Topic: Days you need to work your ass at minimum wage for a BTC, by country - page 2. (Read 1523 times)

I'm not sure I understood the numbers.
For instance, for Luxemburg, it says 341. What does this mean? Is it that in less than a year, you can buy a Bitcoin if you invest all your minimum wage in Bitcoin? Or are there other figures uner the hood that I'm missing?

For sure I was not even thinking about shitcoins as alternative investments, when I mentioned alternative investments I was thinking more in terms of traditional investments that people have such as property, equities, bonds or other cash equivalents, commodities, and so it is a pretty fucking BIG distraction if a lot of shitcoiners (maybe even you included) to be even going down the road to thinking that shitcoins are something that anyone should be investing into as if they were really any kind of a reasonable alternative to bitcoin.   Bitcoin is the leader of the space, so their is not need to invest into anything that is largely already dependent upon the BTC price, so why add more risk to anything that anyone does, so if someone is already having difficulties figuring out if they are even able to invest $10 per week into something or anything, then why the fuck would they even consider diluting that investment into shitcoins.

Focus on bitcoin first, it is not like they have a lot of money in the first place, and then maybe once they start to get  to the point of having 1/2 of a year or even a whole years income saved up, then maybe at that point, if they are still interested in fucking around with shitcoins or gambling with their investment portfolio, at least they can consider those kinds of possibilities based on their having had built up an investment portfolio.


Yes, people can do whatever they like, and they get easily distracted into nonsense and gambling and perhaps believing that they are investing when they are gambling with shitcoins.  So yeah, if part of the topic of this thread is already describing situations in which normal (or poor or minimum wage) people are having troubles gathering enough of an income to invest into anything, then it seems way more important and practical to be focusing on their investment into something like bitcoin, rather than potentially diluting their investment, if they feel that they want to get distracted into nonsense and crap, and even though people do those kinds of things, it seems a bit of a distraction to be suggesting that I was even thinking about shitcoins in terms of what poor people should be considering - even though we know that shticoin pumpers and scammers have a lot of talking points to take advantage of the ignorances of people.. and even pray upon some of their desperations and desires to get rich quick or to get themselves out of their shitty financial circumstances.

Even as no one can guarantee if Bitcoin is the best option for an investment but the masses still choose Bitcoin investment over all other options (altcoins) and if am to be specific, I myself will probably choose investing in Bitcoin than any other coins out there even if Bitcoin investment is something that has to do with patience and proper planning. Some folks actually choose investing in other coins just because of the high pump volume that most of these coins potray but some of these coins are just been pumped by their creator and most of them can can get your investment drained up when they start experience big dip because their capabilities to recover is at the very minimal where as Bitcoin is just quite the opposite.

even if a US min wage is $10, meaning a month(160 hours) is $1600 meaning 0.05479452
even if 3rdWLD min wage is $0.10, meaning a month(160 hours) is $16 meaning 0.00054794

if bitcoin 4x in a couple years both do not get 4x returns

this is because with a average 6800sat ($2 today. $8 later in tx fee)
3rdWLD withdraws only 0.00047994 from a cex
and then later deposits into a CEX 0.00041194
meaning 4x price would be $48 (25% loss due to fees of ~6800sat x2) instead of ~$64 expectation

where as US withdraws 0.05472652 from a cex
and then later deposits into a CEX 0.05465852
meaning 4x price would be $6384 (0.25% loss due to fees of ~6800sat x2) instead of ~$6400 expectation

Well, I hope that you do figure out some kind of a way to figure out some kind of a reasonable balance that works for your in order that you are able to be as aggressive that you are able to be in terms of your bitcoin investment, but at the same time, not being so aggressive that you are not watching out for your own monthly expenses, including having some emergency funds available, because you should want to avoid dipping into your bitcoin investment, presuming that you start to build a BTC investment portfolio.

There are people who work their whole lives and never are able to get to fuck you status or even to a kind of comfortable ability to retire, and even if bitcoin does not completely bring you to fuck you status, it could end up giving you options to be able to supplement your income (and of course, there are no guarantees that bitcoin is going to perform better than any other investment options that are available to you). 

