Venezuela UPDATE. 1 BTC is around 225,000,000 Bs (Bolivares). Three weeks ago it was 154,000,000 Bs. Monthly minimum wage is around 7 USD (it was 8 USD before). 538 BTC were traded last week using LBTC (last week was 552) which is around 115,268,000,000 Bs. AMA. (Reddit Bitcoin)
Hello, it is me just updating the situation here in Venezuela. You can check my post history if this is the first time you read about me.
Minimum wage (which is earned by a big chuck of the population, not like other countries) is 150.000 Bs. wage (7 USD) + 150.000 Bs. food bonus (7 USD) PER MONTH.
Biggest bank note is 50,000 Bs. which is around 2 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 it would be 5,000,000,000,000 Bs.
Official rate (Venezuelan Central Bank http://bcv.org.ve/ ) is 22.493 Bs. per each USD.
Before someone ask why Venezuela don’t “want” to work online, you have to take into account the following:
- Only a small % of the population is able to write, speak and understand English (We are in ranked 73 of 100 in EF proficiency rank)
- Only a small % has reliable internet connection at home (For example, I dont have wired internet at home, I rely using a 4G hotspot that charges me 1 USD per Gb (remember minimum wage is around 7 USD por month) and even that, my speed is never over 5Mb/s.)
- Even a smaller % has reliable electricity service, since one nationwide blackout (3 days) in March this year, the electricity service has gone downlight in big cities like Valencia, Barquisimeto, Maracay and Puerto La Cruz, 6h per day blackout are common. In Maracaibo it is common 12h without electricity per day. The only place “safe” is Caracas, and not at all, it is common 2-4h blakcout per week.
- Only a small % has a modern smartphone.
- Most people that had everything explained before have left the country already and the ones that are still in the country, wont do first world work per 1 USD/h.
My post is to make people aware of the majority of the Venezuelan population.
As I dont earn, minimum wage I work in a company with a “good” wage, do some work online and some people here have sent me donations. For example, I have to almost mantain my parents,what they have as retirment is not enoght to live a few days. Anyway, with the amount of money monthly I dont think I reach a Colombian/Peru minimum wage, of course below the poverty line in a developed country.