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In Venezuela, the price difference between the official dollar and the black market rate is a huge 24%, and this is an advantage that many use to their advantage, since businesses in Venezuela are required to charge the official dollar for their items.

I normally don't use cash. I always have BTC or USDT, and when it's time to pay for something, I exchange it for bolivars (at the black market rate) through an online exchange (100% reliable). This way, I always end up spending less or saving 24%.

Basically, if a product is marked at $10, I only have to exchange $7.6 and pay with bolivars.

It's incredible, but it's true.

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Discussion

Nymmo 7mo ago

Is bitcoin widely used in Venezuela? Or atleast high adoption

thom 7mo ago

It’s mostly usdt on binance

Nymmo 7mo ago

So the flow from BTC > USDT > Bolivar and vice versa is pretty easy? Low friction?

Malos10 7mo ago

Yeah it is easy

Malos10 7mo ago

I made a video about it, people mostly use usdt trought binance

Nymmo 7mo ago

Where’s the video?

Malos10 7mo ago

I posted it in nostr but it found it faster here

https://stacker.news/items/966983

Malos10 7mo ago

For example, today I went to eat with my girlfriend at an executive lunch restaurant (a cheap one) and the dish we ordered cost $3.52 each for a total of $7.04,

I asked for the bill in Venezuelan currency (BS) they told me it was a total of 666 BS.

so, to get that same amount of BS, I only have to sell $5,339 USD.

If I had paid in cash in dollars, I would have had to pay the full $7.04... crazy, right? Now imagine that with big numbers like $1,000 or $10,000, unbelievable!

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