Days you need to work your ass at minimum wage for a BTC, by country

[Kakmakr]

So, people earning minimum wage ...live from hand to mouth, they will never have the full amount available to buy Bitcoin. The best bet for them will be to get a second job and to use the full amount from that job to fund their first Bitcoin.

Also ... you have worked with a fixed price... so if the price of a Bitcoin goes up, then people can sell their coins.... wait for the price to go down and then buy more Bitcoin from the profit. (this is what I have done and I reduced the time and money from my wages to get to that first coin. 

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[Accardo]

Its ironic to read some bitcoiners who from this statistics think bitcoin won't change anything. Everyone wants to be rich just like in case of fiat. The statistics is situated on how long it will take a person or worker in some countries to hit 30k dollars if they depend squarely on their minimum wage. Hence, if the price of bitcoin hits 20k the duration will reduce. Since the price of bitcoin is not static the notion that it won't change anything doesn't sit right with me, because bitcoin is made for transactional purposes not to save up to 1btc. There will never come a time when people will be stopped from using the blockchain if they don't own up to 1BTC. The thread is good as time is being invested, but it should have been stated to be how long it takes to make 30k dollars not 1BTC.

[LoyceV]

I miss Switzerland in the list.

156

Venezuela

1,095,000

That means 0.02BTC is worth a lifetime of labor. I've read about Bitcoin in Venezuela several times. As far as I understand, the local currency is just worthless, and people prefer dollars or Bitcoin. That doesn't mean someone will work their entire life for 0.02 BTC, and I also don't think you can retire in Venezuela if you own 0.02 BTC. It just means the official exchange rate doesn't mean anything because the money is basically worthless.

[Charles-Tim]

This can not be accurate. Not that your post is not accurate, but because of how bitcoin will continue to increase and appreciate in price and value, unlike fiat that will continue to depreciate and make the increasing minimum wage to remain almost stagnant, making the days/weeks/months/years more to earn 1 BTC.

12,153

The minimum wage in Nigeria is ₦30000 (₦ is Nigerian Niara)
$1 to a naira was ₦461 some weeks ago (both CBN rate and at Investors and Exchange window). ₦750 in parallel (black market).

When the new president was elected, within the first month in office, no more CBN rate to determine foreign reserves price. I&E price is used now and it is determined by the market and similar in price with parallel market.

Recently, naria has continued to depreciate. It is ₦850 to a dollar yesterday. It is ₦870 today. Can you see how this can not be accurate. Let me use ₦850.

Bitcoin at $30000. Multiplied by ₦850. Equals ₦26,100,000
Bitcoin at ₦26,100,000
Minimum wage in Nigeria per month is ₦30000
That will take 870 months to achieve
Using 30 days for the calculation to represent 1 month, that will take 26,100 days.
Using years, it would take 72.5  years to achieve.

(NGN means naira)
I created a topic on Nigeria local board about BTC/NGN price speculation. Bitcoin reduced recently, but having bitcoin and comparing it to naira, the price of bitcoin that decreased from ₦31500 to ₦29990, it still appreciate in price if compared with naira, from ₦25,750,000 or so, to ₦26,100,00 today.

That means 0.02BTC is worth a lifetime of labor. I've read about Bitcoin in Venezuela several times. As far as I understand, the local currency is just worthless, and people prefer dollars or Bitcoin. That doesn't mean someone will work their entire life for 0.02 BTC, and I also don't think you can retire in Venezuela if you own 0.02 BTC. It just means the official exchange rate doesn't mean anything because the money is basically worthless.

I wonder if bitcoin will no more decreasing below $100000. The more the days, weeks, months or years that it would take to achieve 1 BTC with a minimum wagenas bitcoin price continue to appreciate.

It would be surprising to compare $150 that I am receiving on this forum now with Nigeria minimum wage of ₦30000 per month.

$150 in a week (7 days makes it 28 days in a month and 13 months can be achieved in a year if it goes on)
That is $21.42 in a day.

For minimum wage of ₦30000
That is $35.29 in a month if ₦850 is used.
$1.176 in a day.
The minimum wage now is like people living below the poverty line

Holding bitcoin is far better. Although many people leave their money in foreign reserves like USD, Euro and Pounds Sterling. Some even moved to coins like USDT which is also centralized. Bitcoin is decentralized.

[LoyceV]

This can not be accurate. Not that your post is not accurate, but because of how bitcoin will continue to increase and appreciate in price and value, unlike fiat that will continue to depreciate and make the increasing minimum wage to remain almost stagnant, making the days/weeks/months/years more to earn 1 BTC.

Chances are many people earning minimum wage will never be able to buy a Bitcoin. At the bottom of the list it's already impossible (working several lifetimes per Bitcoin). At the top of the list it's still possible, but I'm hopeful the "impossible" line keeps moving upwards as Bitcoin's value increases further.

Of course they can still buy a fraction of a Bitcoin

[stompix]

This can not be accurate. Not that your post is not accurate, but because of how bitcoin will continue to increase and appreciate in price and value, unlike fiat that will continue to depreciate and make the increasing minimum wage to remain almost stagnant, making the days/weeks/months/years more to earn 1 BTC.

