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Author Topic: Days you need to work your ass at minimum wage for a BTC, by country  (Read 1377 times)
stompix (OP)
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July 19, 2023, 11:48:48 PM
Last edit: February 10, 2024, 04:00:07 PM by stompix
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 #1

I've grown a bit tired of all GDP PPP numbers, all the Gini index, and since we are on Btcointalk we should probably focus on Bitcoin prices and how to get your coins (other than gambling our life savings) here is a table on how many days of minimum wage work you have to ...let's say survive to get a coin. This of course is assuming you don't spend a penny, and you survive on god knows what!

There are a few countries missing as their minimum wage is either not set or it's irrelevant since it's so old everybody already earns 10 times more. Also, as a note, when you go over the 10 000 number, that's 27 years!

LE:
Second note, since the data comes from monthly wages in some countries those days include the resting days, so let's say it's the number of days you;re going to spend employed over the minimum wage!


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140
141
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145
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152
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Luxembourg
Australia
New Zealand
Germany
United Kingdom
Ireland
Netherlands
France
Canada
Monaco
Belgium
San Marino
South Korea
Israel
Austria
Slovenia
Spain
Japan
United States of America
Andorra
Taiwan
Malta
Lithuania
The Bahamas
Poland
Greece
Oman
Hong Kong
Macau
Portugal
Saudi Arabia
Argentina
Barbados
Slovakia
Czech Republic
Romania
Estonia
Latvia
Croatia
Palestine
Saint Kitts and Nevis
Montenegro
Hungary
Antigua and Barbuda
Palau
Costa Rica
Turkey
Bulgaria
Belize
Ecuador
Jordan
Lebanon
Uruguay
Chile
Trinidad and Tobago
Marshall Islands
Bolivia
Paraguay
Morocco
Bosnia and Herzegovina
Guatemala
Colombia
Panama
Albania
South Africa
El Salvador
Serbia
Turkmenistan
Seychelles
Gabon
Vanuatu
Fiji
Thailand
Mexico
Dominica
Brazil
Peru
Ukraine
Philippines
Equatorial Guinea
Malaysia
Russia
People's Republic of China
Dominican Republic
Mauritius
Indonesia
Azerbaijan
Honduras
Republic of Macedonia
Kosovo
Saint Vincent and the Grenadines
Jamaica
Kuwait
Cambodia
Papua New Guinea
Iraq
Guyana
Tunisia
Republic of the Congo
Botswana
Moldova
Armenia
Algeria
Mongolia
Laos
Vietnam
Comoros
Nepal
Nicaragua
East Timor
Chad
Pakistan
Iran
Libya
Uzbekistan
Haiti
Mauritania
Lesotho
Solomon Islands
Nigeria
Benin
Afghanistan
Central African Republic
Kazakhstan
Ivory Coast
Cameroon
Togo
Burkina Faso
Kenya
Eswatini
Myanmar
Senegal
India
Angola
Niger
Mali
Bhutan
Sri Lanka
Zambia
Sierra Leone
Mozambique
Ghana
Uganda
Guinea-Bissau
Madagascar
Malawi
Tajikistan
The Gambia
Democratic Republic of the Congo
Bangladesh
Tanzania
Kyrgyzstan
Syria
Cuba
Sudan
Venezuela
341
345
350
371
405
435
439
451
454
455
456
514
522
556
630
641
661
677
726
735
915
974
996
1,003
1,009
1,018
1,067
1,091
1,098
1,102
1,141
1,223
1,239
1,257
1,261
1,265
1,387
1,543
1,548
1,568
1,579
1,714
1,718
1,733
1,755
1,782
1,823
1,840
1,872
1,982
2,025
2,038
2,052
2,055
2,373
2,632
2,690
2,700
2,740
2,773
2,791
2,823
2,867
2,952
2,983
3,000
3,033
3,193
3,336
3,373
3,380
3,388
3,401
3,528
3,554
3,746
3,807
3,831
3,862
3,922
4,109
4,138
4,145
4,191
4,314
4,471
4,497
4,525
4,529
4,538
4,549
4,559
4,563
4,704
5,249
5,292
5,434
5,475
5,621
5,665
5,815
6,128
6,162
6,190
6,322
6,882
6,900
7,185
7,271
7,935
8,436
8,495
8,774
9,367
10,519
10,799
11,151
11,454
11,736
12,153
12,659
12,762
13,337
13,739
13,826
13,949
14,465
14,600
15,598
15,778
15,847
15,962
16,246
16,516
16,846
17,776
17,980
18,159
18,372
19,043
19,909
25,289
25,704
26,578
29,122
41,165
41,321
43,281
49,773
51,651
52,392
67,593
114,063
248,864
842,308
1,095,000

