- This topic has 0 replies, 1 voice, and was last updated 3 months, 1 week ago by WorkingLime.
- Sunday, August 21st, 2022 at 23:17 #359156WorkingLimeParticipant
Hi, just updating last week numbers from [https://coin.dance/volume/localbitcoins/VED/BTC](https://coin.dance/volume/localbitcoins/VED/BTC)
Inflation and devaluation took place last week and monthly minimum wage went from 22 USD to 19 USD, it’s fixed in Bolivares (Bs.) and currently it is 130 Bs.
LocalBitcoin trades weekly around 30-35 BTC, government could be behind that volume, impossible to prove but for sure normal people is using it!
There is a big undeground minning community, considering electriciy at least at residential level is technically FREE (like 1 USD for 3 months of service for a house), but it’s a risky operation even when it’s in theory legal. Some people use it as a fast way of sending remittances from abroad to their relatives here.
In 2019 there were weeks with over 2k BTC!
LocalBitcoin is a bit ourdated and people have moved to Binance, Airtm, Reserve and others.
One BTC is around 150,000 Bs., almost a year ago government removed by law 6 zeroes, so it would have been 150,000,000,000 “old” Bs.
Last month inflation (July) was “only” 7.5% according to the Central Bank, really good considering we had thousands % months ago. And, also months ago the monthly minimum wage was 2 USD!
Any question, let me know!
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Related Forum Topics:
- → Just keeping track. Last week 27 BTC were traded in Venezuela only measured using LocalBitcoin (still used here), a 1 BTC decrease from last week. This week, new monthly minimum wage will start rolling, around 28 USD monthly, old wage was 2 USD per month.
- → Just updating this week numbers, 38 BTC (+9 from last week) were traded last week in Venezuela only measured with LocalBitcoin, monthly minimum wage still at 16 USD.
- → Venezuela update. 35 BTC were traded last week only measured using LocalBitcoin (up from 28 BTC last week), goverments wants to tax crypto transactions up to 20% and still, monthly minimum wage is around 2 USD! One BTC is around 190,000 BS (Bolivares), after six zeroes were removed 4 months ago!