Topic: Days you need to work your ass at minimum wage for a BTC, by country - page 3. (Read 1523 times)

It's even going to get worse than the seemingly ominous scenario anyone would think you painted there in weeks to come except the government in power does something to disrupt the unabated inflation ravaging the country as it's. As we approach halving, the market goes into a FOMO state and panic buying commences; Bitcoin price begins to rally upward on a static minimum wage. If the situation as it's now remains unchanged in Nigeria, more people will be pushed into poverty in the next few months and the number of years they will have to work to get 1 Bitcoin will lengthen. Nigerians who work 8–5 type of job will be on both losing ends – inflation and Bull rally.

Part of the criticism of OP throughout this thread has been that the data is more about minimum wage data provided the various countries, so the data is already inconsistent, but it also may well be skewed to the lowside.

So maybe your suggestion about average income in each country would be a way better way of attempting to be realistic - even though surely by attempting to focus on something like the lowest earners in any country (which probably is partly what minimum wage is supposed to reflect) there probably was some attempt to figure out how difficult it might be for the lowest wage earners in any country (and even around the world) to be able to even accumulate 1BTC..

or even lower amounts than 1 BTC since many of us realize that 1 BTC is likely a relatively high target anyhow in terms of normies being able to accumulate that amount of BTC. .but it has always been the case that the reasonable target levels have been going down further and further in terms of how many BTC any normal normie might reasonably expect to be able to accumulate without overdoing it... and recking himself....

Probably the ship for normies to reasonably and easily be able to accumulate 1BTC sailed in late 2020--- but surely it is a sliding scale, and like you suggested goldkingcoiner with persistence and perhaps various kinds of resourcefulness and creativity, there could still be various ways that normies and/or low income people might still be able to accumulate 1 BTC.. even though many of us likely expect (as has already been repeated several times in this thread) that with the passage of time, such feat of accumulating 1 whole BTC is likely going to be relegated to the richest of the society... especially if we are talking about measuring on the individual level....

And in regards to your example of pooling resources in order to be able to accumulate BTC, I suppose that merely goes to various ways that groups of people might figure out how to be innovative in their BTC accumulation efforts and hopefully not ending up experiencing too many rug pulls within such group-oriented processes - and such rug pulling events are not likely to stop, which sometimes does end up resulting in some folks being able to accumulate larger quantities of BTC for their own personal stash than they would have had otherwise been able to accomplish.. and some folks respect those people who get rich, whether by hook or by crook.. once they got the money  (BTC in this case) they may well be able to put on airs of being a respectable citizen of the community, with his/her 1 BTC while the rest of the community might have peanuts (I mean don't we call those satoshis?... get them while you can. and get as many as you can, without overdoing it, while you can.)

I think that your data might be a bit too simplistic. As I understand it, you are calculating the average income in each country into Bitcoin. But the problem here is that it is very well possible to make more Bitcoin even if your income is merely peanuts. In some poorer countries, you will find that electricity prices are quite low. One could mine a lot of Bitcoin and have more Bitcoin at the end of the year, than if one were to simply transform their earned fiat into BTC.

This is just proof, once again, that Bitcoin can make anyone financially independent.

But again, this might be very hard since people might be working from paycheck to paycheck and do not have the possibility to invest in mining. But for most people, a small mining rig is not a impossibly huge investment. Entire towns could work together to invest in Bitcoin.

In Nigeria it could be more than 64 years because if you capture the data of minimum wages of some private sector employees especially private school teachers and factory workers one of the largest sector that has a good numbers of employees you will discovered that they earned less than the minimum wage which is N15,000 to N20,000 approximately $19 to $25, base on stompix analysis it will take more than 64 years to earn a Bitcoin probably around 77 years or more to reaffirm and validate @Upgrade00 analysis which is absolutely on point, thus it shows how economy of different countries differed in terms of opportunities and their economic policies, the developed countries fair better than the developing ones.

Not so plain to understand.  Do you mean that you don't know yourself country's minimum wage or your country doesn't have a minimum wage. If the later is what you meant, does your country have a government and what type of government do they operate.  Do not be offended by my question.

$10 is a way much low to be a minimum wage. If that is true, it means you must be a king in your country with your present campaign.


Yea, something like that. Especially for those countries you didn't include their data

Switzerland doesn't have a minimum wage, neither did Germany till 2015.


I'm more curious why nobody mentioned Gabon ranking higher than China...


What do you want me to do, work for a year on minimum wage in each country?   


looks like.....
You can Google hundreds of pictures from the 80s in eastern countries which show heaven on earth but in real life you could only see bread lines.
Besides the capital 1/6 of the country.