Seeing those numbers, do you feel like flipping burgers for a minimum wage?
Cause here is some trivia, at the average 300 burgers you might prepare at a Mcdonald's in a shift, in countries like Lesotho you will have to serve each citizen in the country one hamburger more than once till you get your BTC. In Gambia it will be 10 hams to each citizen!

!!!!!
Update as the 10th of February at price of $47500

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152
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156
Luxembourg
Australia
New Zealand
Germany
United Kingdom
Ireland
Netherlands
France
Canada
Monaco
Belgium
San Marino
South Korea
Israel
Austria
Slovenia
Spain
Japan
United States of America
Andorra
Taiwan
Malta
Lithuania
The Bahamas
Poland
Greece
Oman
Hong Kong
Macau
Portugal
Saudi Arabia
Argentina
Barbados
Slovakia
Czech Republic
Romania
Estonia
Latvia
Croatia
Palestine
Saint Kitts and Nevis
Montenegro
Hungary
Antigua and Barbuda
Palau
Costa Rica
Turkey
Bulgaria
Belize
Ecuador
Jordan
Lebanon
Uruguay
Chile
Trinidad and Tobago
Marshall Islands
Bolivia
Paraguay
Morocco
Bosnia and Herzegovina
Guatemala
Colombia
Panama
Albania
South Africa
El Salvador
Serbia
Turkmenistan
Seychelles
Gabon
Vanuatu
Fiji
Thailand
Mexico
Dominica
Brazil
Peru
Ukraine
Philippines
Equatorial Guinea
Malaysia
Russia
People's Republic of China
Dominican Republic
Mauritius
Indonesia
Azerbaijan
Honduras
Republic of Macedonia
Kosovo
Saint Vincent and the Grenadines
Jamaica
Kuwait
Cambodia
Papua New Guinea
Iraq
Guyana
Tunisia
Republic of the Congo
Botswana
Moldova
Armenia
Algeria
Mongolia
Laos
Vietnam
Comoros
Nepal
Nicaragua
East Timor
Chad
Pakistan
Iran
Libya
Uzbekistan
Haiti
Mauritania
Lesotho
Solomon Islands
Nigeria
Benin
Afghanistan
Central African Republic
Kazakhstan
Ivory Coast
Cameroon
Togo
Burkina Faso
Kenya
Eswatini
Myanmar
Senegal
India
Angola
Niger
Mali
Bhutan
Sri Lanka
Zambia
Sierra Leone
Mozambique
Ghana
Uganda
Guinea-Bissau
Madagascar
Malawi
Tajikistan
The Gambia
Democratic Republic of the Congo
Bangladesh
Tanzania
Kyrgyzstan
Syria
Cuba
Sudan
Venezuela
540
546
554
587
641
688
696
715
719
720
722
814
826
881
997
1,015
1,047
1,072
1,150
1,163
1,278
1,448
1,542
1,577
1,588
1,598
1,612
1,689
1,727
1,739
1,745
1,806
1,936
1,961
1,991
1,997
2,003
2,195
2,443
2,451
2,482
2,501
2,714
2,720
2,745
2,778
2,821
2,914
2,964
3,138
3,206
3,227
3,249
3,254
3,757
4,168
4,259
4,276
4,338
4,390
4,418
4,470
4,540
4,674
4,723
4,750
4,803
5,056
5,283
5,341
5,351
5,364
5,384
5,586
5,627
5,931
6,028
6,066
6,116
6,210
6,506
6,552
6,562
6,635
6,831
7,079
7,120
7,164
7,170
7,185
7,203
7,218
7,224
7,447
8,311
8,380
8,604
8,669
8,900
8,969
9,207
9,702
9,757
9,801
10,010
10,897
10,925
11,376
11,512
12,563
13,357
13,450
13,892
14,831
16,655
17,098
17,655
18,135
18,583
19,243
20,043
20,207
21,118
21,753
21,891
22,086
22,903
23,117
24,697
24,982
25,090
25,273
25,723
26,150
26,673
28,145
28,469
28,752
29,090
30,152
31,523
40,040
40,698
42,081
46,110
65,179
65,425
68,528
78,807
81,781
82,955
107,022
180,599
186,425
394,034
1,333,654
1,733,750

