Thank you because your donations literally helped me put food on the table. Today I bought 4.5 kg of chicken, which is enough for a couple of weeks, and I want to use this purchase to show you the huge difference in exchange rates between dollars and bolivars in Venezuela.
Here's where I went to pick up the 4.5 kg package of chicken:
This chicken is delivered to my house for free because I buy it from a restaurant supplier, and the price is even better than at the supermarkets. I found out about this company because they hired me for a photography job time ago.
This is the receipt they gave me:

$5.80 per kilo for a total of $26.60 for 4.60 kg.
This $26.60 is charged at the official exchange rate of the Bank of Venezuela, which today would be:

So, if we multiply 26.60 x 554.42, the result would be that I have to pay 14,747 bolivars (Venezuelan currency).
So far, so good, but this is where it all starts.
In Venezuela, there are no official exchange houses where people can freely buy or sell dollars. Currently, we can't even buy them from the bank, so we have to resort to the street market, buying or selling dollars from other people who need them and who set whatever price they want... BUT
There is an alternative, and in fact, it's widely used. Here in Venezuela, many people use the Binance platform to exchange bolivars for USDT and escape inflation. Furthermore, with those USDT, they can pay raw material suppliers abroad or wherever they need it, since they can basically exchange USDT for any other fiat currency they need.
BUT the price difference between the Venezuelan bank dollar and USDT is incredible!
Here's the exchange rate on Binance today:
742 Bs per USDT

There's a difference of between 25% and 34%, and believe me, companies factor that difference in by raising the prices of all their products to avoid bankruptcy (this is why it's more expensive to live in Venezuela than in any other Latin American country).
Okay... but something else happens too. For example, in this case, you sent me satoshis, which can be converted to USDT and exchanged for Venezuelan currency to pay for this chicken. In this case, to pay the $26.60 bill, I only had to sell 19.87 USDT.
And all of this, which sounds crazy, is something we experience daily because all Venezuelans are looking for ways to escape the inflation of the Venezuelan currency, which literally increases every single day!
#nostr #economy #venezuela #plebs #plebchain #money #usdt