Amid 40,000% annual inflation, Bitcoin price surges 15,3% in Venezuela last week. Bitcoin volume increase in 3% to 494 BTC

A recent university study found that about 90% of civilians were living in poverty last year and most of those surveyed had lost an average of 25 pounds in body weight

More people is using Bitcoin in Venezuela every day to overcome the economic controls that government imposed that turned the majority of us into poors.

submitted by /u/Windows7733
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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 weekly update: Minimum wage in Venezuela is 1.3 USD per month (1 USD less than last week). One USD is around 2,000,000 Bs. (Bolivares) (last week was 1,400,000 Bs.). Inflation is around 25,000%, living here!

Hi guys, I'm living here surviving and documenting everything (you can check my older posts).

LocalBitcoin traded 474 Bitcoin last week (which is 4,913,249,752,178 Bolivares)

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

https://www.forbes.com/sites/stevehanke/2018/05/31/venezuelas-inflation-breaches-25000/#475553106d57

Government wanted to shave off 3 zeroes this weekend but none was prepared as it was a rushed decision it was delayed two months. So we expect ridiculous prices with a lot of zeros next weeks.

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

Maduro says Venezuela to get $1 bn injection from 'bitcoin' sale

Maduro says Venezuela to get $ 1 bn injection from 'bitcoin' sale. April 27, 2018. With rampant inflation more than decimating the bolivar, Venezuelan authorities are banking on the petro becoming a digital means of pulling them out of crisis. Venezuela's government, which is facing a worsening liquidity …
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