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July 20, 2023, 12:09:27 AM
Merited by vapourminer (2), stompix (2), JayJuanGee (1)
 #2

I don't know where you got these data, but in the Philippines, the latest standard minimum wage is ₱570 to ₱610.[1] There are variations, of course, like whether you belong to the agriculture sector, or you are working in a business establishment employing less than 15 or 10 persons only, or you are from a different region, and so on.

Supposing it's ₱610 and the price of BTC in PHP right now is ₱1,635,564.73, a minimum-wage worker would only be working approximately 2,681 days to achieve 1BTC. That would be more than 7 years.


[1] https://pia.gov.ph/news/2023/06/30/ncr-wage-board-grants-php40-hike-in-the-daily-wages-for-private-sector-workers#:~:text=NCR%2D24%20on%2026%20June,or%20less%20workers%2C%20and%20manufacturing

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July 20, 2023, 12:13:03 AM
Merited by JayJuanGee (1), stompix (1)
 #3

Funny yet so sad and choking to realize how unfair wealth distribution is all over the world. Governments are Doing their best  to keep workers on minimum wage using them as slaves for the rest of their lives working for a specific few people who never had to work hard or spend any time in such jobs.
Regarding your mentioned countries, I must point out that your statistics may not be all right as for instance, you mentioned that 1 bitcoin which currently trading at $30k and in Algeria we don't use the bank's foreign currency exchange rates. Instead of the actual exchange rate might be much higher, like 1 bitcoin being worth 4 million dinar with bank price, but you might need to pay more than 6.6 million dinar to buy it due to this factor ( you can’t exchange dinnar to any other currency in bank). As a result the equivalent number of days you need to work in Algeria to afford 1 bitcoin is at least 9,000 days.
And also an important note  to know is that the majority of Algerians earn salaries are very close to the minimum wage which is 20k dinnar.

.
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stompix (OP)
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July 20, 2023, 12:23:47 AM
 #4

Supposing it's ₱610 and the price of BTC in PHP right now is ₱1,635,564.73, a minimum-wage worker would only be working approximately 2,681 days to achieve 1BTC.

And you're going to work every day of the week, 30 days out of 30?  Grin
The table takes into account the maximum working hours also, it's derived from the minimum wage a worker can get with the minimum required of work a week. So it's (1635564/610)*7/5 so 3,753, pretty close to the table at 3,862.

Yeah, I should have added it includes resting days but the title won't let me so I'll add in the OP!

Regarding your mentioned countries, I must point out that your statistics may not be all right as for instance, you mentioned that 1 bitcoin which currently trading at $30k and in Algeria we don't use the bank's foreign currency exchange rates.

I intentionally left out a few countries from the minimum wage table where there were * about the rates and the numbers really didn't seem right, but in most cases when I saw them around countries in the same region and roughly the same GDP per capita I let them slide.
I have serious doubts about Argentina now that I'm double-checking the ranking!

Funny yet so sad and choking to realize how unfair wealth distribution is all over the world.

