@CoquiCoin
more from that month
My first steps into Smart BCH and some financial thoughts ***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. https://read.cash/@carisdaneym2/how-to-set-up-smartbch-network-on-metamask-and-smartbch-coinflex-bridge-7f64c443 **Diving Into The Sphere Of SmartBCH (Trying The BenSwap Pool)** by @Jane. https://read.cash/@Jane/diving-into-the-sphere-of-smartbch-trying-the-benswap-pool-931b6dd0
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. https://read.cash/@Porwest/what-is-100-worth-b0a8cb88 https://read.cash/@rebeysa85/as-of-september-ill-start-to-live-out-of-readcash-4079f2cd 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.
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. https://www.bbc.com/mundo/noticias-america-latina-58033932#:~:text=En%20Venezuela%2C%20un%20Big%20Mac,mensuales%20en%20el%20pa%C3%ADs%20sudamericano. 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. https://www.youtube.com/watch?v=UDu7sowIrzE 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. https://www.youtube.com/watch?v=hLwSyZSnaRU&t=216s 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. 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
89 comments
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.
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.
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.
Let's hope for that, my friend! It's a great opportunity.
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
I don't think you are too late. Let's hope it keeps rising. ;)
i hope many merchants will see that huge opportunity in cryptocurrencies and i hope BCH adaptation will becomes successful too.
I hope so too, sis!
Crypto is the new dollar, Coqui!
Let's hope for that, amiga!
Praying, amiga!
Have a wonderful week! xoxo
You to, Coqui. Thank you very much!
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.
Thank you for your best wishes!
I am glad to know the Venezuela is improving, My country is getting worst, because of poor managing by the government.
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.
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.
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.
Let's hope for a huge adoption of BCH. And yes, BCH and these platforms have been lifesavers for many.
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..🙏
Thank you so much, my dear, for your prays. :)
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.
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.
It is a very sad situation especially taking into consideration your country was once very prosperous before socialism got its dirty hands into everything.
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.
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 $100. I think it depends on who spends it.
Thank you, my friend. Well, the real problem here isn't the worth of the 100$. But the gap between wages and prices.
That's right. I couldn't believe my eyes when I saw the $16 a month. It's just not enough.
And that is what she used to gain been a musician and a professional. It's a sad reality.
The goods and products prices are going higher but the wages are still low.. Sad reality. I am just glad that crypto is here.
Me too. Crypto has been so helpful around here.
It really is an illusion the so called improvement of the country. Because there is so much to be done in regards of the economy that the government wouldn't know where to begin in the first place. But there is also what we call "viveza criolla" that has much to do with what we are living currently. Here in my town the prices are not stable because they change daily according to the price of the dollar, and even some establishments have the piece of the products in USD and if they want, what costs today 1$ can easily tomorrow cost 2$. It is madness.
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.
Yes, and we are stuck in the middle of the thirst of corruption that has taken over the country.
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.
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.
Yes, let's hope for that, Bryan. The mass adoption.
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 💙
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.
That’s great to hear 💙
This is amazing, need something like this in India honestly... that would be lovely :)
I don't get your comment. What could be lovely?
To be able to pay through BCH to buy everyday things... crypto still needs to get a lot of importance in my country...
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. :)
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.
Yes, Noise above all has been a blessing for many Venezuelans. And thank you for your good wishes.
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.
Thank you, my dear! And yes, let hope for a BCH adoption.
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.
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