I am very interested to learn more @sansoncarrasco how are you and people you know in Venezuela using Bitcoin (and Steemit) to offset hyperinflation? I am very curious to discuss this with you. Thanks for your comment, here's my 100% vote for you.
Thanks for your interest @darkflame and thank you very much for your vote. Several people join their hard earned SBD to accrue an amount that makes it worth paying the Steemit withdrawal fee. The hefty fee of about one SBD is then shared between several people, as well as the receiving fee in the the exchange we use which is LocalBitcoin. Once the money is in BTC everyone is transfered their corresponding amount of BTC in proportion to the amount of SBD he/she contributed to the pool, having shared also the loss (fee) as I said.
Once each one has its money in BTC, we are subject to the fluctuation of BTC but that is not nearly a bad as the plummeting depreciation our local currency, the VEF, experiences by the our. We have, so to say, the money earned in Steemit in “hard coin”. Since LocalBitcoin is a market where people sell and buy BTC and local currency (VEF in the case of Venezuela), when we need to cash out a little bit of BTC into VEF to buy groceries or repair a car, we search for traders buying BTC (people wanting to get rid of the toxic VEF and want to buy BTC as a form of saving or as a bridge to buy USD). We specify the amount of VEF we want to get and get a list of traders with their rates. Once you choose the seller with the rate you deem appropriate, and that has a good reputation, you buy from him. The seller must have a bank account in the same bank a you so the money transfer is immediate since you have only a limited time window to operate. Localbitcoin has a escrow service that protects both the seller and the buyer. Once the buyer confirms having received the local currency in his bank account, the seller liberates the BTC to the seller. In that moment there is no transaction fee.
That way your BTC wallet is a "petty cash" (or not so petty) to make withdrawals in local coin, protecting your money from the acute hyperinflation. Obviously every surge in the prices of BTC is beneficial for us.
That said, you must work really hard to earn SBD, because buying BTC with VEF is hard, since VEF's value dwindles by the day and your formal salary wouldn't allow you to do so. Only selling an asset like a car or something would allow you to buy BTC or USD. Buying USD is even more difficult because it is outlawed and you can only buy it legally from the government every once in a while in a auction where the amount of people who actually win the bid is very small. You can also buy from the black market at very high prices.
I won a little bit of extra grocery change with that surge. And, believe, where I live (Venezuela) that means A LOT, speaking about survival.
I am very interested to learn more @sansoncarrasco how are you and people you know in Venezuela using Bitcoin (and Steemit) to offset hyperinflation? I am very curious to discuss this with you. Thanks for your comment, here's my 100% vote for you.
Thanks for your interest @darkflame and thank you very much for your vote. Several people join their hard earned SBD to accrue an amount that makes it worth paying the Steemit withdrawal fee. The hefty fee of about one SBD is then shared between several people, as well as the receiving fee in the the exchange we use which is LocalBitcoin. Once the money is in BTC everyone is transfered their corresponding amount of BTC in proportion to the amount of SBD he/she contributed to the pool, having shared also the loss (fee) as I said.
Once each one has its money in BTC, we are subject to the fluctuation of BTC but that is not nearly a bad as the plummeting depreciation our local currency, the VEF, experiences by the our. We have, so to say, the money earned in Steemit in “hard coin”. Since LocalBitcoin is a market where people sell and buy BTC and local currency (VEF in the case of Venezuela), when we need to cash out a little bit of BTC into VEF to buy groceries or repair a car, we search for traders buying BTC (people wanting to get rid of the toxic VEF and want to buy BTC as a form of saving or as a bridge to buy USD). We specify the amount of VEF we want to get and get a list of traders with their rates. Once you choose the seller with the rate you deem appropriate, and that has a good reputation, you buy from him. The seller must have a bank account in the same bank a you so the money transfer is immediate since you have only a limited time window to operate. Localbitcoin has a escrow service that protects both the seller and the buyer. Once the buyer confirms having received the local currency in his bank account, the seller liberates the BTC to the seller. In that moment there is no transaction fee.
That way your BTC wallet is a "petty cash" (or not so petty) to make withdrawals in local coin, protecting your money from the acute hyperinflation. Obviously every surge in the prices of BTC is beneficial for us.
That said, you must work really hard to earn SBD, because buying BTC with VEF is hard, since VEF's value dwindles by the day and your formal salary wouldn't allow you to do so. Only selling an asset like a car or something would allow you to buy BTC or USD. Buying USD is even more difficult because it is outlawed and you can only buy it legally from the government every once in a while in a auction where the amount of people who actually win the bid is very small. You can also buy from the black market at very high prices.
Great Post.Hope the price of BTC will increase.Otherwise its good to see your post my friend.upvoted and followed
Is it a good time to buy btc now?
If you want BTC it is a good idea to buy it. The fiat price is irrelevant.
Okay thank you
I like your work dear
You and analyst @salahuddin2004 are two top analysts of cryptoworld.
Nice post man its perfect pove yourr post