02-27-2023, 07:04 AM
Why crypto? Try living in a country where FIAT is a disaster and there is a 1,000,00
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/11cjuit/why_crypto_try_living_in_a_country_where_fiat_is/"> <img src="https://b.thumbs.redditmedia.com/VIyHJayZVn5CAol8wS_Knxu15HYAMn4sx9c8eEwiFWU.jpg" alt="Why crypto? Try living in a country where FIAT is a disaster and there is a 1,000,000 banknote that currently is 1 and it is only worth 4 cents (USD)" title="Why crypto? Try living in a country where FIAT is a disaster and there is a 1,000,000 banknote that currently is 1 and it is only worth 4 cents (USD)" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>I'm Venezuelan living here that believes in crypto, why?</p> <p>Because for years I am tired of the FIAT in my country, it has been a disaster for years. Some people from other subreddits blame and point me for calling me a "crypto enthusiast", it's easy saying that when your inflation rate is less than 10% yearly and your FIAT currency is accepted and respected worldwide (Maybe I would be like that too in that situation).</p> <p>But for us, people living in countries with really bad economic management, something that cannot be controlled by a central bank is a win.</p> <p>​</p> <p><a href="https://preview.redd.it/1mf87feawjka1.jpg?width=780&format=pjpg&auto=webp&s=ed4d0d025352b34db0369fefc0af11e54c3cfe92">https://preview.redd.it/1mf87feawjka1.jpg?width=780&format=pjpg&auto=webp&s=ed4d0d025352b34db0369fefc0af11e54c3cfe92</a></p> <p>That banknote is "old" while still in circulation, its face value is "1 millon" which is 1,000,000 Bs. (Bolivares) but because six zeroes were removed by law more than a year ago, not it's 1 "new" Bs, they didn't bother creating a new banknote so it's just like that people should understand it says 1,000,000 but it is worth 1. Of course a lot of problems specially with old people. Government just doesn't care.</p> <p>Exchange rate is 25 Bs. / USD, so 1 Bs. is around 4 cents. You need 25 of these to make 1 USD.</p> <p>Monthly minimum wage is 130 Bs. so around 5 USD.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/WorkingLime"> /u/WorkingLime </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11cjuit/why_crypto_try_living_in_a_country_where_fiat_is/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11cjuit/why_crypto_try_living_in_a_country_where_fiat_is/">[comments]</a></span> </td></tr></table>
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/11cjuit/why_crypto_try_living_in_a_country_where_fiat_is/"> <img src="https://b.thumbs.redditmedia.com/VIyHJayZVn5CAol8wS_Knxu15HYAMn4sx9c8eEwiFWU.jpg" alt="Why crypto? Try living in a country where FIAT is a disaster and there is a 1,000,000 banknote that currently is 1 and it is only worth 4 cents (USD)" title="Why crypto? Try living in a country where FIAT is a disaster and there is a 1,000,000 banknote that currently is 1 and it is only worth 4 cents (USD)" /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>I'm Venezuelan living here that believes in crypto, why?</p> <p>Because for years I am tired of the FIAT in my country, it has been a disaster for years. Some people from other subreddits blame and point me for calling me a "crypto enthusiast", it's easy saying that when your inflation rate is less than 10% yearly and your FIAT currency is accepted and respected worldwide (Maybe I would be like that too in that situation).</p> <p>But for us, people living in countries with really bad economic management, something that cannot be controlled by a central bank is a win.</p> <p>​</p> <p><a href="https://preview.redd.it/1mf87feawjka1.jpg?width=780&format=pjpg&auto=webp&s=ed4d0d025352b34db0369fefc0af11e54c3cfe92">https://preview.redd.it/1mf87feawjka1.jpg?width=780&format=pjpg&auto=webp&s=ed4d0d025352b34db0369fefc0af11e54c3cfe92</a></p> <p>That banknote is "old" while still in circulation, its face value is "1 millon" which is 1,000,000 Bs. (Bolivares) but because six zeroes were removed by law more than a year ago, not it's 1 "new" Bs, they didn't bother creating a new banknote so it's just like that people should understand it says 1,000,000 but it is worth 1. Of course a lot of problems specially with old people. Government just doesn't care.</p> <p>Exchange rate is 25 Bs. / USD, so 1 Bs. is around 4 cents. You need 25 of these to make 1 USD.</p> <p>Monthly minimum wage is 130 Bs. so around 5 USD.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/WorkingLime"> /u/WorkingLime </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11cjuit/why_crypto_try_living_in_a_country_where_fiat_is/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/11cjuit/why_crypto_try_living_in_a_country_where_fiat_is/">[comments]</a></span> </td></tr></table>