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Let’s say that I live in Venezuela, getting paid in Bolivars that depreciate so rapidly that I immediately go to the store to buy as much as possible before pri
by mikeash 7y ago
Let’s say that I live in Venezuela, getting paid in Bolivars that depreciate so rapidly that I immediately go to the store to buy as much as possible before prices inflate out of reach. How do I use Bitcoin to improve my life? I just don’t see how it helps.
- ricardobeat 7y agoYou sell small amounts at the daily BTC x [venezuela currency] rate? It allows your money to retain its value.
- mikeash 7y agoIs it practical to regularly buy small amounts, given the high transaction costs? And who is selling Bitcoin for Bolivars?
- inlined 7y agoLast I heard (on planet money), the median wage in Venezuela was enough to buy just less than two eggs per day. How much can they spare for investment? https://www.npr.org/templates/transcript/transcript.php?storyId=642266470 https://www.npr.org/templates/transcript/transcript.php?stor...
- ricardobeat 7y agoNot for investment, but for protecting the value from one day to the next, since inflation is 25000%/year. (I’m just hypothesizing here, would love to hear from someone who knows what is going on)
- sodafountan 7y agoWhat they need is a stable electric grid and local miners selling to local exchanges - that way they can transact directly in Bolivar or barter if the currency ends up becoming completely worthless. I'm not necessarily saying any of that is practical, but a stable electric grid and internet access is key - perhaps renewable energy and access to the blockstream satellite would be the solution