In my country there is nothing as minimum wage. Based on the average wage in my locality I'll make the calculation. This used to vary around other states. In my region it is something around $10. With the present price of Bitcoin it needs atleast 8 years to have one bitcoin in the wallet. Life is really hard, as the government isn't much focused on things that are primary requirements.

It's funny how you come across an interesting topic on a forum by accident... By the way, I can't find Switzerland anywhere? I bet it should be in the top five.



It's not the UK that's questionable; there are other unexpected rankings that might be more surprising. Who would have expected Slovenia to be ranked higher than the USA? That country didn't even exist 30 or so years ago, if I'm not mistaken. It was formed when the former communist Yugoslavia fell apart.

Stompix,
That chart a good one.. but it'll way better if you solely made observations yourself... You seee, it has everything to do with the enlisted country's economy which isn't something anyone can predict with just a tip from uhhhhh,....from 'em CNN reporters or your cell phone either. Yes!! Maybe you'd need to visit Nigeria on a recreational purpose and, I believe you'll make alot changes to your chart on your WAY home..lol
Buh, ion even know why Turkmenistanians are living in such an adverse condition yet, Ashgabat looks like heaven on earth.. sometimes, I keep wondering...Thirdly, I wasn't seriously expecting the UK to be above US - I haven't done any research prior my posting buh I feel it's not supposed to that way

Sandra 🧑‍🦰

 
Best way to describe things, went through the list again to see if maybe some tropical paradise is there that is flooded by tourists despite the overall look of the country but I couldn't find one, so indeed 4 digits it is.


Of course, it's purely theoretical, nobody living on a minimum wage will ever be able to get a full Bitcoin unless he's forced to do so by some rich parents who will then write him a check of a few million. If some poor guy in India is clutching his pockets as much as he can he will still not be able to put more than 25% on the side even going through even more sacrifices, thus needing a few more lives to finally get one BTC.

The thing is I got tired of the normal stuff and tried something else, and, I have a better idea, I won't be able to make the data so it will be community driven but it will be way funnier, and from my point of view more interesting that talking all day about DCA, ETF when and such stuff.

I have some difficulties following you.. because you first say that aggressiveness is necessary, then you go on to say all of the ways that you would still be able to profit from bitcoin while not being aggressive.

I think that the punchline remains that each of us can choose our level of aggressiveness, and we might later regret if we were less aggressive than we should have been and what we could have been.

And surely there are people who had been relatively whimpy in their earliest years of investing into bitcoin, but they still made out very well and perhaps even exceeded the performance of many of their other investments, even though they took a pretty whimpy stake in bitcoin.

I think that it is still the case that a lot of institutions and even individuals are failing/refusing to get off zero, and they likely would end up doing quite well even if they merely took a 1% stake in bitcoin.. even though surely I recommend anywhere between 1% and 25% for beginner investors.. and I try NOT to tell people what to do, beyond telling them to get the fuck off of zero, which I would consider a 1% investment to be relatively whimpy but surely a 1% investment into bitcoin is better than nothing, and with high net worth individuals/institutions, 1% still might end up being $100s of thousands of dollars or even into the millions of dollars to merely invest 1% into bitcoin.

And, there are some institutions and individuals who greatly overallocate into bitcoin by going way over 25%, and I am not even suggesting that those decisions are necessarily wrong or overly gambling - unless I might find out more about their financial and psychological situation to cause me to judge their particulars more based on knowing more about their situation.  So anyone or any institution can end up deciding to go outside of my suggestion of a 1% to 25% range based on their own assessment of the situation, but if they have very little knowledge about bitcoin, then I still would suggest that they start out by staying within my recommended range and any deviance should be based on their own studying of their situation and their learning more about bitcoin.

Even though some of the upside potential for bitcoin has likely passed based on early adoption, yet there still seems to be quite a bit of upside potential in bitcoin that could still continue to cause it to be a disproportionately asymmetric bet to the upside and may well still have more than 20,000x upside potential from here.. even though it could still take 50 to 200 years for bitcoin to reach the higher bounds of its upward price appreciation potential (even though some people proclaim that bitcoin is designed to pump forever, but it is more difficult to know if that kind of a design and incentives will continue after there is no more of a block reward.. and perhaps just hodlers continuing to lose access to their private keys and continuing to contribute towards ongoing price pressures on bitcoin, in comparison to any other asset (unless some competitors do end up coming onto the scene)..

