Venezuela update. Last week 469 BTC (amount has been steady weekly) were traded using LocalBitcoin which is 343,000,000,000 Bs. Minimum wage is around 6 USD per month. One BTC is 726,000,000 Bs. (Bolivares). AMA.

Just updating this week numbers.

These volumes are only measured using Localbitcoin (LBTC) using their API (Coindance). Big part of that exchange come from Venezuelans that live abroad and send money to their families, miners, people that get paid in cryptos (freelancing) and even the own government. It is around 2000 BTC per month.

Other exchanges and other trades were done, but no way of measure them.

Today exchange rate is around 1 USD = 73,000 Bs. (Official rate is almost the same)

Minimum wage (which is earned by a big chuck of the population, not like other countries) is 250,000 Bs. wage (less than 3 USD) + 200,000 Bs. food bonus (less than 3 USD) PER MONTH.

Biggest bank note is 50,000 Bs. which is around 0.75 USD. You need to use debit and credit, bank transfer, cryptos and USD to pay anything.

Here in Venezuela situation is really hard, some people dont believe that amount is the minimum MONTHLY wage. I work and earn more than that (anyway, the amount is really low, I'm sure with that amount I would be living homeless 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.

AMA Ask Me Anything

Sources:

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

https://dolarsatoshi.com/

Submitted February 24, 2020 at 01:54AM by WorkingLime http://bit.ly/2VcCZhD