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

[decodx]

It's funny how you come across an interesting topic on a forum by accident... By the way, I can't find Switzerland anywhere? I bet it should be in the top five.

I wasn't seriously expecting the UK to be above US

It's not the UK that's questionable; there are other unexpected rankings that might be more surprising. Who would have expected Slovenia to be ranked higher than the USA? That country didn't even exist 30 or so years ago, if I'm not mistaken. It was formed when the former communist Yugoslavia fell apart.

[Vaskiy]

In my country there is nothing as minimum wage. Based on the average wage in my locality I'll make the calculation. This used to vary around other states. In my region it is something around $10. With the present price of Bitcoin it needs atleast 8 years to have one bitcoin in the wallet. Life is really hard, as the government isn't much focused on things that are primary requirements.

[stompix]

It's funny how you come across an interesting topic on a forum by accident... By the way, I can't find Switzerland anywhere? I bet it should be in the top five.

Switzerland doesn't have a minimum wage, neither did Germany till 2015.

It's not the UK that's questionable; there are other unexpected rankings that might be more surprising. Who would have expected Slovenia to be ranked higher than the USA?

I'm more curious why nobody mentioned Gabon ranking higher than China...

Stompix,
That chart a good one.. but it'll way better if you solely made observations yourself...

What do you want me to do, work for a year on minimum wage in each country?   

Buh, ion even know why Turkmenistanians are living in such an adverse condition yet, Ashgabat looks like heaven on earth..

looks like.....
You can Google hundreds of pictures from the 80s in eastern countries which show heaven on earth but in real life you could only see bread lines.
Besides the capital 1/6 of the country.

[KingsDen]

In my country there is nothing as minimum wage.

Not so plain to understand.  Do you mean that you don't know yourself country's minimum wage or your country doesn't have a minimum wage. If the later is what you meant, does your country have a government and what type of government do they operate.  Do not be offended by my question.

In my region it is something around $10. With the present price of Bitcoin it needs atleast 8 years to have one bitcoin in the wallet.

$10 is a way much low to be a minimum wage. If that is true, it means you must be a king in your country with your present campaign.

Stompix,
That chart a good one.. but it'll way better if you solely made observations yourself...

What do you want me to do, work for a year on minimum wage in each country?   

Yea, something like that. Especially for those countries you didn't include their data

[gabbie2010]

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.

In Nigeria it could be more than 64 years because if you capture the data of minimum wages of some private sector employees especially private school teachers and factory workers one of the largest sector that has a good numbers of employees you will discovered that they earned less than the minimum wage which is N15,000 to N20,000 approximately $19 to $25, base on stompix analysis it will take more than 64 years to earn a Bitcoin probably around 77 years or more to reaffirm and validate @Upgrade00 analysis which is absolutely on point, thus it shows how economy of different countries differed in terms of opportunities and their economic policies, the developed countries fair better than the developing ones.

[goldkingcoiner]

I think that your data might be a bit too simplistic. As I understand it, you are calculating the average income in each country into Bitcoin. But the problem here is that it is very well possible to make more Bitcoin even if your income is merely peanuts. In some poorer countries, you will find that electricity prices are quite low. One could mine a lot of Bitcoin and have more Bitcoin at the end of the year, than if one were to simply transform their earned fiat into BTC.

This is just proof, once again, that Bitcoin can make anyone financially independent.

But again, this might be very hard since people might be working from paycheck to paycheck and do not have the possibility to invest in mining. But for most people, a small mining rig is not a impossibly huge investment. Entire towns could work together to invest in Bitcoin.

[JayJuanGee]

I think that your data might be a bit too simplistic. As I understand it, you are calculating the average income in each country into Bitcoin. But the problem here is that it is very well possible to make more Bitcoin even if your income is merely peanuts. In some poorer countries, you will find that electricity prices are quite low. One could mine a lot of Bitcoin and have more Bitcoin at the end of the year, than if one were to simply transform their earned fiat into BTC.