The sad part is that Bitcoin won't change a thing cause, as you can see it's not the poorest of the poor in poor countries that can afford to invest enough to change their life ina meaningful way!

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July 20, 2023, 01:56:51 AM
Merited by vapourminer (1), JayJuanGee (1)
 #5

Because it is not easy for many people to have enough capital to buy at least 1 BTC, it's a fortune if you can own at least 1 BTC.

The controlled supply so that in future, less bitcoins will be created from mining and block rewards so if you don't have enough 1 BTC, you should not feel disappointed.

If I can have 0.1 BTC, I feel happy enough and I will work with my ass to increase that amount to like 0.2 BTC or 0.3 BTC which is a fortune for my future retirement. I believe that in future like next 10 to 12 years, even 0.1 or 0.2 BTC will be a dream of many Bitcoin newbies.

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July 20, 2023, 02:22:47 AM
Merited by stompix (1)
 #6

Funny yet so sad and choking to realize how unfair wealth distribution is all over the world. Governments are Doing their best  to keep workers on minimum wage using them as slaves for the rest of their lives working for a specific few people who never had to work hard or spend any time in such jobs.
Well, in a capitalist society not everyone can be millionaires and businessmen because if that happens, there's no one to work their machines that's making them the money. And it's weird that people are okay with all of this, in my country they even worship the politicians running the corrupt regime.

Supposing it's ₱610 and the price of BTC in PHP right now is ₱1,635,564.73, a minimum-wage worker would only be working approximately 2,681 days to achieve 1BTC. That would be more than 7 years.
I don't get how we are different in the estimate, there's 299 typical working days in a year in the Philippines so I multiplied that to 610 and then I divided the product to the current price of bitcoin as of speaking right now which is 1,635,803.82 and it gave a result of 8.97 which is around 3276.3 according to Google. Maybe the reason why your estimate is much lower than what OP has for Philippines. Or I did something wrong in my calculations, happy to be corrected.

Luxembourg is in the top spot iirc is because they are tax free or something or that most of their workforce are working in neighboring countries right?
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July 20, 2023, 02:31:13 AM
Merited by vapourminer (1), stompix (1), hugeblack (1)
 #7

Very interesting data, thanks for posting. So it's gonna take you more than a year except 3 countries to get a complete Bitcoin in your holdings.
And almost 10 years for 80 bottom countries, I mean by the 10 year time period, the price of Bitcoin will surely change and this data will be wrong.

I am sure it's just taking the current price in the calculation and not the price it will be after 1 year from now.
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July 20, 2023, 02:59:28 AM
Merited by vapourminer (1), stompix (1)
 #8

Thank you very interesting study. Glad I'm fourth to last. Cheesy
At least I'm not in the last place!!! This is really encouraging. Grin
According to the numbers, I need 114,063 days, which is equivalent to about 312 years.

This means that if I start collecting my wages from today and hand over the task to my children and then to their grandchildren, we will get after about five generations (if we assume the average age is about 70 years) on 1BTC, of course, if the price of Bitcoin remains at its current price.

Although it's very frustrating for me, at least the rest of the members who live in other countries will feel optimistic compared to me.

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July 20, 2023, 03:02:51 AM
Merited by JayJuanGee (1)
 #9

This is so great, this is the data sheet we all didn't know that we needed haha. So currently working 3 years at minimum wage will earn you one coin assuming the market stays the same.  So make 3 times and much and do it in 1 year!!! Work harder making double and do it in half a year!!! Just gotta figure out how to increase your earnings. If there is a will there is a way! I am still trying to figure out how to do this myself haha

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July 20, 2023, 03:10:31 AM
Merited by JayJuanGee (1)
 #10

In my opinion, it is wrong to rely on earning from the minimum wage to get 1 BTC, it is not impossible to do but it will take a very long time. Apart from carrying out routine activities as an employee who is still paid the minimum wage, it is necessary to find other activities to support income.
Getting 1 BTC is the dream of all Bitcoiners, they will do everything they can to achieve their dreams in their own way. The rules seem to restrain and squeeze the people to change their lives. Smart people will try to make the latest breakthroughs to win in their own way without depending on unclear rules from the government.


