Last week the traded amount in Venezuela only using LocalBitcoin was 69 BTC (Down from 71), that is 7,176,000,000,000 Bs. (Bolivares, local currency, ISO: VES). One BTC is around 105,000,000,000 Bs. Monthly minimum wage is 1,800,000 Bs. (less than 1 USD) and a personal news.

Hi guys, it was almost the same than last week.

Around 4,000,000 USD in weekly trades.

This is only measured using LocalBitcoin as they publish they weekly date, since months ago Binance opened P2P trade with Bolivares, I suspect a lot of people are moving to Binance.

There are other exchanges like AirTM and UPHOLD and even some local ones (with maybe the goverment behind) like Amberescoin and Cryptia.

A big part of the population that work for the goverment have a wage of between 1 and maybe 10 monthly minimum wages, yes, that is true. They need to do something else to survive.

I think average wage is like 10-15 USD weekly, which is much better but still not enough. A family needs at least 300USD monthly to "live".

On a personal note, I got COVID, I did think it was just a flu but days ago I lost my taste and smell. Here there is no easy way of getting PCR test and there is not nationwide vaccine plan, goverment says "f*ck you, save yourself you are in our own". I'm resting and I hope I didn't infect people close (like my parents :().

I spend around 40 USD purchasing some medicines (vitamins, acetaminophen and so on) and just to treat it like a flu. MOONS (cryptocurrency points) have helped me a lot, even with these expenses (I have to cash out the ones I have soon :()

One monthly minimum wage (1 USD) is around:

  • 1800 satoshis
  • 17 MOONS
  • 1.8 XRP
  • 19 DOGE
  • 0.2 NANO

Sources (PLEASE check them!!!):

https://www.usefultulips.org/combined_VES_Page.html

https://www.caracaschronicles.com/

https://coin.dance/volume/localbitcoins/VES/BTC

https://localbitcoins.com/buy-bitcoins-online/ves/

https://www.reuters.com/article/venezuela-economy/venezuela-to-introduce-1-million-bolivar-bill-as-inflation-persists-idUSL2N2L401H

https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

submitted by /u/WorkingLime
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