By the way.. think about it.  Even if you are able to put away 10% of your yearly income (and you believe that your yearly income is enough for you to live upon), it is going to take you right around 10 years to be able to put away a whole year's income.. and for sure, you are going to want anything that you invest into to be able to hold its value decently well, and hopefully even better than other options (alternatives) that you might have available. 

No one can guarantee that bitcoin will perform better, than options that you currently have available, but surely many folks do consider bitcoin to be amongst the best of asymmetric bets to the upside (if not the best).. so surely it could be helpful to figure out ways to invest into it.. and even perhaps increase your income in order that you can invest into it earlier.. and then hopefully all of that ends up paying off.. but you can also continue to learn about bitcoin and to study it and to maybe tweak some of your BTC accumulation and BTC maintenance strategies along the way.. while you continue to study it, and if you are ONLY putting $10 per week into bitcoin, you still might be better off then someone who had chosen not to invest into bitcoin... and yeah, even your options to avoid fees, (or to lessen fees) or ways that you choose to store your BTC so that you don't lose them, may well change over time, too.

I was searching for Nigeria and finally I saw it but no data is inserted there. And currently in Nigeria the minimum wage is #30,000 which is equivalent to $38 and the inflation rate is much more higher than the minimum wage in the country so hunger is the talk of the day. A bag of rice is sold #40,000 ($50) and minimum wage is $38 so when the monthly salary his received by the workers they would used it to pay debt. Minimum wage in some country  is very small that the workers are not using it to do any better things in their lives but to pay debt and feeding.

TBH, It's not 100% accurate about Bangladesh. It would take 3832 days (approx) for you to own a bitcoin here (if you save all your monthly income)

Well yes, there are a lot of variables, different situations for everyone. Same as the OP, I just mentioned the somehow raw information in my thinking, without advanced numbers of factors and considering my own countries wealth system.
Of course we have to accept the fact that those are normalized figures as the countries wealth regulates the minimal wages regardless on is it realistic for a consumer or not. As individuals we should surely work on having a greater income if the conditions are favorable.

With the current price it does seem like an impossible mission to hold 1 Bitcoin or even to get close to that, but I like your thinking and I think it would be very motivating for everyone doubting the possibility of investing - like I do sometimes. Even though I earn about 60% more than minimal wage, I struggle to leave cash to invest - but your reply really motivated me to invest as much as I can. Even if it is currently just a few bucks, I will surely work on getting the head start that I need.

I would consider that minimum wage is not necessarily a "normal" wage, even though every country likely has people (and perhaps even a lot of people) who do actually work at those level of income.

I am not going to claim to know the answers for people, and if we are in a situation where we are having trouble getting work, and the ONLY kinds of work that we are able to get are minimum wage jobs, then likely we have to consider our situation and to consider if we are actually content with that kind of a way of earning income from our work.

I am not even going to deny that some of us likely come from pretty lucky/privileged positions in terms fo having likely had been able to earn quite a bit more than the minimum wages in our own countries...and then of course, compared to other countries of lower wages, then there can be additional feelings of privilege, even though it has already been pointed out that if we come from a country that has higher minimum wages, then it is likely that the cost of living is higher too..., but aspects of the infrastructure might be better as well.. .. a lot of  variables... and sure quite  a bit of luck in terms of what we were born into and whether or not there might be some ways to work towards and/or to achieve social mobility.. and if we have desires to attempt to work towards social mobility or to accept that:

"minimum wage" = "normal"

Another thing is that hardly anyone knew about bitcoin in 2009-2012-ish.. and so as the years past, more and more people learned about bitcoin, and then questions might have come up whether any of us might have heard about bitcoin, thought about bitcoin, and then decided to buy some, in case it were to catch on.