It is hard to project out 100s of years, and it is even difficult enough to project out within the lifetimes of any currently living people .. which may be 50-100 years. .. but more realistically, may people are likely investing on shorter time-expectations and expecting payoffs in 5-10 years and sure many of them might feel more patience to be looking out 20-40 years.. and hoping that bitcoin would provide better returns than other investment options that are currently reasonably available to them.

Yes, of course, I know that very well. We can actually expound this discussion a bit to include certain discrepancies and other harsh realities on the ground, but since OP is simply talking about the minimum wage, then those are the official numbers. This discussion is, after all, basically theoretical.

You've been in the country for quite a while. You must have observed how laws and policies here are oftentimes mere hollow letters.

I feel like taking a risk and getting more bitcoin is understandable to a point but not taking a risk to lose it all, that's not how we should do it. Like for example instead of putting 100 dollars into bitcoin for a full year, get 1200 dollars as a loan and put it in bitcoin now and then pay the debt back like you would be getting bitcoin. THAT type of loan makes sense, you are going to do it anyway, but if you do anything else, like get a loan you can't repay and need bitcoin to go up in order to be able to repay, then you are going to be screwed.

Better know the difference between the two and you are going to be doing fine, not a lot of people knows the difference between those two and they end up getting a bad loan that hurts them.

First time I saw this thread, interesting way of displaying the data, which is basically just a list of global minimum wages sorted by highest first. This is what comes to mind when I see it in terms of the numbers of days:

3-digits: I would like to live there if I had enough money.
4-digits: I would like to vacation there.
5-digits: You couldn't pay me to go there.
6-digits: There must be a war going on.
Venezuela: WTF


Yes but you know the wage law isn't very well enforced... I know people who get paid far less than that. Some only make ₱2000 per month, which is currently $36.38.

Aggressive is necessary, but we must be able to place when we should be aggressive when not, logically who doesn't want to be aggressive by continuing to make purchases every week with large amounts? everyone would want to do it, but back again whether we are in a condition that allows us to do it or not. I'm sure everyone wants to buy 1 btc in every purchase, but because of the difficulty of doing that, we (especially me) will definitely do the smallest amount. In short, you can't buy in large quantities, but if you don't want to buy in small quantities, it will eliminate all opportunities. And for me it would be too stupid to miss it.
I actually feel very lucky because I can buy bitcoin in any amount and even though there is a minimum amount it is an amount that we can really do.

I often say this too, that investing in bitcoin requires a lot of sacrifice, especially in terms of time. Our patience will be very tested here, we can't just talk about the sweetness, but also don't miss the bitter taste, and I categorize time as a bitter taste that must remain in my grasp.

Indeed the forum is a great place to learn and I must admit before now I wasn't much of the economic discussion type since I always feel I have nothing to offer but ever since I started my surf and research here about  bitcoin I have become so open to many ways in which I can become a successful bitcoin investor and believe me learning from other people mistake can be the best thing that could happen to you because you will have all the tools to successful make your own pathway successful and this is exactly what the forum has been doing to my knowledge on various fields that covers not only crypto (BTC) but also other ways of life.

Indeed, developing a learning mindset is beneficial for the whole life. Learning new things every day is not only helpful to gain knowledge but also enables us to adapt changing circumstances and grow as individuals. It is important to note that beside formal educational from universities, we need to build skills, such as content writing, software development, marketing expertise to generate extra income for investing in Bitcoin and accumulate one Bitcoin, that can potentially alter the financial future of our families.

I can relate to your situation EarnOnVictor - because in late 2013, when I started to buy bitcoin, I started pretty close to the top of the 2013 price rise, so when I started buying BTC, I had set some accumulation goals for myself, and by the end of 2014, I had far exceeded the BTC accumulation goals that I set for myself - even though my BTC largely remained in the negative for the next year, I was quite content that I had managed to accumulate more BTC than I thought that I was going to be able to.

Another thing is that for a large part of 2015, when I largely had run out of extra cashflow, I recall that there were some moments in which I would come across some extra cashflow, even small amounts like $20 or $50, and when that extra cashflow came in, then i would split it in half and buy half with bitcoin, and sometimes the purchase amounts were very small, so if I split the $50 in half and I bought $25 worth of bitcoin, in many times during 2015, that would have gotten me right around 0.1 BTC..since the BTC price was in the mid to lower $200s for most of that year - at least until about October/November when there was a price surge up to $500, and part of the emotional issues of being new to an asset, such as bitcoin, sometimes you will get nervous and not really know what to do - so for me, in October/November 2015, I ended up kind of panicking when the BTC price was shooting up from $300-ish to $500-ish in a very short time, and I started to believe that I was not going to be able to buy BTC below my average cost per BTC (which was then in the lower $500s), and I ended up panic buying towards the top of that price run with whatever cash I had been saving up and holding in reserves during that year... and that cash was supposed to be used for buying on dips, and I ended up blowing it around nearly $500 per BTC and having to wait around 6 months before those panic BTC purchases got back into break-even and/or profitability.


