This is how 0.037 Bitcoins looks like in Venezuela

[pereira4]

If satoshi nakamoto wanted to cash out in venezuelan money, venezuela would run out of printing paper because they would never be able translate satoshi's bitcoins into physical paper money, the poor bastards.
Fiat paper money will be seen as a joke in 10 years, watch and see.

[1714951965]

1714951965

[1714951965]

1714951965

[1714951965]

1714951965

[wxa7115]

Would like really to see and make a tour in Venezuela, with 100$ i could live good in a month or?

 http://www.dailymail.co.uk/travel/travel_news/article-3110918/Paradise-20-hardy-tourists-enjoy-Venezuela-cash-bonanza.html

Looks like there's some crazy cheap living available. I dunno how much fun it would be there but you can save to travel somewhere nicer.

Thanks for the link, I read the article and I was stunned by the prices, however Venezuela is not the safest country, so if I had a choice of going to a Latin-American country that is cheap, I will probably go to Argentina.

[Erkallys]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

[DebitMe]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

[cjmoles]

Venezuela has some of the most beautiful woman in the world too (How many times has a Venezuelian woman been in the top 10 of Misses Universe?)...low prices, beautiful woman, jungles full of coca....k....got my vote!

[RealBitcoin]

If satoshi nakamoto wanted to cash out in venezuelan money, venezuela would run out of printing paper because they would never be able translate satoshi's bitcoins into physical paper money, the poor bastards.
Fiat paper money will be seen as a joke in 10 years, watch and see.

In the Weimar Republic (Germany) when the big hyperinflation of 1929-1934 happened, they ran out of paper, and they started to print the new money on clothes, wool, and even wood.   

Nowadays as more people use bank accounts, they dont need to print all the money out, they just type it in electronically.

[gentlemand]

Is it a safe place? Living seems to be cheap

No, sir. Economic collapse and safety aren't natural bedfellows.

https://en.wikipedia.org/wiki/Crime_in_Venezuela

I guess like everywhere though it's down to the company you keep and the areas you stay out of.

[Erkallys]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

[Itun]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

Unless some other form of currency takes over the hyperinflating one there, it wouldn't be smart to do any business there.

I wouldn't think many people there are able to spend much time researching into bitcoins when they're struggling to survive with their dead economy there.

[Barnabe]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

Unless some other form of currency takes over the hyperinflating one there, it wouldn't be smart to do any business there.

I wouldn't think many people there are able to spend much time researching into bitcoins when they're struggling to survive with their dead economy there.

I think it's quite the opposite. If some people began to use it with success, the others would quickly do the same.

[Erkallys]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

Unless some other form of currency takes over the hyperinflating one there, it wouldn't be smart to do any business there.

I wouldn't think many people there are able to spend much time researching into bitcoins when they're struggling to survive with their dead economy there.

No the plan is : your fund your company there. You build a factory that produces something, let's say spoons. They manufacture it. Then you sell it in country where you make a profit and then you pay your workers 2x the average salary. In the country where you sell it it's nothing, so you still make a profit.

[Barnabe]

Why would I pay twice the salary ?
You could say upfront you'll pay in bitcoins and people would still go work for you because some of them don't have a job and getting bitcoins (whatever they are handy or not) is better than getting nothing.

[wxa7115]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

Unless some other form of currency takes over the hyperinflating one there, it wouldn't be smart to do any business there.

I wouldn't think many people there are able to spend much time researching into bitcoins when they're struggling to survive with their dead economy there.

No the plan is : your fund your company there. You build a factory that produces something, let's say spoons. They manufacture it. Then you sell it in country where you make a profit and then you pay your workers 2x the average salary. In the country where you sell it it's nothing, so you still make a profit.

Well the problem with that plan, is that the Venezuelan government can take everything away from you, and not pay you a dime. That’s why foreign investment is very low in Venezuela.

[cjmoles]

What form of economy does Venezuela claim: capitalist, communist, or mixed?  As long as we're setting up business models here, we might as well define the economy in which we're working.  Right?  Piles of fiat don't really equate to much without a prerequisite understanding of how it's leveraged, in my bitty mind.

[Erkallys]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

Unless some other form of currency takes over the hyperinflating one there, it wouldn't be smart to do any business there.

I wouldn't think many people there are able to spend much time researching into bitcoins when they're struggling to survive with their dead economy there.

No the plan is : your fund your company there. You build a factory that produces something, let's say spoons. They manufacture it. Then you sell it in country where you make a profit and then you pay your workers 2x the average salary. In the country where you sell it it's nothing, so you still make a profit.

Well the problem with that plan, is that the Venezuelan government can take everything away from you, and not pay you a dime. That’s why foreign investment is very low in Venezuela.

Venezuela seems to have a very high corruption, so if someone doesn't want you to settle, with a couple of bucks, he can make the government seize everything you have. In fact that's a big problem. So I now I think it's a bad idea.

[Everybitbit]

What can buy with that much money. I mean 0.37 changed to Venezuela money.. and become that much. Alot thing can buy from  it?

[RealBitcoin]

What can buy with that much money. I mean 0.37 changed to Venezuela money.. and become that much. Alot thing can buy from  it?

No you dont understand it has the same value, but the quantity differs.

Its like saying which one is heavier 1 kg of iron or 1 kg of  paper? Its the same.

But since the venezuelan currency is hyperinflated, you need wheelbarrows to carry as much as 0.037 btc worth, which you can carry on a phone in BTC.


So the lesson is: ditch fiat, and use only bitcoin

[Febo]

Problem with high inflation is that you just need to spend your salary fast or convert it.  Since if you wait only few days you get half less for it.
It is actually good fro country economy, since people buy even stupid things they dont need just to spend their money.

[Barnabe]

They still can buy gold or silver.

[boby-3]

wow they really should adopt this as soon as possible i dont want to pay 1000notes for buying 1chocolate from there