This is just proof, once again, that Bitcoin can make anyone financially independent.

But again, this might be very hard since people might be working from paycheck to paycheck and do not have the possibility to invest in mining. But for most people, a small mining rig is not a impossibly huge investment. Entire towns could work together to invest in Bitcoin.

Part of the criticism of OP throughout this thread has been that the data is more about minimum wage data provided the various countries, so the data is already inconsistent, but it also may well be skewed to the lowside.

So maybe your suggestion about average income in each country would be a way better way of attempting to be realistic - even though surely by attempting to focus on something like the lowest earners in any country (which probably is partly what minimum wage is supposed to reflect) there probably was some attempt to figure out how difficult it might be for the lowest wage earners in any country (and even around the world) to be able to even accumulate 1BTC..

or even lower amounts than 1 BTC since many of us realize that 1 BTC is likely a relatively high target anyhow in terms of normies being able to accumulate that amount of BTC. .but it has always been the case that the reasonable target levels have been going down further and further in terms of how many BTC any normal normie might reasonably expect to be able to accumulate without overdoing it... and recking himself....

Probably the ship for normies to reasonably and easily be able to accumulate 1BTC sailed in late 2020--- but surely it is a sliding scale, and like you suggested goldkingcoiner with persistence and perhaps various kinds of resourcefulness and creativity, there could still be various ways that normies and/or low income people might still be able to accumulate 1 BTC.. even though many of us likely expect (as has already been repeated several times in this thread) that with the passage of time, such feat of accumulating 1 whole BTC is likely going to be relegated to the richest of the society... especially if we are talking about measuring on the individual level....

And in regards to your example of pooling resources in order to be able to accumulate BTC, I suppose that merely goes to various ways that groups of people might figure out how to be innovative in their BTC accumulation efforts and hopefully not ending up experiencing too many rug pulls within such group-oriented processes - and such rug pulling events are not likely to stop, which sometimes does end up resulting in some folks being able to accumulate larger quantities of BTC for their own personal stash than they would have had otherwise been able to accomplish.. and some folks respect those people who get rich, whether by hook or by crook.. once they got the money  (BTC in this case) they may well be able to put on airs of being a respectable citizen of the community, with his/her 1 BTC while the rest of the community might have peanuts (I mean don't we call those satoshis?... get them while you can. and get as many as you can, without overdoing it, while you can.)

[Mpamaegbu]

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.

It's even going to get worse than the seemingly ominous scenario anyone would think you painted there in weeks to come except the government in power does something to disrupt the unabated inflation ravaging the country as it's. As we approach halving, the market goes into a FOMO state and panic buying commences; Bitcoin price begins to rally upward on a static minimum wage. If the situation as it's now remains unchanged in Nigeria, more people will be pushed into poverty in the next few months and the number of years they will have to work to get 1 Bitcoin will lengthen. Nigerians who work 8–5 type of job will be on both losing ends – inflation and Bull rally.

[Odohu]

I don't know how you arrived at 12,153 days for Nigeria... maybe you would have used a different exchange rate. For clarity let us work out what the actual figure is for Nigeria.

$1 =850 Naira. Dollar to Naira exchange rate
 
Minimum wage per month in Nigeria =30,000 Naira approx $36

Minimum wage per day =1,429 Naira approx $1.7

Bitcoin price in Naira= $29,200×850 = 24,820,000 Naira.

Therefore, number of days of work in Nigeria to earn 1 BTC is 24,820,000÷1429 = 17,374 which is about 47 years.

[SmartGold01]

snip

Let say if we are using the Government employment minimum wage is set to be at least 50,000 NGN for civil servant who teaches in primary school boiled down to cleaner and sometimes if we inputting the exchange, the bank rate might not be as same other trading platform exchange rate. Meaning bank official rate is bit lower while using exchange like Binance this could more higher.

