Topic: Days you need to work your ass at minimum wage for a BTC, by country - page 6. (Read 1386 times)

There is nothing wrong with this, it just shows that some countries are better to live in and make a living for yourself, you will be able to survive and invest if you are in Australia than Venezuela,  I like this whole concept and I thank OP for creating it, very interesting to me, even with 0.1 BTC, that will be hell for people in Venezuela to get still, compare to someone living and working in the U.K, this just show that if your country sucks very bad it can affect your future too, no wonder my country people are running out to Australia and the United Kingdom, I would have done the same but my payment are always in dollars, so I am doing better than those that are getting paid in Fiat currency in my country.

I don't see a problem with the comparison without the inclusion of the Purchasing Power Parity (even though it matters) - but this is just a high level comparison. Also, you made really fine points, earning only minimum wage while doing little to nothing to get skilled in other professions that are in high demand is one way to die poor. Especially in a time like this when you don't necessarily need to go to a university to actually learn or master a skill.  There are plenty of resources (God bless the internet). I know a ton of people that worked minimum wage but went the extra mile and got and in-demand skill. It was a great decision.

A man who stops learning is dead. Good point to note is that most people are comfortable earning minimum wage.

In my country what some people made every month is going to be enough for rent fee only, no extra food buying opportunity or hospital bill, now things are even getting more difficult, you treat typhoid now costs a lot and many start boiling water and avoiding road side food to avoid getting sick, just pray you are in good health or else you are in a big problem, everything health care costs a lot.

The only option left is to learn a skill that will pay your bills and also keep you alive through medical bills and checkup, the problem is the country situation but the bigger problem is your monthly income or source of income.

It is indeed crazy experience to see such gap between too nation's when it comes to minimum wage and salary structure. I was looking at the statistics of Africa and it pisses me off. An individual would need to work for some thousand day's before they can be able to acquire a bitcoin. This is indeed a crazy one for workers of the African nations. This shows that most of the African nations work below minimum wages which are not enough to carter for their needs. This is very disheartening and dissappointing. The government of various nation's needs to sit up and do the needful.

That's some pretty useless statistical data if you ask me.
What's the point of busting your ass working on a minimum wage for the sake of earning one whole Bitcoin? Can't you just earn 0.1 BTC?
Will you consider your life to be truly accomplished after earning that one whole Bitcoin? Why don't you invest in yourself, gather some skills and get jobs, that are paying a higher salary? Why don't you try to build a business? Working on a minimum wage is the definition of wasting your life, while being an underpaid slave. Countries that have low salaries also have low cost of living, so it's not accurate to compare the minimum wage in different countries without calculating the purchasing power parity(PPP).

It's not that bad. In some EU countries minimum wage may not be enough to rent an apartment by yourself, buy food and save up, but if you have some wealth given to you by your parents, like you own an apartment and share it with someone, like a girlfriend, you can live fine on 2 minimum wages. It's not going to be a life of adventure, if you know what I mean, but you should be able to save up, be able to buy a car, go abroad for holidays and all that. It's not like minimum wage = slavery everywhere you go. In some countries it only allows to buy the most basic things, but not in all of them.

What is the most interesting is how many countries are at 5k+. If you're at 5k it means unreachable, because you're saving up in fiat terms, so the more time it takes the more impact inflation will have on your savings and the more expensive bitcoin will be. If you decide to save up with a goal of 1 btc over the course of 3 years, that's doable, but 5 years will mean that bitcoin will go through a whole cycle while you're doing it, and at the same time yo will lose at least 5% of what you were trying to save up each year. What looks now like 5 years may in fact end up being 7, or more.

While a longshot from the almost 4k days that you'd have to kill yourself to earn one btc, it's still not any better than the countries on the top of the list. Just goes to show how shitty things are and have been in this country especially now that a crook of a person was chosen as their president. In any case nothing much could be done now really except for us to just hope for the best when the next series of elections come. Of course it won't. I'm thinking this is based off of an average white-collar worker's labor of 8 hours and all that stuff. Plus yearly increase in salaries wouldn't really be taken into account here for the reason that we're not fortune tellers and we can't tell how much the pay's going to be increased by next year, and it's not even consistent. For example in the Philippines alone it took them almost 6 years for the pay grade to increase by 5% or something.

The difference is crazy between Venezuela and Luxembourg! It’s around 3000 times difference, it’s just crazy to think how little Venezuelan people are working for. Crazy how a Hong Kong resident has to work 1 day and a Venezuelan resident has to work 100 days for the same amount of money. Blows my mind! And makes me think more about how privileged I am to work in a country where working for a dollar doesn’t require a lot of effort. It’s a privilege afterall.

R.I.P ——-> Yearly appraisals and angry boss on the ass. 💀
I think this factor isn’t considered in the above hypothetical situation. I know that you have considered minimum wage but even the minimum wage appreciates every year and it also gets revised as per the yearly budget set by a country. There are many countries that seems not on a wager but flexible to fixed salaries purely based on the employee performance and yearly appraisals. That means, oddly at some point every employees from different nations would buy Bitcoins even within 1-2 years of time frame.

But I assume we are discarding all the good factors here and just focusing on low level case scenarios.

Countries with more than 27 years, Lolz.