I agree that bitcoin is such an assymetric bet to the ujpside that you do not need to leverage in order to have the potential of profiting stupendously by being able to either lose 100% or potentially multiply the amount that you invested.

So frequently I suggest that it is good to be aggressive but not overly aggressive, so sometimes people do not know what it means to be sufficiently aggressive without being overly aggressive, and taking out loans and relying upon your BTC returns may well be overly aggressive, but if your income allows you to be able to invest $100 per week, you are not being overly aggressive by doing that.. as long as you otherwise have your expenses under control, including having emergency funds sufficiently available. .so sometimes, you might calculate that you can invest $100 per week, but it might well be better for you to only invest $50 per week, until you get a better grasp on your finances and to maybe stack to the side the other $50 and let it build up.. so that you have it available in case you need it... but if you already have a few thousand set aside for your possible emergency fund that could support you for a few months, then maybe you do not need more money in your emergency fund and you can invest the whole amount of your discretionary cashflow amount (referring to the $100 per week).

I agree with your other point too.. is that once you are in bitcoin, you don't want to be put into a position that you have to sell your bitcoin at any time other than a time that is completely of your own choosing.. so if you have some shit hit the fan situations going on in your life, you need to have some resources that you can draw from, and not from your bitcoin, and sometimes, people might get nervous because they have several thousand dollars sitting in accounts that are not earning much if any interest, so they feel that their money is not working, but if shit hits the fan, it is way better to be able to draw from that cash rather than having to dip into your bitcoin at a time that you do not choose including that you may well want to create a situation in which you do not have to draw into your bitcoin for 4-10 years or longer and even in the beginning years if you do draw into your bitcoin, then it is a spend and replace situation in which you are pretty much buying your bitcoin back within a few days (if not within a few hours) of the time that you had sold (transacted in) them for whatever reason...

and sure sometimes if you have some trading accounts set up, and you might find a situation in which you ended up spending $200 on some kind of a bitocoin transaction, and the BTC price is $29,200-ish.     You could set a couple of orders to buy back $100 at $29k and at $28.8k., and you might or might not consider whether you are being too greedy to buy back at a discount, and those are discretionary calls that you can make depending on other ways that you might be managing your BTC stash, including how heavily you might consider yourself to be in a DCA accumulation phase or if you might have already been stacking BTC for several years (your forum registration date is similar to mine bitLeap, so it is possible that you have been stacking sats for a while, so you may well have more flexibilities in regards to how urgent you believe it is to replace any BTC that you might have sold, as compared to someone who might be in their first year of stacking BTC and feeling that they need to be more persistent in terms of stacking and replacing any BTC that they might have sold).  For my first few years in bitcoin, I was frequently nervous about making sure that I replaced in a fairly short period of time of my selling; however, as I had been in BTC longer, I have been willing to set up extra buy orders and even remove some of my sell orders in order to other wise just let the BTC price come to me rather than rushing any replacement of the BTC that I had sold. 

Although we will be able to miss "again" because we do not have the money to allocate to buy bitcoin but we should not force ourselves, such as taking loans or other things, because it will be something greedy, different when we have more money and allocate most of that money to buy bitcoin it is not something greedy, because we do not force ourselves to "hold money".
But there should be enough time for us to prepare (if we know it first). Except for those who are new to it and want to invest now. Starting to earn an income is one of the best options at such a time, because we can't afford to sacrifice something that we must fulfill in order to invest in bitcoin.
Holding bitcoin is something that must be thought through, because for me once I enter it means I am ready to hold in the long run. Do not let me have to stop in the middle of the road, or in the sense that I should not be half and half in stepping.

The forum motivates, I also feel it myself. I had certain thoughts about bitcoin, but I could not structure them, everything was somehow chaotic. But when you communicate here with like-minded people, especially with those who have already passed this path before you, it helps to understand how to act correctly.

This makes it possible to build a certain strategy, understanding how to act in different situations. Of course, this will not always give an exact "recipe for success", but when you have a plan of action, everything becomes much clearer and more understandable. And the forum also helps me to increase the amount of bitcoin in my wallet, I don't know if there is another place with this kind of opportunity.