Now let delve into the real factors; can we consider savings, let say a family expense which includes house rent, feeding, ect. at last we realized 10k NGN to save to buy a whole bitcoin, as I believe no one could receive a salary and uses all to buy bitcoin.
If we go by the minimum saving plan of 10k to 20k per month to buy a bitcoin with the rate of 1$ equivalent to 870 NGN current at Binance exchange, as I believe in my country anyone who want to buy bitcoin is either using through Binance p2p.

Minimum wage NGN20k with the dollar rate at 870=1
20,000 / 870 = $22.99
While minimum wage per day is 1,500 with at least 4 to 5 working hrs
1,500/870 = $1.72, then boiled down to bitcoin at $29,185 x 870= 25,390,950 NGN.

BTC/NGN 25,390,950/1500 = 16,927 days, equating it into years.
1 Year = 365
So therefore, 16,927 days / 365 = ~46.4 years

So for minimum savings of 20k per month it would took someone to have a whole bitcoin in ~46.4 years
If we go by 10k monthly savings we just multiple it by 2, that is to say it would take 92.8 years to have a bitcoin!
This is very poor, so before we could smell a bitcoin we might have meet our ancestors

[bussybuddy]

I know that there is always injustice and hierarchy in this world, but I still hope that many organizations and individuals can continue to work hard to create positive changes for society, impacting policy and the public, and ensure that the distribution of wealth is reduced and more equitable. While it won't be easy, with the awareness and efforts of all of us, we can make more progress in confronting this problem and building a better future for all people with fair and equal opportunity for all.

[Blitzboy]

I think that your data might be a bit too simplistic. As I understand it, you are calculating the average income in each country into Bitcoin. But the problem here is that it is very well possible to make more Bitcoin even if your income is merely peanuts. In some poorer countries, you will find that electricity prices are quite low. One could mine a lot of Bitcoin and have more Bitcoin at the end of the year, than if one were to simply transform their earned fiat into BTC.

This is just proof, once again, that Bitcoin can make anyone financially independent.

But again, this might be very hard since people might be working from paycheck to paycheck and do not have the possibility to invest in mining. But for most people, a small mining rig is not a impossibly huge investment. Entire towns could work together to invest in Bitcoin.

Part of the criticism of OP throughout this thread has been that the data is more about minimum wage data provided the various countries, so the data is already inconsistent, but it also may well be skewed to the lowside.

So maybe your suggestion about average income in each country would be a way better way of attempting to be realistic - even though surely by attempting to focus on something like the lowest earners in any country (which probably is partly what minimum wage is supposed to reflect) there probably was some attempt to figure out how difficult it might be for the lowest wage earners in any country (and even around the world) to be able to even accumulate 1BTC..

or even lower amounts than 1 BTC since many of us realize that 1 BTC is likely a relatively high target anyhow in terms of normies being able to accumulate that amount of BTC. .but it has always been the case that the reasonable target levels have been going down further and further in terms of how many BTC any normal normie might reasonably expect to be able to accumulate without overdoing it... and recking himself....

Probably the ship for normies to reasonably and easily be able to accumulate 1BTC sailed in late 2020--- but surely it is a sliding scale, and like you suggested goldkingcoiner with persistence and perhaps various kinds of resourcefulness and creativity, there could still be various ways that normies and/or low income people might still be able to accumulate 1 BTC.. even though many of us likely expect (as has already been repeated several times in this thread) that with the passage of time, such feat of accumulating 1 whole BTC is likely going to be relegated to the richest of the society... especially if we are talking about measuring on the individual level....

