do people live there?
We’re gonna see more and more of these case studies in the coming years
I have some questions: Is leaving Venezuela legal? If yes, how hard it is to leave and did people move out a lot or not? I imagine if people invest in crypto main reason must be to save enough to move out somewhere else, cause obviously nothing will change soon.
I am european, so with our 10% inflation I consider moving out of UE after finishing Uni, can’t imagine how much worse it is in Venezuala, where money are literally worthless.
People have talked about bitcoin and crypto I’m general as an inflation hedge for a while, but in my opinion we’ve not really seen that in the US and Europe yet. From what you’ve said Venezuelans are using it that way, which makes a lot of sense. I’m curious how bad did inflation get before average people started doing this?
Am I wrong or is 32 BTC traded there every month? It seems to me that the number is the same every month 🙂
You shared what the monthly minimum wage is there but what are the expenses like? How much would a loaf of bread or pound of butter cost? What are cost for other staples for you?
Why would anyone in Venezuela have a regular job if you could do almost anything profitable on the internet and get much more for much less effort. Is internet too expensive there?
Is it currently socialist there? I’m super uneducated.
How do people in barios get Bitcoin? You got to be tech savvy to the degree that I can’t see a regular family from Venezuelan slums ever holding it.
Is there any way I can donate to local Venezuelans using crypto? Any reputable organizations?
Nice
Wow I didn’t realize the monthly minimum wage was that low. I can’t even imagine having to survive off of $23 a day, let alone a month.
What are your thoughts on projects like Reserve Protocol ($RSR) op?
Is bitcoin generally picking up over there? I feel like if I were living there I’d be pouring as much money into it as possible
Binance P2P is the leading place for trades now, local bitcoin has been dying slowly in venezuela.
Venezuela is growing in btc
Venezuela here I comes with my mining rigs
Why there is no revolutiom to protest the government who ruined the country and people life like you so bad?
Good opportunity to say
Wow.. 23USD is something someone can make from a few days of staking..
If anyone wants to send me 32 Bitcoin, I’ll stake them for ya!
The average retail cost of gasoline on the US East Coast last week was 4.206. In 2022 in Sweden the approximate price range for Swedish Pork is between US$1.92 and US$2.23