It's just as informative as it is right now, after all, it can be both ways, if I had made this 2 years ago the numbers would be double, if half a year ago the numbers would be half. Basically there is no right time to make it!

Recently, naria has continued to depreciate. It is ₦850 to a dollar yesterday. It is ₦870 today. Can you see how this can not be accurate.

The moment we can't keep track of how much bread is it's the moment we stop caring about what 80 years of work might bring you, right?  
It would be fun to revisit this in a year or two.

I miss Switzerland in the list.

I guess Switzerland is missing Germany on the no minimum wage list too!

That doesn't mean someone will work their entire life for 0.02 BTC, and I also don't think you can retire in Venezuela if you own 0.02 BTC. It just means the official exchange rate doesn't mean anything because the money is basically worthless.

Talking with zero information on this, so complete assumption but I think nobody is actually working on that wage either. Something like in Belarus, where there is no unemployment because the unemployment check was something like 10$ a month so nobody came to register as unemployed, the country had full employment. Here there is a minimum wage because that's how much the state thinks it can pay, not that they are actually working for this.

Its ironic to read some bitcoiners who from this statistics think bitcoin won't change anything.

And what do you think will change?
Do you think people will stop working on a minimum wage, that the minimum wage will earn you a good life? Do you think there will be no poverty? We had the gold standard for a millennium, did any of those disappear while it was used?
How could BTC change this for everybody in this world?

[NotATether]

You're not including taxes so likely the numbers are much higher. But people are interested in getting a BTC should not be working minimum wage in the first place, because a professional job will almost certainly be enough to net you one after a year or two.

Do you think people will stop working on a minimum wage, that the minimum wage will earn you a good life? Do you think there will be no poverty? We had the gold standard for a millennium, did any of those disappear while it was used?
How could BTC change this for everybody in this world?

The gold standard couldn't stop countries from sliding into a worthless currency trap: Hungary and Germany immediately come into mind, and I'm pretty sure there are more countries for whom the existence of a stable lending standard couldn't protect, and it's likely to be the same case with Bitcoin as well.

There will always be governments printing too much money.

[yazher]

That's about more than 10 years for our country and actually, it might gonna work since most of the time why you are saving it for bitcoins, you are actually having it for future retirements and the value of 1 BTC today is good to buy an agricultural lot and have your own beautiful farm in the province. That's not really a bad idea given that you have multiple sources of income that you don't need to spend a penny from your salary. People here mostly have their own businesses because they know that their wages alone cannot be enough for their survival in the era of inflation.

[Lucius]

If nothing else, at least I can console myself that I am in the top 50 and that it would only take me about 4.5 years of work with a minimum salary to buy 1 BTC at the current price, of course provided that I live on air, sun and water from the well/stream

Otherwise, the minimum wage for 2023 in my country is 560 EUR, so compared to the data you have you should add about 100 more days more, although this does not mean something too much in the big picture. For those who think that milk and honey flow in the European Union, I will just say that East and West can not be compared on this issue.

Yet my dear prime minister says that we live well, of course, when he compared us to some African countries

[sunsilk]

Just looking at the numbers making me feel that I'm one of the luckiest people on Earth that have managed to hold a quite some amount of Bitcoin up to the present.

While these minimum wages are likely the sum that one has to work for with the calculation of how many days it shall be saved. The deduction for the daily needs and survival, taxes and those monthly bills is likely make it hard to impossible for minimum wage earners to own a bitcoin.

I see this thread as an appreciation thread instead.

[Charles-Tim]

You're not including taxes so likely the numbers are much higher. But people are interested in getting a BTC should not be working minimum wage in the first place, because a professional job will almost certainly be enough to net you one after a year or two.

This may differ from country to country. Like in Nigeria, ₦30000 is the minimum wage after tax has been removed. For those like NYSC that tax is not removed, they are collecting ₦33000 while the minimum wage is ₦30000. ₦3000 difference.

There will always be governments printing too much money.

You are correct. But if there is inflation, there is also more possibility that the minimum wage would be increased later. Like in Nigeria, the minimum wage was ₦18000 five years ago or so, but increased to ₦30000. The inflation in the country is increasing and Nigeria Labur Congress (NLC) are telling the federal government to increase the minimum wage now.

But what I just know is that, you are correct because the minimum wage is not increasing automatically with inflation, but controlled by the government entirely in a way the citizens are likey not first favoured.

[Accardo]

Its ironic to read some bitcoiners who from this statistics think bitcoin won't change anything.

And what do you think will change?
Do you think people will stop working on a minimum wage, that the minimum wage will earn you a good life? Do you think there will be no poverty? We had the gold standard for a millennium, did any of those disappear while it was used?
How could BTC change this for everybody in this world?

