My first steps into Smart BCH and some financial thoughts

100 194
Avatar for CoquiCoin
3 years ago

Hola, awesome Read.cashers! A new week has already begun. And I wish all of us a wonderful and productive week!

Last week I had some failed attempts trying to do the bridge between Coinflex and Metamask. But a couple of days ago, thanks to the information I got in Read.cash and to the use of some green paths because of being where I am. I took my first steps into SmartBCH. And I can happily say I already have some staked EBEN tokens in the Benswap pool.

I won't write the details of how I achieved it. Rather I will tell you which are the articles of other users that were very useful to me.

How to set up smartBCH Network on Metamask and smartBCH - CoinFlex Bri... by @carisdaneym2.

Diving Into The Sphere Of SmartBCH (Trying The BenSwap Pool) by @Jane.

At the moment of writing this, the EBEN token already tripled in value of my purchase price. So let's hope it continues to rise in the coming days.

Some thoughts about financial topics in my country

Yesterday, I read an article by @Porwest. What Is $100 Worth? In his article, he talked about how much that amount of money means depending on where you are. His article was motivated by a publication of @rebeysa85 in which she told about her decision to quit her job. She is Venezuelan as I am. Her salary on that job was $ 16 per month. So she decided to quit and dedicate herself to write full-time on blogging platforms.

I've already mentioned in other posts we have been living in hyperinflation for 4 years. In 2019, the government was forced to release the price controls that were suffocating the economy and had generated a shortage in basic goods. Also in the last two years, the exchange control we'd had since 2003 has been released. Now the US dollar circulates freely, and prices have been adjusted.

But wages have not been adjusted. Most people continue to earn miserable wages. The situation of rebysa85 is one that millions of Venezuelans live every day who earn ridiculous salaries. Therefore, it's not a casualty that hundreds of thousands of Venezuelans flood the internet searching for ways to generate income.

The minimum wage in Venezuela is less than 2 dollars per month (7.000.000 Bs). And that is what, for example, my mother receives every month as an old-age pension.

In Venezuela, what can you buy with 100 dollars?

The worth of 100 dollars in Venezuela for purchasing food isn't very different from what you can buy in the United States, to have a reference. I live in a middle class neighborhood. And I usually do my shopping in a supermarket.

Chacao Municipal Market, Caracas, Venezuela - Photo by me

Here 1 kilo of meat costs between $ 4 and $ 5, a liter of milk $ 1.25, sliced ​​bread $ 3, 1 kilo of fish between $ 9 and $18, the cheapest rice $1 per kilo. To buy for a family of 4 for a week, including cleaning and personal care items, you easily spend those 100 dollars.

And If we talk about food you eat out, to make a reference that most can understand. Here a Big Mac costs a little more than $8. Recently the BBC published an article which said that the most expensive Big Mac in the world, you get it in Venezuela.

So as you will see, here most people cannot live on their salary.

The unreal sense of economic improvement

But for some, there is a false sense the country is improving. In recent days, one of the most famous Latin American YouTubers named Luisito Comunica visited Venezuela. His first impression is that the country is improving. And of course, it couldn't be otherwise since his last visit to the country had been in 2017.

In that year, hyperinflation began. There was a shortage of basic goods due to price controls. And a black market for these products surged. Street vendors sold the products at prices double or triple. Many people became Bachaquero. This was the name used to call the sellers on the black market.

Supermarkets at that time had many empty shelves. And then the government couldn't think of anything better than to pass a law that prohibited empty shelves. So supermarkets used to fill entire aisles with the same product. When this YouTuber visited in 2017, one of his most viral videos was a visit to a supermarket.

So of course for him, many things have improved. At least Caracas now is full of stores we call Bodegones, full of imported products. But unfortunately, these shops remain inaccessible to most of the population who live with starvation wages.

And just a little sector of the population that has managed to break through the face of adversity can consume the new offers in the economy. Most people live a very different reality.

What can BCH become in Venezuela?

So having said all this. It's not strange that if you look at the rank in Alexa of Noise.cash. You will find that 46% of the users who enter the platform in the last 30 days, do so from Venezuela. Every penny people earn here and in Noise can probably change many lives. But for some Venezuelans, it can be a means of survival. So imagine if the users that today use Noise.cash from Venezuela could pay with BCH.

Most of these users don't hold their BCH. What they earn in Noise is to cover their daily expenses. If at least half of them could pay with BCH instead of exchanging them to get fiat currency. It could mean a big step towards the adoption of BCH in Venezuela.

