Updating the numbers: last week the traded amount in Venezuela only using LocalBitcoin was 71 BTC (Down from 92), that is 7,185,000,000,000 Bs. (Bolivares, local currency, ISO: VES). One BTC is around 104,000,000,000 Bs. Monthly minimum wage is 1,800,000 Bs. (less than 1 USD).

Reddit | Cryptocurrency

Hi guys, as you know Venezuelan living here, crypto enthusiast like to post these weekly updates.

Around 4,000,000 USD in trades (71 BTC at 60k)

This is ONLY using LocalBitcoin (Trades there are mostly Bolivares to BTC and BTC to Bolivares).

Months ago Binance started P2P trades with Venezuelan bolivares, I think some people migrated there (it lets you trade other cryptos). Also AirTM is used as exchange too. There are other exchanges (Even local ones like Cryptia and AmberesCoin). I don't have a way of measure the daily/weekly/monthly trade there so that is why I use LocalBitcoin as reference.

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  • Who trades BTC to Bolivares? People that needs to pay in some places where crypto is not accepted. Where do these BTC come from? Could be miners, could be people abroad that send money to their families in Venezuela, could be the goverment itself (sadly), people with crypto savings, etc.

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  • Who trades Bolivares to BTC? People that gets insane amounts of Bolivares (like store owners), people that get paid in Bolivares, and want to convert them in something better and stable than Bolivares digitally and easy.

A big chunk of the population that works for the goverment (around 3 millions) have a monthly wage of around 1-10 monthly minium wages, monthly minimum wage is around 1 USD (recently increased). So that would put that people from 1 to 10 USD monthly. There is also a food bonus that is the same than the wage.

But the "average" wage is around (in some research) is around 60-80 USD.

According to a NGO (CENDAS) a 5 members family need around 350 USD monthly to "live", yes if you are from USA, Canada, Australia, Germany that amount is ridiculous low, but that is a standar in Latin America, problem more that what you need to spend are the WAGES, they are crazy low. A really good wage here is around 400 USD monthly (in my opinion).

And MOONS for me, wow, have helped me a lot (Sadly I have to cash out usually). What a great idea!

One monthly minimum wage is around:

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  • 3250 satoshis
  • 17 MOONS
  • 2 XRP
  • 19 DOGE
  • 0.2 NANO

Disclaimer: Even when MOONS are nice and have helped me a lot, I don't post these updates for that (Moon-farming) I have been doing that for years a long time ago before MOONS where a thing.

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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