This is how 0.037 Bitcoins looks like in Venezuela

[bolivarcoin]

This is why Venezuela will be the first country to adopt a virtual currency.

 0.037 Bitcoins o almost 12 Us$

It loos like a lot of money, but is the equivalent to half of the monthly minimum wage

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[lissandra]

holy crap.

Then yes, thats one of the few countries will prosper from bitcoin esp. It might even bring business based on them having enough capital to start their own business.

I didnt know it effected by that much though, a half months salary is what I make every week then..

[Swordsoffreedom]

This is why Venezuela will be the first country to adopt a virtual currency.

 0.37 Bitcoins o almost 12 Us$

>>>>

>>>>

I must have read that wrong somehow
0.37 Bitcoins does not equal $12 US
0.37 Bitcoins = $100 US (@270 US/ BTC)

That or the conversion rate is that bad which would be something else.

[manselr]

Damn, are you kidding me? I didn't know inflation was this insane in venezuela. Just think about, anyone with an Hero account in venezuela can potentially make a better living off a signature campaign than working an average job over there. Kinda crazy. Let's hope the people there give the middle finger to the idiot in power and adopt BTC.

[lissandra]

This is why Venezuela will be the first country to adopt a virtual currency.

 0.37 Bitcoins o almost 12 Us$

It loos like a lot of money, but is the equivalent to half of the monthly minimum wage

>>>>

>>>>

I must have read that wrong somehow
0.37 Bitcoins does not equal $12 US
0.37 Bitcoins = $100 US (@270 US/ BTC)

Im pretty sure the op, got the price value wrong, but seeing the picture he probably meant $120?

Which is what they earn half a months wage which is still a lot to them.

[Swordsoffreedom]

Im pretty sure the op, got the price value wrong, but seeing the picture he probably meant $120?

Which is what they earn half a months wage which is still a lot to them.

I thought that initially as well but then checked a backpost in his history to correlate it
He said the minimum wage is $20 dollars a month so he really meant $12 why I rose a bunch of question marks on this statement.

Hi boutiuqe, I was born in Venezuela but i live overseas, Yes, about 100 of the users that already mined some coins are from Venezuela, the rest from other countries.

The minimum wage is only 20$ a month.

There are 4 official currency exchange and one extraoficcial, official is: 1$ - 6Bf, extraoficcial 1$ - 700Bf. No one has access to the oficial exchange rate.

So the question is, is a virtual currency in Venezuela help the economy and his citizens?
The answer is yes, and we all know why, no one can control it, anyone can mine it, storage, sell or buy it, create new business, exchange for whatever, etc, etc.

[OBAViJEST]

But you still have to spend the same ratio as the amount's worth...you can't just convert into their currency, come back, and be rich

[galbros]

Great illustration!  Yes, bitcoin is perfect for countries like Venezuela where the government has totally destroyed their currency.

Thanks!

[bolivarcoin]

This is why Venezuela will be the first country to adopt a virtual currency.

 0.37 Bitcoins o almost 12 Us$

>>>>

>>>>

I must have read that wrong somehow
0.37 Bitcoins does not equal $12 US
0.37 Bitcoins = $100 US (@270 US/ BTC)

That or the conversion rate is that bad which would be something else.

Sorry, i made a mistake when posting,

ITS 0.037 BITCOINS, 12 us$
HALF OF MINIMUN WAGE

[Swordsoffreedom]

But you still have to spend the same ratio as the amount's worth...you can't just convert into their currency, come back, and be rich

Assuming the official rate its a wad worth 600 BF assuming extraoficcial $70,000 BF at 100 USD
Or
72 BF official and 8400 BF.

So its a pretty big difference in that conversion ratio if its only worth $12 USD and will tell me the assumed rate of that wad of cash

This is why Venezuela will be the first country to adopt a virtual currency.

 0.37 Bitcoins o almost 12 Us$

>>>>

>>>>

I must have read that wrong somehow
0.37 Bitcoins does not equal $12 US
0.37 Bitcoins = $100 US (@270 US/ BTC)

That or the conversion rate is that bad which would be something else.

Sorry, i made a mistake when posting,

ITS 0.037 BITCOINS, 12 us$
HALF OF MINIMUN WAGE

Thanks that makes a lot more sense in that case that is one heck of a large wad of paper to equal $12 US
(Wonders if you pay with a plastic wrapped wad in the store for stuff)

[bolivarcoin]

Read this article about an Australian guy backpacking in Venezuela,  the article is from april and since then the currency lost 40 % of his value

http://www.news.com.au/travel/travel-advice/i-went-from-broke-to-an-instant-millionaire-here/story-fn6yjihw-1227300495540

and this is a graph of venezuela and us$ exchange rate

[luciann]

Read this article about an Australian guy backpacking in Venezuela,  the article is from april and since then the currency lost 40 % of his value

http://www.news.com.au/travel/travel-advice/i-went-from-broke-to-an-instant-millionaire-here/story-fn6yjihw-1227300495540

and this is a graph of venezuela and us$ exchange rate

so basically if you went with a $100 bill in their country.

you would basically live like a god? And a normal u.s worker would feel like a king and can own many houses if the ops wage is $12 a month.

