In Venezuela, 1 BTC is around 190,000 Bs. (Bolivares), before Oct2021 that would have been 190,000,000,000 Bs. (six zeroes were removed by law). Last week 28 BTC were traded here only measured with LocalBitcoin. Monthly minimum wage still is around 2 USD.
2 min read
Hi, Venezuelan living here!
Posting this for several years!
Around the same amount that last week. We are looking for around 110 BTC monthly. Way lower that years ago.
Reason? New exchanges, where Binance is king, “the” P2P (with all the risk involved) option to go, not only BTC but other crypto and stablecoins. Easiest way of purchase BTC with devaluated Bolivares (Bs.)
Sadly, Binance doesn’t offer the stats of the amound traded. But it is safe to assume Binance (And other exchanges like Reserve and AirTM) has absorbed all the amount that LocalBitcoin used to trade.
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). Average monthly wage is around 90 USD (Monthly). A Manager is around 210 USD (monthly). https://talcualdigital-com.translate.goog/ovf-salario-promedio-del-sector-comercio-subio-un-71-a-892-durante-2021/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp 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://localbitcoins.com/country/VE
https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/
submitted by /u/WorkingLime
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