Hey guys, Venezuelan “living” in Venezuela. You can check my post history if this is the first time you read about me.

That amount is only the one reported by https://www.usefultulips.org/Latin%20America_Page.html using as source ONLY LocalBitcoin. There are a few other exchanges that can make the volume higher.

Here in Venezuela situation is really hard, some people dont believe that amount is the minimum wage. I work and earn more than that (anyway, the amount is really low, I’m sure with that amount I would be living in the streets in Colombia, Peru or Panama for example), usually get some donations from redditors and do some freelancing work (translating mostly) and it is really hard to keep up daily.

Take for example my parents both are retired high schoool teachers, adding all the income they have they barely reach 20 USD per month (each one). My father has an old 2002 car, the transmission got busted, we are stimating a 300-500 USD repair… How could they do? Public transport service sucks or doesnt exist, that is one a example of what is happening here and this is not a medical case. I know there are worse cases. After all the work they do, I mosly have to help them but food and everything…..

Minimum wage (which is earned by a big chuck of the population, not like other countries) is 150.000 Bs. wage (3 USD) + 150.000 Bs. food bonus (3 USD) PER MONTH.

Biggest bank note is 50,000 Bs. which is around 1 USD. You need to use debit and credit, bank transfer, cryptos and USD to pay anything.

This after 5 zeroes were shaved from the currency less than a year ago and 3 zeroes more 12 years ago. So that banknote would be 5,000,000,000,000 Bs.

There is a department store (Maybe like Walmart?) that officially accepts cryptos as a way of payment https://www.diariobitcoin.com/index.php/2019/04/29/traki-la-tienda-por-departamento-venezolana-cuenta-por-que-acepta-criptomonedas/

Here you can see:

https://www.diariobitcoin.com/wp-content/uploads/2019/04/image-2019-04-26-2.jpg

(POS is by Cryptobuyer pay)

Sources:

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

https://www.usefultulips.org/Latin%20America_Page.html

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

Official rate (Venezuelan Central Bank http://bcv.org.ve/ ) is 46.304 Bs. (Bolivares, national currency) per each USD. Street rate is almost the same.

https://dolarsatoshi.com/

AMA!



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