Of course, for this to happen, the number of merchants that accept BCH today has to be increased. And have more merchants in other parts of the country, since today most of them that accept BCH are in Caracas according to Bitcoin.com maps. But it's obvious that Venezuela is fertile ground for the adoption of cryptocurrencies, and the BCH has a great opportunity here. As we would say, here the table is already served. Let see if those who are working for adoption take this huge opportunity.

To all my dear readers, thank you so much!

These are all my wonderful sponsors! I encourage you to visit their amazing articles if you haven't done so.

Sponsors of CoquiCoin
empty
empty
empty

And a special thank you today to @Momentswithmatti, my most recent sponsor. I do really appreciate this:)

All images and writings are my own unless anything different is stated.

© CoquiCoin  

#ClubBrokeBCH

Let's go for a #BetterSeptember

Until next time! ;)

September 6, 2021

42
$ 16.14
$ 14.24 from @TheRandomRewarder
$ 0.27 from @Telesfor
$ 0.11 from @fantagira
+ 30
Sponsors of CoquiCoin
empty
empty
empty
Avatar for CoquiCoin
3 years ago

Comments

Un articulo muy interesante gracias por dar un ejemplo de lo que estamos viviendo en Venezuela. Yo no se nada de economía pero he escuchado y leído mucho que la adopción de las criptomonedas en los comercios es beneficioso para quien las tiene porque puede pagar los productos y servicios con ellas, entonces me quedo pensando será que le precio es mas bajo cuando se cancela en cripto o será el mismo valor en dólar a base la criptomoneda, no se si me explique pero pienso que será los mismo con otro nombre.

Vamos a terminar pagando el mismo precio del producto en dólares o en criptomonedas.

$ 0.03
3 years ago

Hola! En teoría el precio en dólares no debería variar, pero no siempre es así. Yo por ejemplo he pagado alguna vez con BCH y en ese caso me han dado el monto en dólares y con mi billetera de Bitcoin.com hago el pago colocando el monto en dólares y pagando con código QR ahí no hay variación de precio.

Pero algunas tiendas grandes como Traki usan un servicio de intermediación, muchos usan una empresa llamada Cryptobuyer, en ese caso la tasa de cambio tiene algunas comisiones de por medio y puede ser que cuando saques cuentas termines pagando un poco más en cryptos que si pagaras en dólares directamente.

También algunos ahora aceptan pagos en USDT y en ese caso se suele pagar lo mismo que si pagaras en dólares.

$ 0.00
3 years ago

By reading this article of yours, I was able to gain some new knowledge.Crypto is a great help indeed..i love bch my dear.

$ 0.01
3 years ago

I'm glad you got some knowledge from this.

$ 0.00
3 years ago

It really would be so good if more and more places accepted BCH. 16 dollars a month , I can see why people try to earn online then, that is easily done online.

$ 0.02
3 years ago

As easy as that is the amount that this article has generated in tips. And she used to receive it for a whole month of work. Sad but true.

$ 0.00
3 years ago

Very sad , but at least she can get that daily with a little bit of effort and perseverance.

$ 0.01
3 years ago

Inflation is real and poor countries like mine is struggling. This pandemic hits us really hard with hospital bills, medications and health expenses soaring high, while the economy is getting bad. Crypto is a great help indeed.

$ 0.02
3 years ago

Yes, cryptos are of great help, especially in economies like ours, where there is so much poverty.

$ 0.00
3 years ago

I read that article about Big Mac too! That's when I got interested in learning about your country.

Portwest and I had a discussion about $100 worth in each of our countries, you can find it here in case you're interested- https://noise.cash/post/l4v2vmrw

$ 0.01
3 years ago

Thank you! Of course, I'm interested. I will check it out.

$ 0.00
3 years ago

I'm trying that too earlier and I am up until adding tokens. I don't know what's next. My mind can't process the rest of the steps. 😂

$ 0.01
3 years ago

Hehe, you need to read some articles and do some research ;)

$ 0.00
3 years ago

Yeah, I need it 😣

$ 0.00
3 years ago

Im tying that too earlier and asked friends how to do it hahhaha connecting my coindlex ro metamask.. And still waiting for their reply hahhaha

$ 0.02
3 years ago

If you read the articles, It's all clear there.

$ 0.00
3 years ago

I also have problem transferring from a diff wallet to coinsflex hahhaha

$ 0.00
3 years ago

I didn't have a problem transferring but for getting register in Coinflex. What problem did you have?