And in regards to your example of pooling resources in order to be able to accumulate BTC, I suppose that merely goes to various ways that groups of people might figure out how to be innovative in their BTC accumulation efforts and hopefully not ending up experiencing too many rug pulls within such group-oriented processes - and such rug pulling events are not likely to stop, which sometimes does end up resulting in some folks being able to accumulate larger quantities of BTC for their own personal stash than they would have had otherwise been able to accomplish.. and some folks respect those people who get rich, whether by hook or by crook.. once they got the money  (BTC in this case) they may well be able to put on airs of being a respectable citizen of the community, with his/her 1 BTC while the rest of the community might have peanuts (I mean don't we call those satoshis?... get them while you can. and get as many as you can, without overdoing it, while you can.)

You've done some serious research on this, and I have to admit that I can see your point of view. What a novel idea, a minimum wage, huh? And you're totally right that the median wage should be included. Honestly, I dont know what to call us.

When it comes to the 1 BTC value, you're dead on - or, rather, right on the Bitcoin! Getting that lovely BTC hoard going is getting harder and harder, ain't it? The situation is as sticky as trying to catch a pig at a county fair.

You made an excellent point on the value of resource sharing. Im sure the carpet-pullers will enjoy that one, though. You cant trust those scoundrels if they were thrown in jail! But hey, more power to you if you get rich. Think of us small people as you relax in your moon base with a cocktail, okay?

[JayJuanGee]

[edited out]

You've done some serious research on this, and I have to admit that I can see your point of view. What a novel idea, a minimum wage, huh? And you're totally right that the median wage should be included. Honestly, I dont know what to call us.

When it comes to the 1 BTC value, you're dead on - or, rather, right on the Bitcoin! Getting that lovely BTC hoard going is getting harder and harder, ain't it? The situation is as sticky as trying to catch a pig at a county fair.

You made an excellent point on the value of resource sharing. Im sure the carpet-pullers will enjoy that one, though. You cant trust those scoundrels if they were thrown in jail! But hey, more power to you if you get rich. Think of us small people as you relax in your moon base with a cocktail, okay?

Bitcoin is for everyone, so accumulate what you can, and sure the people in the more rich nations have advantages because they tend to have more discretionary income, yet at the same time, a decent number  of the people in the rich countries do not appreciate the need to accumulate bitcoin, so the people who are starting to accumulate today and recently are still likely going to be advantaged over those people who might not figure out that they should be (need to) accumulate bitcoin and they might not start accumulating bitcoin until 5-10 years down the road, and therefore those people who are starting today may well have a 5-10 year head start on other people who might start accumulating bitcoin later.

Think about it.

Those who started accumulating bitcoin 5-10 years ago (which would be mid-2013 to mid-2018, those folks are likely way advantaged over those people who are just starting to accumulate BTC today, and even those people who modestly started to accumulate bitcoin 5-10 years ago, likely have amounts of bitcoin that neither they nor their peers are going to easily be able to catch up to without some kind of major miracle.

[Sayeds56]

Bitcoin is for everyone, so accumulate what you can, and sure the people in the more rich nations have advantages because they tend to have more discretionary income, yet at the same time, a decent number  of the people in the rich countries do not appreciate the need to accumulate bitcoin, so the people who are starting to accumulate today and recently are still likely going to be advantaged over those people who might not figure out that they should be (need to) accumulate bitcoin and they might not start accumulating bitcoin until 5-10 years down the road, and therefore those people who are starting today may well have a 5-10 year head start on other people who might start accumulating bitcoin later.

Indeed, Bitcoin is inclusive and it is for everyone. It is accessible to people regardless whether you are living in developed or developing country.  However, as you said citizens of rich country have advantage of better earning opportunities to accumulate Bitcoin. Individuals residing in developing countries can also accumulate bitcoin by participating in various earning activities on platforms such as Bitcointalk. Moreover, they can set up small scale mining unit powered by solar panels, enabling them to make profit and participate in Bitcoin ecosystem.

Bitcoin empowers people worldwide to be a part of this financial revolution.