[Swordsoffreedom]

Read this article about an Australian guy backpacking in Venezuela,  the article is from april and since then the currency lost 40 % of his value

http://www.news.com.au/travel/travel-advice/i-went-from-broke-to-an-instant-millionaire-here/story-fn6yjihw-1227300495540

Thanks it was an interesting read and it sounds like a pretty cool place to visit for price value gas is really subsidized there but crappy to live in.

I handed over a single hundred dollar bill and began the laborious task of tying up notes with elastic bands.
I had well over 1000 notes to count. I had been in Venezuela just 24 hours and already I was a millionaire here.

For a single US dollar ($1.31) I could buy 12 beers, get a bed for the night, take two taxis or eat in a nice restaurant. I could fill up a car at a local gas-station for 2 bolivars, around 1 US cent.

“If you have dollars, you can live very well for just $50 a week,” he said. “Without dollars, life in Venezuela is too expensive and it’s impossible to get basics, even a toilet roll has to be bought on the black market!”

(In sig campaign terms just had to say it that equals a bed a night for a Hero member 0.16 *270 = 43.20 US)
31 Days of Sleep and 2.59 to spare for food in a month without a 0.02 avatar add-on neat.
(Sort of cynical way of looking at purchasing power)

[randy8777]

that's beyond insane. you definitely feel rich if you have that much paper money, but as soon as you hear the value in usd you will get shocked.

[OROBTC]

...

bolivarcoin

Please keep us up to date with BTC and Venezuela!

I have read numerous times that something similar (perhaps further along) is happening in Argentina too.  I know two relatively rich Argentines who go there fairly often and are both into BTC.  Yes, they live well when there.

There would likely be a lot of interesting ways to "play the arbitrage" between BTC, the Venezuelan Bolivar and the US$.

[michinzx]

that's beyond insane. you definitely feel rich if you have that much paper money, but as soon as you hear the value in usd you will get shocked.

even more so with zimbabwean currency, i think someone was selling a trillion zimbabwe dollar note for 0.03 BTC a while back here.

[Kaneki]

comparison for 0037 alone is as much as the it how for 1 bitcoin it may take a suitcase to carry it 

[Amph]

isn't zimbabwe in a much worse condition, there is no even a comparison, quadrillion of toilet paper are worth even less than 0.03 there, they are really producing "air" in those poor country

i think it's better for them to follow the crypto route at this point, or embrace bitcoin altogether

[NorrisK]

that's beyond insane. you definitely feel rich if you have that much paper money, but as soon as you hear the value in usd you will get shocked.

even more so with zimbabwean currency, i think someone was selling a trillion zimbabwe dollar note for 0.03 BTC a while back here.

If i'm correct they have already started exchanging the zimbabwean dollars to us dollars at a rate of 250 quadrillion to one dollar. I'm afraid they won't be using btc there for now.

[bolivarcoin]

...

bolivarcoin

Please keep us up to date with BTC and Venezuela!

I have read numerous times that something similar (perhaps further along) is happening in Argentina too.  I know two relatively rich Argentines who go there fairly often and are both into BTC.  Yes, they live well when there.

There would likely be a lot of interesting ways to "play the arbitrage" between BTC, the Venezuelan Bolivar and the US$.

OROBTC i give you a bit more of information, in Argentina the foreing currency exchange its controlled by the government, you can buy only a small amount, this is to stop the Argentinian money to leave the country, this happens because lots of Argentinians dnt trust the central bank, the government and institution, so they buy foreing currency in the black market, its called "Dolar Blue" when you trade with bitcoins, you dnt trade with this institutions or the black market, and why people trade with bitcoins in argentina? there are two main reason, number one, they need to make or receive payments over the internet and they need to use this virtual currency, number two they need to take out the country large amount of money that they cant take in 100$bills.

In Venezuela its a similar but diferent story, Venezuela is one of the richest countries on earth, it has the biggest oil reserves, and lots of minerals and water, Venezuela has the cheapest electricity and petrol prices on earth, and the minimun wage its only 20$, in comparation with Argentina, that has much less mineral resources than Venezuela and the petrol and electricity prices are much higher, and the minimun wage is higher.
But what happened, why in Venezuela 12$ is worth a pile of venezuela money?
The story its really long and hard to explain and it start in 1956 when Venezuela was one, or if not the most prosperous country in the world, so, a short explanation is that his recent governments used all the money that came from the oil and use it give to its citizens in way that it will not create any improvement to the economy, and all this so they can stay on power, so they keep printing money and giving it to the people creating so much inflation that now some say that is 800% for 2015.
Venezuela has no created new bills with high value, and for some reason the bills are disappearing from the banks, if you want to withdraw from the bank you can have only a small amount.
I will post some images from social media, some of this images are from 3 months ago, some of the prices of goods triple