$ 0.00
3 years ago

Its all okay now, my goodness.. I forgot to change usd to bch hahaha.. It would better to use a laptop nxt time haha.. Thanks dear.. ❤️

$ 0.00
3 years ago

You are welcome! I prefer to do my transaction on my laptop too ;)

$ 0.00
3 years ago

$2 per month? What the. Here, you can earn $60 per month, i think that's the lowest salary. It's really true that bch is indeed a life saver. It has helped me a lot too. And my family

$ 0.02
3 years ago

Yes, BCH and these platforms are been of big help to many people.

$ 0.00
3 years ago

I have tried many times to connect Coinflex to Metamask last week and then just now, I had tried again. Without success. No idea what had gone wrong. I think I'd followed all the steps mentioned in Carisdaneym & Jane's articles.

Edit: Finally connected. No worries. I was the idiot. LOL.

$ 0.03
3 years ago

I also had problems connecting. I was following all the steps. But then I found out the problem was Coinflex didn't accept users from Venezuela. So I sign up using an email and VPN without connecting with Metamask. Then I could transfer the BCH to Metamask.

$ 0.03
3 years ago

Oh. I didn't know the email sign-up was a workaround. Anyway, I'm glad I managed to get in today.

$ 0.03
3 years ago

Certainly, Venezuelans reinvent ourselves every day. The opportunities are here at read.cash. At least for me. Because I have not yet ventured into the world of Noise.cash. Later on I will, I'm sure I will. Interesting article, my friend. Regards.

$ 0.02
3 years ago

You should try Noise too. Post there are shorter, so it takes less time. Post article here requires some effort, also to read and be engaged. But Noise is much easier in that sense.

$ 0.00
3 years ago

In Cumana so far there is no store that accepts cryptocurrencies, I have only seen 2 that accept payment by Paypal. It really is a world that is open to new proposals and that merchants accept other forms of payment.

$ 0.02
3 years ago

Hi Frank! In Caracas, some places accept crypto payments. But not as many accept BCH. There are supermarkets and some big stores that use the service provided by a company called Cryptobuyer. But they don't work with BCH. Let's hope many more merchants will adopt crypto payments.

$ 0.00
3 years ago

Hi Coqui, that's the trend, let's hope that in a short time it will be possible to use what we are earning in BCH.

$ 0.00
3 years ago

If the governments could only see the potential of crypto .. This world will have economic freedom..

$ 0.03
3 years ago

They see the potential. The problem is that governments are not interested in our financial freedom, because that way it would be harder to keep us under control.

$ 0.00
3 years ago

In my opinion, governments do know the importance of cryptocurrencies, but they do it for personal purposes. In Venezuela there are several cryptocurrencies (bolivarcoin), of which the government has one called "Petro" but it is regulated by the same government, which decides what is going to be its value, besides having 2 different prices.

$ 0.00
3 years ago

When I have a little time I read the articles that you have proposed as a guide to configure the Metamask Network, since I read about it in Noise I was curious, good that your small investment is already paying dividends. Always these writings of economy have called my attention, because they allow us to compare things with our country and it is just like what you say, the difference in prices is almost always minimal and sometimes we Venezuelans usually pay more for something than someone from another country, first by the same inflationary issue of the country and the other is that if the money comes from an exchange of a crypto to our devalued bolivars, on the way we are leaving very valuable cents. Regarding the adoption of the BCH these days I was very happy to have found a place in my city Maracay where I could buy something with them, so I imagine that little by little the fear for the adoption of this means of payment is going to be lost. Although I confess that the joy was a little confusing and I am sad to tell it because many people in our country are having a hard time and these gains serve as a relief; and I wasting them, since usually what I have earned on these platforms I spend on candy (I'm a big fan) and the place I got was just one of Donuts, but do not hesitate to have the experience, although I have already paid with other cryptocurrencies was my first time with BCH.

$ 0.05
3 years ago

I hope the articles are useful to you to configure Smart BCH with Metamask. I didn't mention in the article that I had to use a VPN to access Coinflex because I am in Venezuela.

And don't feel bad about using your BCH for donuts. In my first purchase with BCH here in Caracas, I bought a sweet snack in a bakery. And I even told it here in an article. ;)

$ 0.00
3 years ago

I really want to try this. I will read it again on how to set this up. Thank you for inspiring me 🙃

$ 0.02
3 years ago

I'm glad you are inspired. But remember, always do your own research when trying investments. ;)

$ 0.00
3 years ago

Yes yes I will. I am just really interested with the Benswap. Thank you for this

$ 0.00
3 years ago

Well, with the two articles I linked you won't have any problem. :)

$ 0.00
3 years ago

I am glad that in Venezuela merchants are accepting BCH and so many people are using these sites to fulfil their basic needs.Cryptocurrancy is helping so many people in different areas.