Now, it is starting to seem that bitcoin is catching on more and more and more, and maybe it is unrealistic to even consider trying to get a whole BTC.. and so work on getting as many satoshis as you can, and maybe if you are able to buy 100s of thousands of satoshis, and if you are able to continue to do that for 10 years or more, then you likely might end up finding yourself in a place that few if any of your country men would be able to achieve if they were to start buying into bitcoin 10 years down the road, and you got a head start over them of 10 years or more... .so the answer frequently tends to be to get the fuck started accumulating whatever you are able to accumulate, and don't get too worked up about relatively arbitrary accumulation targets that you may or may not be able to achieve anyhow.

several thousand satoshis is good, hundreds of thousands of satoshis is even better, millions of satoshis is even better than that - etc etc etc.. and there may or may not be an ability to achieve 100 million satoshis, but you are in a much closer position to achieving 100 million satoshis after you have already acquired millions of satoshis than you would be if you are starting from zero... which will likely continue to be the case in the future .. . since many of us likely realize that BTC prices are likely to go up forever, Laura.

Very interesting list to see, yet in a way so depressing. Either way, I'm surprised seeing my country in the top 80 - I thought it would be way lower. I guess you don't see other peoples struggles until you stop looking at yours.

Since I'm living in a country where the cost of living is way higher than the minimal salary, it makes me think how much do I need to earn to have enough money to invest even a portion of a Bitcoin. I mean, if living on a minimal wage could be possible in any of these countries, you would need to have a 2 times higher income and the time you need would still be the same.

Not my fault if we're talking about a currency that devaluates each day.
In the same link you've quoted the price is now 1$=880 Naira, that's 3.53% in 4 days and this alonet adds to your 17,374 days another 613 days of working.
 
So in just 4 days, you need to work two years extra because of currency fluctuations!
And this is another real problem besides the lousy wage, one that at least has given me a target of recreating the table exactly one year from now, I'm genuinely curious about who has made progress and who will need an extra life to get one BTC (in theory).


The harsh reality that some don't realize it's unfolding every day around them, and some try to deny it by going with those PPP numbers which in the case of gold and Bitcoin means nothing!
As for your other mention about spending habits, it's quite hard to compare when you have shit like :

I'm really grateful for living in a country where the cost of living and wages are more balanced. It's sad to see how difficult it can be for people in other places to even dream of owning a Bitcoin without spending decades working tirelessly.

Absolutely, maybe while removing the actual age but at least working from 25 years and just as you said some countries are 55 years. While my country is 60 years to their retirements, that means 25 years - 60 years = 35 years. That is to say we only had 35 years to own a bitcoin and even the 46 years can't be possibly achieved all less is a personal business where the person keeps using NGN 20k every month to buy fractions of bitcoin by then we can say such person would be able to have a bitcoin otherwise it could only ended up with just ~0.7BTC for 35 years of their civil service work. So badly

These numbers are terrifying! The post has actually opened my eyes to see the uneven distribution of wealth across the globe. This is also one of the reasons for the massive influx of people to developed economies. Imagine someone working for 46 years to own a Bitcoin, this is a frustrating situation.

One factor we are not putting into consideration is the fact that worker have needs and will most likely spend this earning without saving up to 50%. The post is an ideal situation where the worker saves all his earnings and this is not possible. Imagine when the working is saving only 50% of the income, that means it will take over 100 years of working to be able to own a Bitcoin.... that is if he will be alive to achieve that.

Finally, considering that the retirement age is also a factor as it is as low as 55 years in some countries. This means some people will never be able to own a Bitcoin in their entire 9/5 career. Well, anyone who fail to embrace the latest technologies like Bitcoin and others that can serve as passive income, he is already doomed.

Indeed, Bitcoin is inclusive and it is for everyone. It is accessible to people regardless whether you are living in developed or developing country.  However, as you said citizens of rich country have advantage of better earning opportunities to accumulate Bitcoin. Individuals residing in developing countries can also accumulate bitcoin by participating in various earning activities on platforms such as Bitcointalk. Moreover, they can set up small scale mining unit powered by solar panels, enabling them to make profit and participate in Bitcoin ecosystem.