There is never a thing that will end poverty for everyone in this world. And remember the wording “Anything" was first used before you added “everybody" that's where my point was raised from. How would it be said that bitcoin cannot change anything? Does it mean the whole innovation is a wasted effort ? Multiple amount of people got lifted from poverty through the use of cryptocurrency and bitcoin. Some traded, created contents and marketed products using bitcoin. Many were able to move ahead of their minimium wage salaries and made more profits through bitcoin. Hence aside the monetary aspect, bitcoin is digital money and is not the government that makes changes for people that decides for themselves, whether to be rich or remain poor by not advancing their skills to make more streams of income. All the questions you asked is dependent on personal decision not on bitcoin. Bitcoin has no leg or neither does it speak. So, people who wish to make 30k dollars can think outside the box for themselves and earn it, not by waiting for bitcoin to help them think. Nobody is a slave today, people are free to take steps. Stop shifting the responsibilities of the government to bitcoin, what does bitcoin has to do with increasing minimum wage? Bitcoin is here to solve monetary problems such as moving from centralized ledger to decentralize ledger that works with time. He that wish to get 1btc while alive should think of another alternative other than depending on minimum wage. How many people who depend on minimum wage invest into bitcoin?

[kryptqnick]

I think the idea of this metric, but I'd like to comment on it regarding my country, Ukraine. Considering that people don't normally work literally every day and salaries are often established per month rather than per day, I went in the following way in my calculations:
3,831 days = around 128 months (a bit less)
The price of Bitcoin (in local currency) is 1,116,000 UAH. Minimum monthly wage is 6700 UAH. So 167 months of work are required, which is around 5010 days. I don't think working with zero weekends for such a long time is realistic, so perhaps accounting for them or making a slightly different metric (how many years or months of work are required, perhaps).
If we don't count 8 days of working per months (weekly weekends), then we need to subtract 1336 days, which leaves us at a number pretty close to the one in the table.

[famososMuertos]

Yes, there is a context for discussion, but it is of the "political" type, as long as the numbers allow us to reach our idea, everything is debatable, but there is a lot of blah, blah.

These results are based on made-up statistics, (sources offiicials) since some governments fix them according to their interests, therefore some countries are very far from the inflationary reality of each country and others in their equivalence are better than what was mentioned (OP).

You want to obtain a reality, use the Bigmac index, it is one of the indices used that is closest to the reality of each country.

[franky1]

this is why years ago when i made the same observations as OP. that bitcoin should not be measured in dollar that is then converted to national currencies. but instead a fair world would be if bitcoin started as a btc / X min wage hours (no fiat peg. just a CPI /min wage hour index thing)

imagine the situation where no matter where you lived you could get btc for the same X hours. where by international traders would then (smiling) mess with the forex to convert for instance Luxembourg currency for Venezuela then buy up 3211x more bitcoin. sell it in Luxembourg again and repeat.. imagine how bitcoin could have impacted forex and after time of adjusting the exchange rates, it could have brought all countries into alignment via forex arbitrage.. but hey that was the dream.

[Yatsan]

Not necessarily on Bitcoin alone but to any kind of investment. But it won't only be achieved in such way, you could do alternative such as saving or not spending on all of your wants except for the things you need to make a living. In such way you'd have the capacity to invest to anything that you want. You may choose this industry or even landbased investments. Why? Would you be wanting to work until your retirement? 'coz if you are wanting more you should be investing already at the early age for you to harvest once the right time comes. Try asking your older circles and they would be saying the same thing for sure.

[Woodie]

Some interesting and informative write up.
And this should be an eye opening if anyone is down there because you will work all your life, and this should probably force one to be considering the route of being your own boss as minimum wage is never going to be enough to cover today's lifestyles to also allow one to save for the future and allow one to enjoy the finer things of life!

Btw @stompix I see Monaco is among the top 10 , but as this is a list by country are they suppose to be there?
***Edit***
Had to Google this thought this is a city found in France, anyway never mind...seems the world has a fork everyday  

[Charles-Tim]

Btw @stompix I see Monaco is among the top 10 , but as this is a list by country are they suppose to be there?
***Edit***
Had to Google this thought this is a city found in France, anyway never mind...seems the world has a fork everyday 

Monaco is a country.

Although Monaco was directly annexed to the First French Republic in 1793 during the French Revolution, it regained its independence and sovereignty in 1814, both of which were reaffirmed by the 1815 Treaty of Vienna.

It is officially called Principality of Monaco.

A sovereign city-state can be regarded as a country. Independent and having a single city. Their government has full control and sovereignty.

[CryptSafe]

It is terrible to see the number of days Africans would have to work in other to get one bitcoin. This is how the situations of the third world and developing countries are.  Really everybody can not be wealthy at the same time and there is even distribution of wealth in the society. Should we say the governments are doing their best or they are under performing which has resulted to this poor statistic as it shows the weak salary payment structure and minimum wage of each country listed here.

[Flexystar]

R.I.P ——-> Yearly appraisals and angry boss on the ass. 💀
I think this factor isn’t considered in the above hypothetical situation. I know that you have considered minimum wage but even the minimum wage appreciates every year and it also gets revised as per the yearly budget set by a country. There are many countries that seems not on a wager but flexible to fixed salaries purely based on the employee performance and yearly appraisals. That means, oddly at some point every employees from different nations would buy Bitcoins even within 1-2 years of time frame.

But I assume we are discarding all the good factors here and just focusing on low level case scenarios.

Countries with more than 27 years, Lolz.