493 Bitcoins were traded in Venezuela last week

By Permabull | BTC Latino | 14 Jul 2020


Checking last week's statistics, 493 BTC were traded in Venezuela on LocalBitcoins.

The number is slightly down from 544 BTC, traded the week before, buying and selling BTC/FIAT.

  • 493 BTC is over 1,000,000,000,000 Bs. (Bolivares).
  • One Bitcoin (BTC) is currently about 2,100,000,000 Bs.
  • Monthly minimum wage is less than 50,000 satoshis - less than 5 USD.
  • Average monthly income about 200,000 sats - about $21.

Three of weeks ago the figure dropped down under 400 Bitcoins per week, have not seen the trades this low for very long time (since February). Two weeks ago the volume recovered to almost 550 BTC and last week's volume of almost 500 BTC again, seems to follow the trend of about 2,000 BTC  trades per month.

There are quite a few exchanges in Venezuela (Airtm, Binance, Uphold, etc) but only LocalBitcoins provides the data to see weekly volumes. Also, LocalBitcoins has possibly the most of the trades in Venezuela because people who left the country (about 5,000,000) are now sending some of their earnings back to the country to support their family members. The reason is simple, the minimum wage (most people work for or near minimum wage) is less than $5 per month. It doesn't mean that everything is dirt cheap. Most products are imported and that means the prices are similar to prices in the US or elsewhere.

If you want to learn more about the situation in Venezuela, the best website in English is probably this one: Caracas Chronicles

If you prefer a quick TL;DR: Top 10 Facts About Poverty in Venezuela

The 2019-20 National Survey of Living Conditions (ENCOVI), conducted by researchers at Andres Bello Catholic University (UCAB) and published on Tuesday, Venezuelans' average income was just 0.72 USD per day ($21 per month). Reuters covering the Survey in English.

Back to Bitcoin, the best and cheapest way to help families is simply to send them Bitcoin from abroad and they'll use it to pay or trade it back to Bolivares so they can buy food, pay rent, taxes,.

LocalBitcoins listings: https://localbitcoins.com/buy-bitcoins-online/ves/

360d60c8b52538e790b231dfe6e6c4be67b046c85e91c8795c331268419efd5a.png

It looks like most Bitcoins were traded at the beginning of 2019. That's true but don't forget that Bitcoin was that time at it's cheapest since ATH in 2017. Here's the same volume in Bolivares (Fiat in Venezuela):

df1d496960473f04577bdb411acfcad43bf53c0ae0d39d77ab92ad3d0949b413.png

You can check the weekly volumes at Coin.dance.

I'll keep you posted, if you have any question, ask in the comments, please - AMA.

 

Check my previous posts, please:

One cent (Centavo) in Argentina is now worth less than one satoshi

92 Bitcoins were traded in Argentina last week on LocalBitcoins

The 8 Bitcoin documentaries, everyone should watch at least once - 6 hours of the best video about Bitcoin.

544 Bitcoins were traded in Venezuela last week

Guide how to earn Bitcoin with (almost) NO skills required.

 

Thank you guys for reading, liking, following, and tipping. Extremely appreciated! 👍

How do you rate this article?


9

0

Permabull
Permabull

Saw crypto as a way to make some cash, a get rich quick scheme. Learned about the tech and will stay in forever. Watching the GOV spending in 2020 made me realise how fiat is controlled way too much and becoming worthless be a minute. Bitcoin for the WIN!


BTC Latino
BTC Latino

Hope this blog will help to spread the awareness about the financial situation in the Latin countries as well as the use of cryptocurrencies in poor countries as an hedge against corrupt governments. Currently mostly about Argentina and Venezuela, more countries to follow.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.