@CoquiCoin
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Six Zeros Minus and Some Thoughts on BCH and other cryptos ***How are you doing, beautiful people of Read.Cash?*** Today, I have a lot of thoughts in my mind that I want to express. So I'm going to follow @Jane 's example in Let Everything Flow. And I'm going to let my thoughts flow a little bit. https://read.cash/@Jane/let-everything-flow-6543e67a Today, my son went to receive his first on-site classes. And although, I'm happy because it is his last year of high school, and he and his friends are eager to be together again. Here Covid cases are on the rise again. So we will see how things go in that sense. But without a doubt, what we have most pending this week is the new currency conversion that will take effect on Friday.
A new conversion - 6 zeros minus If you've followed me for a while, you'll have read some of the things I've written about the economic situation in my country. In Venezuela, we have been living in hyperinflation for the last 4 years. And in the last 13 years, we've had two currency conversions. Our currency has lost 8 zeros in the process. The last one in which the coin lost 5 zeros was in the year 2018. Well, as of next Friday, the currency will lose 6 more zeros. So we will have lost 14 zeros in almost 14 years, a zero per year. This new conversion will give us a new monetary cone that the government has decided to call Bolivar Digital. The previous reconversions were the Bolivar Fuerte and then the Bolivar Soberano. The new bills will be of 5, 10, 20, 50, and 100 bolivares. And in theory, it's expected that a 1 bolivar digital coin will circulate. Although, given the shortage of cash, I suppose it's unlikely that any of them will reach my hands anytime soon. At today's exchange rate, 1 dollar is 4,142,727 bolivares. So with the new currency, it will be 4.14. Will this solve the problem of hyperinflation in the country? The answer is no. But it would somehow relieve the payment platforms and credit card machines that are already about to be collapsed by the figures in millions. I remember when the conversion in 2018, the situation had reached the point that every time you were going to make a payment, the card had to be passed through the credit card machines more than once because the amounts exceeded what the bank platforms could handle. This congested the entire payment system and the banks' platforms. Although we haven't yet reached that point, we aren't far from it. And in that sense, a new conversion is needed. The country where there isn't change In Venezuela, most of the cash that is circulating on the streets is dollars. But since this isn't our legal tender, it's sometimes hard to find low denomination bills, 10, 5, 1. And the dollar cents coins aren't used. So one of the problems you face when you want to pay with cash dollars is that there is no change. In some places like supermarkets, they used to try to convince you to take something else to round the amount of the purchase. On more than one occasion, I had to add some bananas or some other fruit to the purchase to complete the amount. Now, some stores give you the change in bolivars but deposit in your account by mobile payment. Many merchants accept payments in Zelle and PayPal. But these have the disadvantage that you must have an account in the US for the first one. And a verified account for the second, so you need an international credit card. Both services, although they work very well, aren't accessible to most people. And this is where there is a great opportunity for cryptocurrencies.
