Just another weekly update from Venezuela, 60 BTC were traded last week only using LocalBitcoin (down from 69). These 60 BTC were 6,165,000,000,000 Bs. (Bolivares, ISO VES). One BTC is around 115,000,000,000 Bs. Monthly minimum wage is 1,800,000 Bs. (less than 1 USD).
Hi guys, just updating this week numbers.
Volume keeps going doing in LocalBitcoin, reason I have is Binance, a few months ago they started P2P in Venezuela, where you can go Bolivares to any crypto and any crypto in Bolivares.
LocalBitcoin obviusly is only Bitcoin.
Still around 3,600,000 USD traded only in LocalBitcoin. If you see that way, the decrease hasn't been that bad, months ago when it was around 5,000,000 USD so also the drop is because the Bitcoin price increase.
Minium monthly wage is in fact less than 1 USD, but average wage (in my research) is around 60-80 USD. Yet there is people that only "earn" that officially. Wages in the public sector are based in that wage, so a "high" rank could earn maybe 20 times minimum wage, that is like 20 USD.
Professors at public university for example.
According to some NGO (CENDA is the name) a 5 members family needs around 300-350 USD monthly to "live", so do your math.
People survive with relatives abroad that send remittances (that is where LocalBitcoin and Binance are important), they do something else to get extra income and so on. Other important exchanges are AirTM and even Uphold which works here. There are a few national exchanges with a high KYC (I think only Venezuelan are allowed) like Cryptia and AmberesCoin.
People that use the exchanges is people abroad sending remittances to Venezuela, store owners with a lot of Bolivares and have to get rid of them as soon as possible, miners and even the own goverment to circunvent sanctions.
Mining here at big scale is a problem because you get flagged by the goverment (you MUST register and report) and you can get kidnapped or have to pay a ransom. But is so profitable because electricity is free even when unreliable. My dream is to get someday a GPU and mine, that can get unnoticed and could get me a nice income, but GPU prices are so high :(.
I have no words to thanks this community I have done a lot of work and request from redditors.
In my last post I announced I got COVID, well, yes I still don't have any taste or smell. It sucks, but I feel fine and no mayor problems so it got me mild, so weird to eat and it's like you are eating cardboard, coffee is like hot water :(. One thing I got recommened is vitamins (like Centrum, gonna find out the price) for me and all my family to keep high defenses, but more than that water and eat and rest well.
Thanks for yor wishes and support.
Sources (PLEASE check them!!!):
https://www.usefultulips.org/combined_VES_Page.html
https://www.caracaschronicles.com/
https://coin.dance/volume/localbitcoins/VES/BTC
submitted by /u/WorkingLime
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