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submitted by /u/billtae
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Bitcoin – The Currency of the Internet

Last week 604 BTC were traded using Localbitcoin Venezuela, one BTC is around 28,700,000,000 Bs. (Bolivares), minimum wage is 17,350 satoshis per month.

Hi guys, living here.

I make more than minimum wage, but it's never enough here (there is inflation even in USD!).

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

In 3 weeks government will knockoff 5 zeroes from the currency (original plan was 3)

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

Any question AMA.

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet

Back here, last week in Venezuela LocalBitcoin traded 597 BTC for a total amount 11,884,027,816,113 Bolivares. Inflation is still rising, gov increased minimum wage from 3,000,000 to 5,000,000 Bs per month. 1 USD in the black market is between 3,500,000 and 4,000,000 Bs.

Hi guys, I was off some weeks, had several problems with the internet (the payment I made each month is almost zero so no maintenance), people are stealing copper wires from ADSL or power and selling them in the back market.

Government wanted to shave off 3 zeroes from the currency but had to delay that because there were no new bills, now they are thinking in shaving off 6 zeroes.

Inflation has continued increasing, while minimum wage per month is 5,000,000 Bs, one kilo of meat is around 8,000,000 Bs. One month ago was 5,000,000 Bs.

By the way, gasoline is free here in some service stations they don't require you to pay, you just fill the tank and go. One liter is 6Bs. which is 1.714285714285714e-6 USD.

One BTC trades around 25,000,000,000 Bolivares.

While government doesn't recognize officially the 3,500,000 / 4,000,000 black market exchange, they gave the authorization of Zoom (that works with Western Union) of do the exchange at 2,500,000 Bs. per USD.

You can read this articles (i recommend these sites)

https://www.caracaschronicles.com/2018/07/16/zulia-seeks-a-blaze-of-light-during-power-cut-collapse/

https://www.caracaschronicles.com/2018/07/17/the-not-so-silent-shakedown-of-venezuelan-radio-broadcasting/

https://www.caracaschronicles.com/2018/07/18/venezuelan-nurses-strike-sparks-the-streets-of-caracas/

https://www.caracaschronicles.com/2018/07/18/corruption-and-kleptocracy-keep-the-government-going/

https://www.caracaschronicles.com/2018/07/13/caraquenos-trade-food-for-water-during-shortage/

https://www.caracaschronicles.com/2018/07/13/getting-an-apostille-for-your-documents-might-land-you-in-jail/

https://www.caracaschronicles.com/2018/07/10/sand-and-negligence-consume-whats-left-of-paraguana-peninsula/

https://www.caracaschronicles.com/2018/07/01/some-classes-struggle-more-than-others/

https://www.caracaschronicles.com/2018/07/02/culture-and-art-resist-the-dictatorship/

BTW, some people asked me about some Venezuelan bills, here is it illegal to ship them (maybe if you send one bill inside a book nothing will happen) but shipping anything more than that will get me in jail. I have one friend that lives in the states, he had some bills in his backpack when he left (no more than 20 bills), with his help maybe I can ship some bills, of course the main idea is to pay shipping cost and get something extra (remember, 100000 satoshis here can get me a kilo of meat, rice, pasta and beans). I already shipped with my friend some bills to https://www.reddit.com/user/Lord_Saren PM if you want to know more.

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet

6,932,309,904,123 bolivares were traded in LocalBitcoin Venezuela during past week, which equals to 529 BTC. Exchange rate is around 2,500,000 Bs. per USD. Minimum monthly wage is 2,550,000 Bs. around 1 USD per month.

Hello, Venezuelan living in Venezuela.

Just posting the updated number for this week.

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

See my older posts to see the full context, any question AMA.

I just want to explain something I saw in older posts, some people say that the exchange rate is around 80,000 Bs. per USD. That is the fixed rate SET by the government, no one sells at that rate, only the government does and it's limited, they sell only around 1millon USD each two weeks which of course is NOT enough to supply the country demand.

So there is a black market / street market that works with supply and demand. Anyway, if we use the exchange rate set by the government minimum wage would be around 32 USD per month (2,550,000 / 80,000)

One kilo of meat is around 5,000,000 Bs. so using street rate that is around 2 USD using government fixed rate that is 62.5 USD, which one makes more sense?

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet

Venezuela Update: Exchange rate is around 900,000 Bolivares (Bs) per USD. LocalBitcoin traded 435 BTC last week. Minium wage was raised to 3 USD / month

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

Situation worsened because the goverment started an operation called "Manos de Papel" hunting people who were trading a lot of bolivares (which the suppose come from selling USD and cryptos not using their controlled exchange rate).

Also, they took control of the biggest private bank of the country, called Banesco.

In fact, before that Localbitcoin traded the all time record of 957 BTC traded in one week.

The price of the meat was 800,000 per kg 4 weeks ago and now it's 4,500,000 kg.

It's crazy living here (and sad….)

You can see my old posts for more context

https://np.reddit.com/r/Bitcoin/comments/8e591z/venezuela_update_exchange_rate_is_around_600000/

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet

Venezuela Update: Exchange rate is around 600,000 Bolivares (Bs) per USD. LocalBitcoin traded 654 BTC last week. Minium wage is 2 USD / month (reddit.com)

https://coin.dance/volume/localbitcoins/VEF/BTC You can see my old post for more context https://np.reddit.com/r/Bitcoin/comments/8cet9t/localbitcoin_venezuela_traded_663_bitcoins_last/

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