Around 8% of the worldwide traded amount in LocalBitcoin (359 BTC) were traded in Venezuela last week (29 BTC), all this happens while monthly minimum wage has stabilized at 16 USD.

Hi guys, usually post this in the r/CryptoCurrency but found out that some people here don't go there…

Hi guys, new sunday new stats.

I'm Venezuelan "living" here, been posting this for years (I think since 2018) even before moons were a thing.

Yeah, it has been the same a little drop from last week from 33 BTC to 29 BTC, monthly the value has been around 100-130 BTC for the last months.

Yes, MONTHLY minimum wage is around 16 USD. Around one year ago was 30 USD (highest from years), before that it was even under 2 USD. Some people say minimum wage doens't matte too much, well average wage is under 120 USD monthly.

In bolivares monthly minimum wage is 130 Bs. and the exchange rate is around 8 Bs. per USD. There are no zeroes anymore because they were removed last year (6 zeroes by law), these 8 Bs. would have been 8,000,000 "old" Bs. That was the 3rd time it was done in the last 15 years (3 zeroes in 2007, 5 in 2018 and 6 in 2021).

How do people survive? Well in the last years around 20% of the population has left the country (even by walking) and people do any sidejob to get more money (gardening, moving things, selling cakes, and so on), government sells a box of food (CLAP) around 20lbs of rice, pasta, sugar, beans even when it's used as political control (if you don't vote me, forget about the food).

About crypto, it was illegal even having FIAT different that Bs. (Bolivares). They had to change a little that (mostly because US sanctions) and now the country is totally multicurrency (Bolivares, USD, Euros, Pesos from Colombia, Rials from Brazil and of course crypto).

Even when the BTC is more stable than BTC, stablecoins have a great usage here.

When it comes to exchange, Binance is the king (but no public stats) there you can use P2P to go from Bs. to any crypto and from any crypto to Bs. There are others like AirTM, Reserve and the one mentioned here, LocalBitcoin.

People use these to get remittances from abroad from their relatives, exchange their mining profits (electricity is defacto free at residential level at least) and escape Bolivares (high inflation).

Ask me anything.

Some sources:

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

https://coin.dance/volume/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/country/VE

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

submitted by /u/WorkingLime
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