$ 0.01
3 years ago

Yes, cryptocurrencies are doing a lot for many people in many places. Especially, in those with depressed economies.

$ 0.00
3 years ago

Readcash and noicecash is truly a blessing and it's really good to see the trend moving towards your end cuz the prices of goods seems not to be fair for the people based on the earnings....so this article is really wonderful.

$ 0.02
3 years ago

I'm glad you like it!

$ 0.00
3 years ago

Wow congratulations for diving in, I hope I can join with you soon. I was amazed knowing the reality in Venezuela is also a reality of my country as well. We have the same amount and could buy the same product. I mean 1 kilo of rice here is also equal to $1. I am happy that because of BCH many from your country could survive, so as here. Especially this pandemic we have been experiencing. I also hope and pray BCH could help more people from all over the globe.

$ 0.02
3 years ago

Let's hope for a huge adoption of BCH. And yes, BCH and these platforms have been lifesavers for many.

$ 0.00
3 years ago

This was rather interesting as I did not know food, in particular, costs about the same as things do here, and that seems to make the situation even more dire. If a couple of pounds of meat would take a quarter of someone's salary making $16 a month, this seems very difficult to comprehend. Even worse, someone making $2 a month is in an even worse situation.

I really do hope the situation over there does eventually improve, although I am not sure how that happens. I will tell you, though, that there are many ungrateful poor in my own country who need to learn from Venezuela what real poverty actually looks like, and to better understand that socialism does not help people. It starves them.

$ 0.05
3 years ago

No improvement is possible without a political change.

And you are very right. People who cry out for socialism in developed countries could take a stroll around here and get soaked for few days in the "Revolucion Bolivariana". Socialism is never the solution. The government wants the population to be poorer every day. Hungry people, who have to worry about power outages, water outages, and fuel shortages have no time to think of anything else, but to survive. And so it suits the government. Sad but it's reality.

$ 0.01
3 years ago

It is a very sad situation especially taking into consideration your country was once very prosperous before socialism got its dirty hands into everything.

$ 0.01
3 years ago

Yes, we could say we were the most prosperous country in South America after Brazil. And now, it's hard to believe, despite all the natural resources we have, we are among the poorest on the continent. Perhaps only surpassed by Haiti.

$ 0.00
3 years ago

Socialism is the rot of everything good. I don't know exactly how it took hold or how the people allowed it to happen. But it happened and it's ruined everything it seems over there.

I really feel for the people of Venezuela. I really do.

$ 0.01
3 years ago

Thank you so much. And I can't help but agree with you. Socialism is a rot that destroys everything it touches.

$ 0.01
3 years ago

I do hope that BCH will be accepted by more merchants in Venezuela! I am praying too that Venezuela will recover, it doesn't matter if it is slowly but hopefully, surely.

$ 0.02
3 years ago

Thank you, my dear! And yes, let hope for a BCH adoption.

$ 0.00
3 years ago

The minimum wage is far too low ckmpared to the price of goods and services in the country. I hope and pray the adoption of BCH spreads quickly in the country . I'm also glad noise and readcash are of great help to the citizens.

$ 0.03
3 years ago

Yes, Noise above all has been a blessing for many Venezuelans. And thank you for your good wishes.

$ 0.00
3 years ago

This is amazing, need something like this in India honestly... that would be lovely :)

$ 0.00
3 years ago

I don't get your comment. What could be lovely?

$ 0.00
3 years ago

To be able to pay through BCH to buy everyday things... crypto still needs to get a lot of importance in my country...

$ 0.01
3 years ago

Oh, I understand. Here, cryptos have taken a step forward due to the terrible economic difficulties that the country has gone through and continues to face. I hope that in India soon you can pay with BCH too. :)

$ 0.00
3 years ago

OMG, $2 minimum wage and the prices same as in states? How does one survive? This is beyond crazy.

I am happy that you also managed to get on board of smartBCH early. I love watching how quickly it grows 💙

$ 0.04
3 years ago

Yes, beyond crazy, it's a great way to describe the situation.

Yeah, I'm happy I could manage to get on board. I had problems with Coinflex because I'm in Venezuela. But I manage to solved it.