**Where to spend the BCH** And thinking about all this, of how hard is to get change sometimes. And that many times, I don't have bolivares available in the account, because that of keeping only just enough to buy what is needed and that they don't lose value due to inflation. I started to look again for new options to use my BCH nearby. I didn't find new merchants. But I did find a YouTube video of someone buying a Coke at a newsstand in Caracas, similar to the one I posted on Noise a few days ago. And I would love for kiosks near my house to start accepting BCH. https://www.youtube.com/watch?v=VkKsRl4A4G8 https://noise.cash/post/15kpz538 And I also keep wondering, when will be the day that those behind the adoption of BCH in the country sit down to negotiate with the payment platform that covers most of the big merchants that accept cryptocurrencies here. It's a company called Cryptobuyer. It has a service called Criptopay. Supermarket chains, a chain of retail stores, Burger King, one of the satellite television services, among others, accept cryptocurrencies using this platform. The accepted currencies are Bitcoin, Dash, Litecoin, BNB, BUSD, Tether and even Tron was recently added. And I wonder what about the BCH, why isn't there? What's new in Smart BCH Recently, I knew about a new Dex in SmartBCH called MuesliSwap, thanks to the articles of @MoreGainStrategies, My Interview With the MuesliSwap Developers Part 1 of 2, and @annayks, MuesliSwap, New Defi/DEX - BenSwap Finds Competition. The native token of the exchange is called Milk. And those who are behind the project have announced that a pre-sale will take place in the next few days. https://read.cash/@MoreGainStrategies/my-interview-with-the-muesliswap-developers-part-1-of-2-521c7ad2 https://read.cash/@annayks/muesliswap-new-defidex-benswap-finds-competition-f8b69728 So Benswap will have some competition which seems to be good news for the growth of the SmartBCH ecosystem. Another thing, I recently knew about SmartBCH, is that you can have NFTs on the smartBCH sidechain. I knew it thanks to my friend @Just1dood. So if you are interested in NFT and SmartBCH, and want to know more, I recommend that you read A smartBCH Torpedo: How to get one of the first NFTs on the smartBCH s... https://read.cash/@Just1dood/a-smartbch-torpedo-how-to-get-one-of-the-first-nfts-on-the-smartbch-sidechain-76f5e293 ***Disclaimer: This isn't financial advice and in any case, always remember DYOR.*** A lucky find Yesterday ordering some things, I found by chance in a book a paper with the seed phrases of a Blockchain wallet that I had given up for lost. It's a wallet I had for the profits of some faucets that I used when I began to be interested in cryptocurrencies. And it turns out that I have there a little more than a million satoshis in BTC. They aren't my friend @FarmGirl 's imaginary 590K portfolio. But they are real and unexpected, so more than welcome. https://read.cash/@FarmGirl/what-would-you-do-with-590k-b98bad04
Earlier today, I asked in Noise what should I do with them. And now, I ask you. Would you keep them in BTC? Would you change them to another crypto? Would you invest them in tokens or NFT? I'm curious to know, what would you do? **Final thoughts** For now, I will have to do tomorrow the purchases of groceries for the rest of the week and the weekend. Since in the next few days, there will be some adjustments in the payment systems in bolivars. Banks have already informed, some services will be suspended on Thursday night and Friday. So the next weekend can be an opportunity to find where to use some BCH. If you want to read other articles in which I talk about some particularities of the Venezuelan economy. You can read: **My first steps into Smart BCH and some financial thoughts** https://read.cash/@CoquiCoin/my-first-steps-into-smart-bch-and-some-financial-thoughts-3a5940f2 **When your Pin isn't so secret** https://read.cash/@CoquiCoin/when-your-pin-isnt-so-secret-832329a7 These are just some of the things that have been going around in my head these days. The photos I posted here are from this morning. The first was on the way to take my son to school and the second was when I was returning home after visiting the bakery where the topic that joined most of the coffees was the proximity of the conversion of the currency. But that shouldn't be a cause for concern if this is the third time already, right? To all my dear readers and wonderful sponsors, thank you so much! **All images and writings are my own unless anything different is stated.** © **CoquiCoin** `#ClubBrokeBCH` Let's go for a **#BetterSeptember** https://read.cash/search?q=%23BetterSeptember Until next time! ;) September 28, 2021
57 comments
Even though my son is in the same situation as yours, he is finishing high school this year and I am happy that even if he finishes in a semi presential way, here they haven't started yet, but it won't be long now. As for the reconversion, one does not know what to expect from these people of the government. (Me encantan tus imágenes)
Gracias, Carolina! The sky was so clear this morning ;) One is scared that they go back to school. But on the other hand, they want to share this year with their friends. And about the currency. Sadly, it seems we just have to wait and see how long it will take to reach millions again.
If only the government accept the cryptocurrency. Thankfully, here in us from BCH into fiat is available but undergo in different process.
Here we can also use various exchanges to change BCH to fiat.