Bitcoin empowers people worldwide to be a part of this financial revolution.

Bitcoin is for everyone, so accumulate what you can, and sure the people in the more rich nations have advantages because they tend to have more discretionary income, yet at the same time, a decent number  of the people in the rich countries do not appreciate the need to accumulate bitcoin, so the people who are starting to accumulate today and recently are still likely going to be advantaged over those people who might not figure out that they should be (need to) accumulate bitcoin and they might not start accumulating bitcoin until 5-10 years down the road, and therefore those people who are starting today may well have a 5-10 year head start on other people who might start accumulating bitcoin later.

Think about it.

Those who started accumulating bitcoin 5-10 years ago (which would be mid-2013 to mid-2018, those folks are likely way advantaged over those people who are just starting to accumulate BTC today, and even those people who modestly started to accumulate bitcoin 5-10 years ago, likely have amounts of bitcoin that neither they nor their peers are going to easily be able to catch up to without some kind of major miracle.

You've done some serious research on this, and I have to admit that I can see your point of view. What a novel idea, a minimum wage, huh? And you're totally right that the median wage should be included. Honestly, I dont know what to call us.

When it comes to the 1 BTC value, you're dead on - or, rather, right on the Bitcoin! Getting that lovely BTC hoard going is getting harder and harder, ain't it? The situation is as sticky as trying to catch a pig at a county fair.

You made an excellent point on the value of resource sharing. Im sure the carpet-pullers will enjoy that one, though. You cant trust those scoundrels if they were thrown in jail! But hey, more power to you if you get rich. Think of us small people as you relax in your moon base with a cocktail, okay?

I know that there is always injustice and hierarchy in this world, but I still hope that many organizations and individuals can continue to work hard to create positive changes for society, impacting policy and the public, and ensure that the distribution of wealth is reduced and more equitable. While it won't be easy, with the awareness and efforts of all of us, we can make more progress in confronting this problem and building a better future for all people with fair and equal opportunity for all.

Let say if we are using the Government employment minimum wage is set to be at least 50,000 NGN for civil servant who teaches in primary school boiled down to cleaner and sometimes if we inputting the exchange, the bank rate might not be as same other trading platform exchange rate. Meaning bank official rate is bit lower while using exchange like Binance this could more higher.

Now let delve into the real factors; can we consider savings, let say a family expense which includes house rent, feeding, ect. at last we realized 10k NGN to save to buy a whole bitcoin, as I believe no one could receive a salary and uses all to buy bitcoin.
If we go by the minimum saving plan of 10k to 20k per month to buy a bitcoin with the rate of 1$ equivalent to 870 NGN current at Binance exchange, as I believe in my country anyone who want to buy bitcoin is either using through Binance p2p.

Minimum wage NGN20k with the dollar rate at 870=1
20,000 / 870 = $22.99
While minimum wage per day is 1,500 with at least 4 to 5 working hrs
1,500/870 = $1.72, then boiled down to bitcoin at $29,185 x 870= 25,390,950 NGN.

BTC/NGN 25,390,950/1500 = 16,927 days, equating it into years.
1 Year = 365
So therefore, 16,927 days / 365 = ~46.4 years

So for minimum savings of 20k per month it would took someone to have a whole bitcoin in ~46.4 years
If we go by 10k monthly savings we just multiple it by 2, that is to say it would take 92.8 years to have a bitcoin!
This is very poor, so before we could smell a bitcoin we might have meet our ancestors

I don't know how you arrived at 12,153 days for Nigeria... maybe you would have used a different exchange rate. For clarity let us work out what the actual figure is for Nigeria.

$1 =850 Naira. Dollar to Naira exchange rate
 
Minimum wage per month in Nigeria =30,000 Naira approx $36

Minimum wage per day =1,429 Naira approx $1.7

Bitcoin price in Naira= $29,200×850 = 24,820,000 Naira.

Therefore, number of days of work in Nigeria to earn 1 BTC is 24,820,000÷1429 = 17,374 which is about 47 years.