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Venezuela UPDATE. 1 BTC is around 265,000,000 Bs (Bolivares). Three weeks ago it was 255,000,000 Bs. Monthly minimum wage is around 4 USD (it was 7 USD before). 562 BTC were traded last week using LBTC (last week was 553) which is around 139,937,000,000 B

Venezuela UPDATE. 1 BTC is around 265,000,000 Bs (Bolivares). Three weeks ago it was 255,000,000 Bs. Monthly minimum wage is around 4 USD (it was 7 USD before). 562 BTC were traded last week using LBTC (last week was 553) which is around 139,937,000,000 B

Bitcoin Reddit

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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.

These volumes are only measured using localbitcoin, the weekly trade has settled there in around 550 BTC per week. Pero use bolivares to buy BTC and BTC to buy bolivares

Minimum wage (which is earned by a big chuck of the population, not like other countries) is 150.000 Bs. wage (4 USD) + 150.000 Bs. food bonus (4 USD) PER MONTH.

Biggest bank note is 50,000 Bs. which is around 1,5 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.

Official rate (Venezuelan Central Bank http://bcv.org.ve/ ) is 38.980 Bs. per each USD.

Sources:

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

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

AMA!

submitted by /u/WorkingLime
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