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)
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I’m Venezuelan living here that believes in crypto, why?
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).
But for us, people living in countries with really bad economic management, something that cannot be controlled by a central bank is a win.
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.
Exchange rate is 25 Bs. / USD, so 1 Bs. is around 4 cents. You need 25 of these to make 1 USD.
Monthly minimum wage is 130 Bs. so around 5 USD.
submitted by /u/WorkingLime
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