Nice flow coqui... But I feel sad about Venezuela's situation.. Before, I really thought that Venezuela is one of the richest countries in the world 😅 Btw, about knowing the BCH merchants, you can use the BCH map to locate the merchants in your country.. About the seed phrase, I guess I will convert them all to BCH.. The longer you keep BTC, the higher the fees you'll spend for it. Lol. The fee is increasing day by day so better convert it as soon as possible lol..
Thank you, sis! Venezuela situation is so sad, and more when we think, we were a rich country indeed. I check the BCH map from time to time. And here in Caracas, there are several merchants. But lately, almost none have been added near where I live. I was also thinking of changing those satoshis to BCH. And take advantage that the price of BCH / BTC has dropped quite a bit. And thank you, sis, for renewing the sponsorship. I really appreciate it.♡
$ 590k is a huge amount and that's millions in the philippines, I can build a house, buy a land and car I want. I can give my family and nephew a good life haha. And of course others i will do a business as well and I will just invest here in the philippines where ms. .jane will invest in her article, it's good to invest.
If I had 590K here, I could also do a lot of things too, hehe ;)
I wouldn't know how to handle that if my country experience that. I'm too noob and I'm still starting to earn. Anyway, all the best Coqui, and my say is to convert your BTC to BCH.
Thank you, my dear! That's an option, especially now that the BCH / BTC price has dropped a lot;)
I am glad that your kid is back to school Coqui :) I wish my daughter will soon go back to school too like your kid :) And I hope things will get better in Venezuela by the adoption of BCH and other cryptos.
Thank you, Glaiza! I hope your daughter can go back to school soon.
Welcome, mi amiga!
I have been following the money situation in Venezuela and its devaluation is impressive. I hope that everything gets better. A lot of strength. My son starts preschool this year 🎊
Great that your child is starting preschool. Each stage has its things to enjoy. And yes, the situation here is insane with hyperinflation. Let's hope things get better. Although, I don't see a change soon without political changes.
There was no case of someone who had usd and changed them to bolivars and lost their value? It is hypothetical, but it could have been that case.
Here every day that you keep bolivars, they lose value. If I change 100 dollars to bolivares today and I don't use them. Next week. I will surely be able to buy less with them. Prices change constantly. Inflation is terrible.
Wow, good thing about the face to face class of your son again, Coqui. How I wish in the next few months we'll have the same set up too.
Thank you, Jo! I hope you'll have the same for the classes soon.
I can't help you by answering your question because I have no idea what the answer is. lol. Wow what a good investment you made to now find your satoshis. And yes we are in for uncertainty this weekend. Will we use dollars or bolivars or BCH? that's the unknown.
Hehe! Yes, they were just a few pennies. today they are worth something;) And this weekend it's best not to stress and try to buy what we need today and tomorrow.
First of all, I am happy for you to find your keys to your old wallet. 1M satoshis are not small :) I would keep them as is if you ask me, lol! If BTC rises to 50k then it would be worth a little bit more :) It is good that your government is at least doing something to "ease" the financial situation in your country, although as you mentioned, it is far from being the solution. I do wish more merchants will get to know BCH and will adapt it as one of their payment solutions. It would really be awesome for you.
Yes, I suppose leaving them in BTC is not a bad idea. Because whatever has been said, BTC leads the market movements. It would be great to see BCH's progress on adoption here. It would be of great help to many.
Hehe, and maybe not bad either to convert it to BCH :) Let's hope for that my friend, it will really be awesome!
I'm trying to make a decision. If I change them to BCH or leave them in BTC. Maybe half and half;)
Hehe, all the best my friend with whatever you decide :)
If they paid us for the zeros that they take away, we would be millionaires already lol. While you are watching where to spend the BCH I am adding sites and now I lack BCH since recently the candy store has a pizzeria that in addition to Accepting them makes a delivery to the door of my house. Btw our country every day seems like a meme.
You are right. We are like a meme. And how lucky you are to have several places nearby that accept BCH. Near where I live there are few. Most of the places that accept it are in the surroundings of Sabana Grande. But I'll keep looking, hehe.
