Let me paint the economic picture first:I live In Venezuela and I earn in Bolivares with mega-inflation ( Feb 28: 419.99 - March 29: 474.05 Per 1 Dollar).I am earning around $220 every 15 days (in bolivares).
I can't save in Bolivares (as ChatGPT told me, a melting ice currency), I only keep money in the bank for daily expenses.
Physical dollar bills are where I keep my savings, but to acquire them I must buy them at the Binance rate (Tether/USDT) which is around 620Bs per Dollar.
When we buy things, the prices are set to the official rate (BCV:474.05, BCV-EURO_550.89). Everything is dictated by the Dollar here.So we virtually have 5 currencies
-Bolivares (inflating as fuck) -USDT (Binance, it is crypto but it freezes inflation, closest thing to saving in electronic dollars) -BCV (Dollar) -BCV (Euro) -Physical dollar bills (sometimes hard to find, price is always on the move,usually at USDT)This chaotic panorama is everyday life here.
This post is not about that.My post right now is about BTC and Tether (USDT). Recently, Binance has become very popular because we can save our money in USDT, and I used to follow and read on BTC and Blockchain but investing was impossible until this year.I've talked to ChatGPT and got some good ideas. But I need a human component here. It seems 60k-65k is a good entry point at the moment.-Have you invested in BTC? It seems like an excellent idea to invest in BTC given that my local currency is crap.What are your thoughts/recommendations given these conditions?Thanks
I don't mind investing in only BTC, because NOT HAVING BOLIVARES is already a big win here.So making even a small profit (less than 10%) at he time of selling/withdrawing is actually another big win.
I don't see anything but win when it comes to getting rid ot the Bolivar.
Lone_Ranger 3 3h ago
you are in the wrong forum
mattyanon Admin 1w ago
Be careful where your crypto actually is. Do you hold all the keys to it, or is it held "for you" by a third party?
Large BTC brokers go bust ALL THE FUCKING TIME. Even the biggest.
Deleted as I misunderstood this bit (see thanks @Georgelll).
No idea on conversion rates, but you probably have little choice and dollars will devalue slower than Bolivares.
Only accidentally, my risk and investment is elsewhere.
BTC has two risks:
Inflationary currency causes people to avoid it, which causes inflation.
You're right to get the fuck out of that trap.
Dollar is fairly stable for a long time, but you can't hold physical currency.
Another option is an account at a foreign (eg American) bank. Low interest, but negligible risk.
GeorgeIII 1 1w ago
I believe when he said 60-65k he meant the current price of BTC, not the size of his investment
mattyanon Admin 1w ago
Ah, thanks.
MrSupreme 1w ago
@mattyanon My only tool for both USDT and BTC is an app called "BInance", i think it is pretty popular around the web.
I can! The exchange rate that's being used is the Binance one, the same one used on the app. Actually, I plan to only hold no more than 25% of my savings on crypto, the rest is cold hard cash when I can find it. We're not officially a dollarized economy but we've been using Dollars for about a decade, because the inflation rate got so ridiculous people actually carried handbags full of bolivar bills for just a couple of hundred dollars.
But yeah ,moist of my savings will be on cash, 10-20-50-100 bills.
mattyanon Admin 1w ago
Binance is borderline dodgy - research them.
All unregulated apps and platforms are vulnerable to:
If you don't control your BTC directly yourself, then you don't control your BTC yourself. Remember you have no true ownership and no recourse.
Will this be fine? Probably. Maybe. Probably.
Where are you storing this cold hard cash?
MrSupreme 6d ago
The cold hard cash is here at home. I live in a pretty safe apartment, no worries there.
About Binance, it is a risk I know exists, that's why I wouldn't venture past 20-25% of my bolivares there.
mattyanon Admin 6d ago
Well, there's some risk here.
Right.
Hugo_The_Great 1w ago
Yes just DCA & Hold (this year will likely be a great buy opportunity btw).
And for the love of God read up about self-custody best practices and act on it (don't fuck up your passphrase or leak it online somehow). It's not super difficult (unless you're retarded) but be careful please. If you lose your savings because some exchange collapses or steals your coins you're going to be very upset.
Don't expect to get rich fast but at least you'll not be as fucking poor as your fellow countrymen.
brazilianxof 1w ago
If you live in venezuela just buy stablecoins. BTC is a bet. Bet some but not all of your cash. You can buy foreign stocks too.
How is your country woman btw?
MrSupreme 1w ago
I'm not planning to invest ALL my saving in Crypto, it's not like I have a lot of money to invest anyways. But throwing 5-10-15 extra bucks on USDT and afterwards invest some of it in BTC sounds like a good,stable practice.
It is not about getting rich and maing huge profits, it's about not losing my savings to inflafion/devaluation. There may be some profits, which will be much welcomed, but that is not the main reason.