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July 20, 2023, 03:48:42 AM
Merited by vapourminer (1), stompix (1)
 #11

One thing you are not factoring in is the cost of living. In some countries you might make less but you spend less on rent and food. So you might get the Bitcoin quicker.

Canada is a perfect example. Min wage is higher in most provinces compared to most states. However cost of living here is crazy expensive. In the US you get paid a little less but your rent and food and everything is much cheaper. Something to consider.

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July 20, 2023, 04:15:30 AM
Merited by vapourminer (1), stompix (1)
 #12

Well I think the data you provided already accurate enough, it's impossible to get the most accurate monthly salary from the native, calculating the cost of living, inflation rate, the volatility of Bitcoin price etc. It looks impossible for the countries that need to work for 3650+ days to get a Bitcoin because it take 10 years and many people will choose to spend it to buy house. People who live in poor countries must not only depend with their minimum salary because it's too damn low, thanks to the current technology where people have a chance to get paid higher by become a freelancer or take a remote job.

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July 20, 2023, 04:22:23 AM
Merited by hugeblack (4), vapourminer (2), JayJuanGee (1), stompix (1)
 #13

I've grown a bit tired of all GDP PPP numbers, all the Gini index, and since we are on Btcointalk we should probably focus on Bitcoin prices and how to get your coins (other than gambling our life savings) here is a table on how many days of minimum wage work you have to ...let's say survive to get a coin. This of course is assuming you don't spend a penny, and you survive on god knows what

112
Pakistan
8,495

You have made quite an impressing topic here. But there will definitely be some wrong data present in your post because most of the data is not accurate. For example, i am a Pakistani and i know that what's the minimum wage of a Pakistani Labor. Which is only $5. Yeah $5 dollar a day and if you started to save $5 dollars a day and wanted to buy BTC at the price of current BTC's Price which is around $29,990. Then with the following formula you have to wait 5998 days not 8,495

Number of Days = $29,990 / $5
Number of Days = 5998 days

And if you are able to save 29,990$ in 5998 days which is equivalent to 16.42 Years. Which means we are going to buy BTC after four halving. And i am sure even if we started to save $5 a day we will not be able to buy BTC at the rate of $29,990. Because after 16 long years. Who know what will be the price of 1 BTC.

That's sad but bitter truth. But many has worked their ace off to make more money then just $5 dollars so that they could fulfil their dreams too. Because in a person who earns $5 a day, he is empty at the end of the day too. Because this money is not enough. And believe me i was in that phase when i was earning $5 dollars.

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July 20, 2023, 05:44:34 AM
Merited by hugeblack (4), vapourminer (2), JayJuanGee (1), stompix (1), DdmrDdmr (1), Charles-Tim (1)
 #14

The data for Nigeria should be much higher than is quoted there, which may be same for other countries as well.

In Nigeria the minimum wage is N30,000 which is equivalent to just over $38, making the daily minimum wage $1.28.
When you calculate that to the price of Bitcoin now one will need to work for 24,474 days with no leave or off days. This is over double the days you quoted in the opening message.

That's 64 years, when you factor in the increasing price of Bitcoin over time and the inflationary rate of fiat currencies, then the number might double or even triple.

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July 20, 2023, 06:03:09 AM
Merited by stompix (1)
 #15

Such an informative thread, i was particularly interested in my dear country, Nigeria's position on the list, with the level of suffering and hardship in the country, which is as a result of the current economic meltdown plus other factors, i was thinking that Nigeria will be the last on the list, but i am a bit surprised to see that there are still countries that are way worst, which means their minimum wage is even way lower than that of Nigeria.

Now, if the minimum wage has anything to do with the economic situation of a country, i would say that this list shows that the economic situation in most countries are not encouraging at all,
Anyways,  i hope people stop depending on salaries.