With this reconversion there will be no banking service Thursday and Friday, according to the comments I heard. Let's hope they don't round up prices and we will have to buy more expensive.
It's best to be prepared and not leave essential purchases for the weekend. And sadly, there is always that possibility that prices continue to increase.
Right, I have already changed everything I had in the accounts to USDT. Although we are always going to lose decimals which adds up to a lot for them.
Of course, all those decimal added together make a good amount. Take care friend!
I'm unable to comprehend the stress individuals and businesses go through with such a monetary exercise. It was interesting to ponder how much those additional zeros would have stressed the data centers in your country and generating lots of heat in those server rooms. On a brighter note - glad you found the seed words. Thank God you didn't get rid of that book. I think if you don't have a need to use that money to just HODL it. Don't think you can go wrong with keeping BTC. Well, also BCH. :)
The Venezuelan economy is a challenge for the banking systems. And yes, luckily I didn't give or lend the book. I'm not spending it, lol. I'll leave it in cryptos. Maybe change half to BCH;)
Inflation is also high in my country and the government have been doing everything they can to stop the free fall of our currency, but they have been coming up with one bad policy after the other which doesn't solve anything. This Friday they will be launching a digital currency with the hope of easing the tension on our currency, but the way they designed it tells me it won't work also Just as I said in noise.cash, I would convert half of the Satoshis to BCH and leave the others in BTC, or better still you can leave them as it is in BTC. I'm pretty sure these two coins I mentioned will pump high by December (just my personal observation 😉)
The problem with inflation is that governments try to curb it with equally bad measures that exacerbate the problems. And the solution is never another currency, but to change the economic policy. But that is difficult without a change of government. I hope things improve in your country. And thanks for giving me your opinion. Probably what I will do is leave them in BTC that surely as you say will go up from here to the end of the year. ;)
Exactly ma'am, what we need is good economic policies which is usually brought upon by a change of government.
Wait for the next bull run and covert to BTC then swap to BCH
Glad to know that its last year in high school of your son,my best wishes to him for next step. Also sad to hear condition in Venezuela but I hope this new change in currency prove good. I am happy you unexpectedly find the recovery of your wallet.
Thank you so much for your best wishes
Just hope for the best for your monetary situation will find its way better. Regarding your 1M btc satoshies be glad that you found out your key to your old wallet. Now, let them stay there till the bull run. It will double or even more bigger it will come.
Thank you for the best wishes. And for your opinion on what should I do with the sats.
Everybody is on edge because of the conversion, but as you said, is the third one, so we all must have an idea of what's to come and it's best to be prepared. I did some of my grocery shopping today and hopefully tomorrow I'll be done with that, but there is a feeling in the air a bit different than the previous times we had to go through this. The BTC thing is awesome! I would be jumping up and down if that happened to me. I say wait and see the change in the market before you make a decision ;)
Although it is the third time, people get nervous. But I think everything will be fine. What is wrong is that prices will continue to rise the same. It was unexpected to find that piece of paper. It's a wallet that I stopped using a long time ago. I had it on a phone that got damaged. It was a joy to see how much I have there. So every now and then, it's worth using a few faucets. In some years, today's pennies will value something, hehe
I think I stopped by late and I'm seeing some very good suggestion, I hope that you do find what's best to do with it. Sorry for what is happening over there, we hope for a change soon.
Thank you, King! We hope so too. I hope you are better now friend :)
You found a buried treasure of satoshis? THAT'S AWESOME!! 😄💓💎
Maybe I'll convert it into BCH or Half-half since BTC is still the leading coin in the market as of the moment. Anyways, I am glad to know that your son will finally attend a face to face class. I ams still hoping for that to happen here in the PH.
My country needs to give a lot of stress about crypto because this is the future, nobody care about this much here... I wish we lived with people who are smart
Keep the BTC as is :) Seeing those figures and lots of zeros reminds me of BCH when I check on my wallet. Long number only that it has zeros and a decimal before it :D I've seen that MuesliSwap in Twitter I think or some place else. Checking on those articles now.
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