Posts about Bitcoin
Hi guys, as you probably know I'm Venezuelan living here.
Yesterday I had the chance of doing some purchases in a supermarket and paying directly in Bitcoin.
This was the purchase:
The purchase (I had purchased some things before, like fruits and vegetables in farmers market and chicken/meat)You say to the cashier you want to pay in cryptocurrency and their system shows them a selection:
They say they will add more crypto and BTC LN.
After selecting bitcoin and and continue (Continuar) it shows the amount in bitcoin
After that it shows a QR code, you scan it and have to wait for at least one confirmation after you get one confirmation (mine took several minutes) the cashier press payment received and I suppose it checks one blockchain explorer for one confirmation or pending transaction that matches the amount. If it matches it says payment received and receipt is printed.
I noticed each time you press continuar a new QR code gets generated, so new or different address.
I used Trust Wallet and the fee was 1.36 USD.
Receipt is shown in Bolivares, but that is common here even if you pay with USD, Euros or any currency the invoice will be printed in Bolivares.
Experience was good overall, but in this case I paid a little more, something to improve.
You have to remember that here the economy is destroyed:
Monthly inflation can be over 10% easily. Being it under 10% is a success.
Monthly minimum wage is 130 Bs. (less than 5 USD, this purchase was 5x monthly minimum wage), average monthly wage is 120 USD.
Since 2007 14 zeroes were removed from the currency, so this 725 Bs would have been 72,500,000,000,000,000
Thanks for the support to all redditors. Any question let me know!
Truly one of the highlights of just not this week but probably of the whole Crypto history (at least according to me) was this week when Bitcoin started to pump like 30% in three day while the whole banking sector was imploding and there was fear all around.
This just showed that Bitcoin can indeed work as Satoshi Nakamoto wanted it to, a trust-less alternative against banks. We can also strengthen this view as we look on some on-chain data and especially focus on the very people affected by the bank implosions, the retail like us all.
This graph shows how shrimps (0.1BTC to 1BTC) or also known as Retail, were accumulating exactly during the time were banks were imploding at the highest single-day pace since the FTX collapse in November were BTC price was at about $15k-$17k.
Showing how the people that were the most affected by the fear around banks were actually taking Crypto as an alternative, obviously not all of them but we can expect that to be a considerable part of them. Love to see Bitcoin doing what it was intended to, not an inflation-hedge, not a recession hedge but a bank-hedge.
After years of looking for his lost computer that he believed was filled with 7,500 bitcoins the man has found it.
the entire thing cost him around 2.5 million after paying for excavators, labor and city permits to dig up the landfill. He was relieved after finding the computer last month and had a professional data recovery company working on it for the last four weeks trying to recover his lost wallet, this cost alone was $400k.
Unfortunately it turns out the wallet was actually filled with bitcoin cash a hard fork of bitcoin worth a fraction of the price of actual bitcoin.
7,500 x $124 + $930k
so he is now about 1.6 million in debt to cover the cost of the loan he took out using the believed bitcoin as collateral.
you can see the look of defeat in his face.