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July 20, 2023, 06:10:50 AM
Merited by hugeblack (4), nutildah (2), stompix (1)
 #16

(....)
Supposing it's ₱610 and the price of BTC in PHP right now is ₱1,635,564.73, a minimum-wage worker would only be working approximately 2,681 days to achieve 1BTC. That would be more than 7 years.


[1] https://pia.gov.ph/news/2023/06/30/ncr-wage-board-grants-php40-hike-in-the-daily-wages-for-private-sector-workers#:~:text=NCR%2D24%20on%2026%20June,or%20less%20workers%2C%20and%20manufacturing
Philippines Represents Cheesy
At first, I didn't understand the table, but now it's clear. Number of work days to achieve 1 Bitcoin.

I am also curious about the table from OP: Does it mean the higher on the list, means the higher minimum wage per country?

For example, if, Luxembourg is the top 1 on the table, do this mean, Luxembourg is the highest minimum wage in all the countries?

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July 20, 2023, 06:14:45 AM
Merited by vapourminer (1), stompix (1)
 #17

Taxes and deductions for benefits are also not included, so it is still more than that. I can't imagine that even working like a robot (no eating and no sick leaves) it takes lots of years to achieve a whole bitcoin, and almost you are in your life with a very stagnant and continuous cycle. This is really hard if we are just minimum-wage earners. This is also a sign to take another job or side hustle so that if ever you are really planning to buy bitcoin, it is better to have another source of income if you don't want to work years just to save money to buy bitcoin.
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July 20, 2023, 06:21:17 AM
Merited by vapourminer (1)
 #18

One thing you are not factoring in is the cost of living. In some countries you might make less but you spend less on rent and food. So you might get the Bitcoin quicker.

If I would have done I would end with the same garbage PPP.
No, the rules are simple, you flip hamburgers, you stay in the local church basement, you dress from the salvation army and you eat leftover hams!

Yeah $5 dollar a day and if you started to save $5 dollars a day and wanted to buy BTC at the price of current BTC's Price which is around $29,990. Then with the following formula you have to wait 5998 days not 8,495, he is empty at the end of the day too.

Same thing as with the other issue, some numbers were from monthly minimum wage to some daily wage, so for some countries, you will need to do a *7/5 thing to get the actual time it will take since those numbers in the table are including resting days when you don't work!

I am also curious about the table from OP: Does it mean the higher on the list, means the higher minimum wage per country?
For example, if, Luxembourg is the top 1 on the table, do this mean, Luxembourg is the highest minimum wage in all the countries?

Yup, around 2300 euros per month.



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July 20, 2023, 06:59:03 AM
Merited by stompix (1)
 #19

I am quite shocked with the inflation rate of Venezuela, i was watching a documentary movie of Venezuela. And i came to know that this country has the most oil reserved in the world. But still, why this country is being scattered like this. So, actually that documentary wasn't actually a documentary but instead a series of jack Ryan which i just started to watch and in his 2 seasons. They helped some bonalde women to become President.

The main purpose of mentioned this is, i think like other resource full countries, Venezuela is also facing the same level of corruption that has led it's inflation rate so high. Like to gain 1 BTC or to collect around $30k dollars we have to wait 1,095,000 days. I am still shocked. I hope the conditions of this country will be restored to normal inflation rates like others. But still, the country has been pressed by many entities for the gain of Oil.
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July 20, 2023, 07:03:21 AM
Merited by stompix (1)
 #20

86
Indonesia
4,471
I live in Indonesia and according to the data you presented, Indonesia needs 4,471 days to earn 1BTC.
Looking at the real data, the minimum wage in Indonesia and the highest in big cities is only around $200-$300/month.
Almost accurately, it takes about 12 more years but provided that the wage money is not used for other needs.

The math looks possible, but in reality, it's impossible to do. You have to have some other source of income to be able to directly buy 1 BTC.
But we can do trading and investing to double the money. and Bitcoin prices also fluctuate, there are times to buy at low prices.

Bitcoin will not change anything, it depends on how a person is able to change himself by investing from the wages they receive, it will grow and continue to grow.

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