$ 0.00
3 years ago

That’s great to hear 💙

$ 0.00
3 years ago

It really is an illusion the so called improvement of the country. Because there is so much to be done in regards of the economy that the government wouldn't know where to begin in the first place. But there is also what we call "viveza criolla" that has much to do with what we are living currently. Here in my town the prices are not stable because they change daily according to the price of the dollar, and even some establishments have the piece of the products in USD and if they want, what costs today 1$ can easily tomorrow cost 2$. It is madness.

$ 0.03
3 years ago

Yes, of course, now there is inflation in dollars. And the explanation they give you is that the transport of the products is more expensive every day due to the lack of fuel. The government wants people to remain poor. So that they depend on subsidies and aid, that is nothing to the people anyway.

$ 0.00
3 years ago

Yes, and we are stuck in the middle of the thirst of corruption that has taken over the country.

$ 0.00
3 years ago

Yes, the terrible thing about this, it's that without political change, there isn't a chance of real improvement. And that doesn't seem to be close to happening.

$ 0.00
3 years ago

I have high hopes for crypto in general as well as BCH too! We need mass adoption of BCH as a payment option in several places as it has good transaction speed and low fees.

$ 0.03
3 years ago

Yes, let's hope for that, Bryan. The mass adoption.

$ 0.02
3 years ago

The goods and products prices are going higher but the wages are still low.. Sad reality. I am just glad that crypto is here.

$ 0.03
3 years ago

Me too. Crypto has been so helpful around here.

$ 0.00
3 years ago

Great start of the week for you too, my friend :)

It's exciting if more merchants will be able to accept BCH. It's good you have more in your city. I've read the article about the $100. I think it depends on who spends it.

$ 0.03
3 years ago

Thank you, my friend. Well, the real problem here isn't the worth of the 100$. But the gap between wages and prices.

$ 0.00
3 years ago

That's right. I couldn't believe my eyes when I saw the $16 a month. It's just not enough.

$ 0.00
3 years ago

And that is what she used to gain been a musician and a professional. It's a sad reality.

$ 0.00
3 years ago

We hope for better days...

$ 0.00
3 years ago

This is so sad maam. I'm hoping for the Venezuelan people and the country. I know soon there's a big changes. The adoption of BCH it will be successful. Praying for that. Sending prayers..🙏

$ 0.01
3 years ago

Thank you so much, my dear, for your prays. :)

$ 0.00
3 years ago

I am glad to know the Venezuela is improving, My country is getting worst, because of poor managing by the government.

$ 0.02
3 years ago

What has improved is the fact there are no more price controls and exchange control. But what hasn't changed is that people are getting poorer every day. And the government isn't interested in changing that situation.

$ 0.00
3 years ago

Oh the same cases with us. the government is busy with election and having a thick face in corrupting the money that should be for the people.

$ 0.01
3 years ago

Venezuela is doing well in BCH adoption. Let's hope that more merchants continue to join so that we can directly use this cryptocurrency in stores.

$ 0.04
3 years ago

Let's hope for that, my friend! It's a great opportunity.

$ 0.00
3 years ago

That is just crazy... How can the minimum wage be less than the price of a sliced bread... I really don't know what to say or do other than wishing for the best for the Venezuelans who are living with inhumane wages.

$ 0.02
3 years ago

Thank you for your best wishes!

$ 0.00
3 years ago

Crypto is the new dollar, Coqui!

$ 0.05
3 years ago

Let's hope for that, amiga!

$ 0.00
3 years ago

Praying, amiga!

$ 0.00
3 years ago

Have a wonderful week! xoxo

$ 0.00
3 years ago

You to, Coqui. Thank you very much!

$ 0.00
3 years ago

i hope many merchants will see that huge opportunity in cryptocurrencies and i hope BCH adaptation will becomes successful too.

$ 0.02
3 years ago

I hope so too, sis!

$ 0.00
3 years ago

I read that article from @porwest too... these platforms are indeed helpful to us... i am glad more Venezuelans are getting onboarded.

Congrats with staking your eben..i was also having errors during swapping a few days ago..i lost hope..if that didn't happen, I could have joined the pump..today I was able to get the transaction successfully. I hope I am not too late

$ 0.03
3 years ago

I don't think you are too late. Let's hope it keeps rising. ;)

$ 0.00
3 years ago

It is so sad knowing about the hyper inflation. It must be so hard when income stays the same and the expenses become so high. It becomes stressful. I hope BCH adoption becomes successful.

$ 0.03
3 years ago

Yes, it's stressful. But in the long run, people get used to it. And we have lived with hyperinflation for so long that many people have learned to deal with it.

$ 0.00
3 years ago