[adultcrypto]

snip

Let say if we are using the Government employment minimum wage is set to be at least 50,000 NGN for civil servant who teaches in primary school boiled down to cleaner and sometimes if we inputting the exchange, the bank rate might not be as same other trading platform exchange rate. Meaning bank official rate is bit lower while using exchange like Binance this could more higher.

Now let delve into the real factors; can we consider savings, let say a family expense which includes house rent, feeding, ect. at last we realized 10k NGN to save to buy a whole bitcoin, as I believe no one could receive a salary and uses all to buy bitcoin.
If we go by the minimum saving plan of 10k to 20k per month to buy a bitcoin with the rate of 1$ equivalent to 870 NGN current at Binance exchange, as I believe in my country anyone who want to buy bitcoin is either using through Binance p2p.

Minimum wage NGN20k with the dollar rate at 870=1
20,000 / 870 = $22.99
While minimum wage per day is 1,500 with at least 4 to 5 working hrs
1,500/870 = $1.72, then boiled down to bitcoin at $29,185 x 870= 25,390,950 NGN.

BTC/NGN 25,390,950/1500 = 16,927 days, equating it into years.
1 Year = 365
So therefore, 16,927 days / 365 = ~46.4 years

So for minimum savings of 20k per month it would took someone to have a whole bitcoin in ~46.4 years
If we go by 10k monthly savings we just multiple it by 2, that is to say it would take 92.8 years to have a bitcoin!
This is very poor, so before we could smell a bitcoin we might have meet our ancestors

These numbers are terrifying! The post has actually opened my eyes to see the uneven distribution of wealth across the globe. This is also one of the reasons for the massive influx of people to developed economies. Imagine someone working for 46 years to own a Bitcoin, this is a frustrating situation.

One factor we are not putting into consideration is the fact that worker have needs and will most likely spend this earning without saving up to 50%. The post is an ideal situation where the worker saves all his earnings and this is not possible. Imagine when the working is saving only 50% of the income, that means it will take over 100 years of working to be able to own a Bitcoin.... that is if he will be alive to achieve that.

Finally, considering that the retirement age is also a factor as it is as low as 55 years in some countries. This means some people will never be able to own a Bitcoin in their entire 9/5 career. Well, anyone who fail to embrace the latest technologies like Bitcoin and others that can serve as passive income, he is already doomed.

[SmartGold01]

Finally, considering that the retirement age is also a factor as it is as low as 55 years in some countries. This means some people will never be able to own a Bitcoin in their entire 9/5 career. Well, anyone who fail to embrace the latest technologies like Bitcoin and others that can serve as passive income, he is already doomed.

Absolutely, maybe while removing the actual age but at least working from 25 years and just as you said some countries are 55 years. While my country is 60 years to their retirements, that means 25 years - 60 years = 35 years. That is to say we only had 35 years to own a bitcoin and even the 46 years can't be possibly achieved all less is a personal business where the person keeps using NGN 20k every month to buy fractions of bitcoin by then we can say such person would be able to have a bitcoin otherwise it could only ended up with just ~0.7BTC for 35 years of their civil service work. So badly

[piercekieran99]

I'm really grateful for living in a country where the cost of living and wages are more balanced. It's sad to see how difficult it can be for people in other places to even dream of owning a Bitcoin without spending decades working tirelessly.

[stompix]

I don't know how you arrived at 12,153 days for Nigeria... maybe you would have used a different exchange rate. For clarity let us work out what the actual figure is for Nigeria.

$1 =850 Naira. Dollar to Naira exchange rate (https://www.ngnrates.com/market/exchange-rates/us-dollar-to-naira/black-market)

Not my fault if we're talking about a currency that devaluates each day.
In the same link you've quoted the price is now 1$=880 Naira, that's 3.53% in 4 days and this alonet adds to your 17,374 days another 613 days of working.
 
So in just 4 days, you need to work two years extra because of currency fluctuations!
And this is another real problem besides the lousy wage, one that at least has given me a target of recreating the table exactly one year from now, I'm genuinely curious about who has made progress and who will need an extra life to get one BTC (in theory).

