Just updating this week numbers, 24 BTC traded (around 1millon USD). Remember only measured with LocalBitcoin. There you can go BTC > Bs. (Bolivares, national currency) and Bs. > BTC. I’m a Venezuelan living in the country.
The week before was 25 BTC, almost the same.
Binance is king, the P2P option to go:
From Bs. to USDT, BTC, BUSD, BNB, ETH, SLP (yep, you can go direcly from SLP to Bs), DAI and DASH and from these coins to Bs.
Sadly, Binance doesn’t offer the stats of the amound traded. But it is safe to assume Binance has absorbed all the amount that LocalBitcoin used to trade (In 2019 beween 5-10 millon USD were traded weekly, now it is around 1million).
Some remarks:
- Four months ago, goverment removed six zeroes from the currency, meaning 1,000,000 “old” Bs. are now 1 “new” Bs. Today 1 BTC is around 220,000 “new” Bs. months ago it would have been 220,000,000,000 “old” Bs.
- Monthly minimum wage is 2 USD that is for public workers and they receive some kind of incentives (a monthly box of food that is around 20 USD), you cannot live with that.
- If that is you only income, you died years ago starving or your family is helping inside Venezuela or from abroad or you have another job or you left the country (even walking).
- I would say it is hard to find someone that would work for less than 50 USD monthly. Average monthly wage is around 80 USD.
- Some NGO say around 500 USD monthly are needed for a 5 members family to “live”.
- There are in fact so many places (department stores, big ones like Traki, Biomercados) where you can pay directly with crypto. People always use stablecoins like “USDT” (what a fear), USDC, BUSD, AirUSD and so on.
- 2021 inflation was around 700%.
Any question, feel free to ask.
Some sources:
https://coin.dance/volume/localbitcoins/VED/BTC
https://coin.dance/volume/localbitcoins/VED
https://localbitcoins.com/country/VE
https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/
submitted by /u/WorkingLime
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