Venezuelan update: One BTC is around 700,000 BsS. (Bolivares), monthly minimum wage is around 19 USD -0.003 BTC- and inflation keeps going on (even in USD). 72 BTC were traded in the last 24h using Localbitcoin.

Hello,

You can check the "Coffee with milk index made by Bloomberg" https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

Government "set" the prices of some goods and what happens is that they set the price is under the production cost.

One example is meat, there is not meat anywhere, price is set at 90 BsS. per kilo (which is around 90 usd cents) none wants to sell at that price.

Another problem (which I "think" could help to "fix" economy) is that some prices (in USD) are the same of more expensive than the international price. For example one soda can (Coke) is around 1 USD. One Mcflurry ice cream is 4-5 USD and so on. (I use these examples, so you can compare easily). But remember minimum wage is 19 USD per MONTH. So it's really had for people to live here, even if you have family abroad and they used to send 50$ per month and people used that to live here now more USD are needed….

You can check the 24h volume here http://dolarbeta.com/

Sadly Coindance has updated anymore since 5 zeroes where knocked off from the Bolivar.

I have a with debt with u/AliResurrector ( u/rodown ) he sent me a donation of 10 AUD using BTC (by the way it was HIS first real use of bitcoin!!) (the price he pays here for a coffee) and I will post what I was able of buying here (including the coffee itself) will post soon that update 🙂

Any question let me know.

submitted by /u/WorkingLime
[link] [comments]
Bitcoin – The Currency of the Internet