These numbers are terrifying! The post has actually opened my eyes to see the uneven distribution of wealth across the globe. This is also one of the reasons for the massive influx of people to developed economies. Imagine someone working for 46 years to own a Bitcoin, this is a frustrating situation.

The harsh reality that some don't realize it's unfolding every day around them, and some try to deny it by going with those PPP numbers which in the case of gold and Bitcoin means nothing!
As for your other mention about spending habits, it's quite hard to compare when you have shit like :

[PeRo]

Very interesting list to see, yet in a way so depressing. Either way, I'm surprised seeing my country in the top 80 - I thought it would be way lower. I guess you don't see other peoples struggles until you stop looking at yours.

Since I'm living in a country where the cost of living is way higher than the minimal salary, it makes me think how much do I need to earn to have enough money to invest even a portion of a Bitcoin. I mean, if living on a minimal wage could be possible in any of these countries, you would need to have a 2 times higher income and the time you need would still be the same.

[JayJuanGee]

Very interesting list to see, yet in a way so depressing. Either way, I'm surprised seeing my country in the top 80 - I thought it would be way lower. I guess you don't see other peoples struggles until you stop looking at yours.

Since I'm living in a country where the cost of living is way higher than the minimal salary, it makes me think how much do I need to earn to have enough money to invest even a portion of a Bitcoin. I mean, if living on a minimal wage could be possible in any of these countries, you would need to have a 2 times higher income and the time you need would still be the same.

I would consider that minimum wage is not necessarily a "normal" wage, even though every country likely has people (and perhaps even a lot of people) who do actually work at those level of income.

I am not going to claim to know the answers for people, and if we are in a situation where we are having trouble getting work, and the ONLY kinds of work that we are able to get are minimum wage jobs, then likely we have to consider our situation and to consider if we are actually content with that kind of a way of earning income from our work.

I am not even going to deny that some of us likely come from pretty lucky/privileged positions in terms fo having likely had been able to earn quite a bit more than the minimum wages in our own countries...and then of course, compared to other countries of lower wages, then there can be additional feelings of privilege, even though it has already been pointed out that if we come from a country that has higher minimum wages, then it is likely that the cost of living is higher too..., but aspects of the infrastructure might be better as well.. .. a lot of  variables... and sure quite  a bit of luck in terms of what we were born into and whether or not there might be some ways to work towards and/or to achieve social mobility.. and if we have desires to attempt to work towards social mobility or to accept that:

"minimum wage" = "normal"

Another thing is that hardly anyone knew about bitcoin in 2009-2012-ish.. and so as the years past, more and more people learned about bitcoin, and then questions might have come up whether any of us might have heard about bitcoin, thought about bitcoin, and then decided to buy some, in case it were to catch on.

Now, it is starting to seem that bitcoin is catching on more and more and more, and maybe it is unrealistic to even consider trying to get a whole BTC.. and so work on getting as many satoshis as you can, and maybe if you are able to buy 100s of thousands of satoshis, and if you are able to continue to do that for 10 years or more, then you likely might end up finding yourself in a place that few if any of your country men would be able to achieve if they were to start buying into bitcoin 10 years down the road, and you got a head start over them of 10 years or more... .so the answer frequently tends to be to get the fuck started accumulating whatever you are able to accumulate, and don't get too worked up about relatively arbitrary accumulation targets that you may or may not be able to achieve anyhow.

several thousand satoshis is good, hundreds of thousands of satoshis is even better, millions of satoshis is even better than that - etc etc etc.. and there may or may not be an ability to achieve 100 million satoshis, but you are in a much closer position to achieving 100 million satoshis after you have already acquired millions of satoshis than you would be if you are starting from zero... which will likely continue to be the case in the future .. . since many of us likely realize that BTC prices are likely to go up forever, Laura.