It is terrible to see the number of days Africans would have to work in other to get one bitcoin. This is how the situations of the third world and developing countries are.  Really everybody can not be wealthy at the same time and there is even distribution of wealth in the society. Should we say the governments are doing their best or they are under performing which has resulted to this poor statistic as it shows the weak salary payment structure and minimum wage of each country listed here.

Monaco is a country.


It is officially called Principality of Monaco.

A sovereign city-state can be regarded as a country. Independent and having a single city. Their government has full control and sovereignty.

Some interesting and informative write up.
And this should be an eye opening if anyone is down there because you will work all your life, and this should probably force one to be considering the route of being your own boss as minimum wage is never going to be enough to cover today's lifestyles to also allow one to save for the future and allow one to enjoy the finer things of life!

Btw @stompix I see Monaco is among the top 10 , but as this is a list by country are they suppose to be there?
***Edit***
Had to Google this thought this is a city found in France, anyway never mind...seems the world has a fork everyday  

Not necessarily on Bitcoin alone but to any kind of investment. But it won't only be achieved in such way, you could do alternative such as saving or not spending on all of your wants except for the things you need to make a living. In such way you'd have the capacity to invest to anything that you want. You may choose this industry or even landbased investments. Why? Would you be wanting to work until your retirement? 'coz if you are wanting more you should be investing already at the early age for you to harvest once the right time comes. Try asking your older circles and they would be saying the same thing for sure.

this is why years ago when i made the same observations as OP. that bitcoin should not be measured in dollar that is then converted to national currencies. but instead a fair world would be if bitcoin started as a btc / X min wage hours (no fiat peg. just a CPI /min wage hour index thing)

imagine the situation where no matter where you lived you could get btc for the same X hours. where by international traders would then (smiling) mess with the forex to convert for instance Luxembourg currency for Venezuela then buy up 3211x more bitcoin. sell it in Luxembourg again and repeat.. imagine how bitcoin could have impacted forex and after time of adjusting the exchange rates, it could have brought all countries into alignment via forex arbitrage.. but hey that was the dream.

Yes, there is a context for discussion, but it is of the "political" type, as long as the numbers allow us to reach our idea, everything is debatable, but there is a lot of blah, blah.

These results are based on made-up statistics, (sources offiicials) since some governments fix them according to their interests, therefore some countries are very far from the inflationary reality of each country and others in their equivalence are better than what was mentioned (OP).

You want to obtain a reality, use the Bigmac index, it is one of the indices used that is closest to the reality of each country.

I think the idea of this metric, but I'd like to comment on it regarding my country, Ukraine. Considering that people don't normally work literally every day and salaries are often established per month rather than per day, I went in the following way in my calculations:
3,831 days = around 128 months (a bit less)
The price of Bitcoin (in local currency) is 1,116,000 UAH. Minimum monthly wage is 6700 UAH. So 167 months of work are required, which is around 5010 days. I don't think working with zero weekends for such a long time is realistic, so perhaps accounting for them or making a slightly different metric (how many years or months of work are required, perhaps).
If we don't count 8 days of working per months (weekly weekends), then we need to subtract 1336 days, which leaves us at a number pretty close to the one in the table.

There is never a thing that will end poverty for everyone in this world. And remember the wording “Anything" was first used before you added “everybody" that's where my point was raised from. How would it be said that bitcoin cannot change anything? Does it mean the whole innovation is a wasted effort ? Multiple amount of people got lifted from poverty through the use of cryptocurrency and bitcoin. Some traded, created contents and marketed products using bitcoin. Many were able to move ahead of their minimium wage salaries and made more profits through bitcoin. Hence aside the monetary aspect, bitcoin is digital money and is not the government that makes changes for people that decides for themselves, whether to be rich or remain poor by not advancing their skills to make more streams of income. All the questions you asked is dependent on personal decision not on bitcoin. Bitcoin has no leg or neither does it speak. So, people who wish to make 30k dollars can think outside the box for themselves and earn it, not by waiting for bitcoin to help them think. Nobody is a slave today, people are free to take steps. Stop shifting the responsibilities of the government to bitcoin, what does bitcoin has to do with increasing minimum wage? Bitcoin is here to solve monetary problems such as moving from centralized ledger to decentralize ledger that works with time. He that wish to get 1btc while alive should think of another alternative other than depending on minimum wage. How many people who depend on minimum wage invest into bitcoin?

This may differ from country to country. Like in Nigeria, ₦30000 is the minimum wage after tax has been removed. For those like NYSC that tax is not removed, they are collecting ₦33000 while the minimum wage is ₦30000. ₦3000 difference.

You are correct. But if there is inflation, there is also more possibility that the minimum wage would be increased later. Like in Nigeria, the minimum wage was ₦18000 five years ago or so, but increased to ₦30000. The inflation in the country is increasing and Nigeria Labur Congress (NLC) are telling the federal government to increase the minimum wage now.

But what I just know is that, you are correct because the minimum wage is not increasing automatically with inflation, but controlled by the government entirely in a way the citizens are likey not first favoured.

Just looking at the numbers making me feel that I'm one of the luckiest people on Earth that have managed to hold a quite some amount of Bitcoin up to the present.

While these minimum wages are likely the sum that one has to work for with the calculation of how many days it shall be saved. The deduction for the daily needs and survival, taxes and those monthly bills is likely make it hard to impossible for minimum wage earners to own a bitcoin.

I see this thread as an appreciation thread instead.

If nothing else, at least I can console myself that I am in the top 50 and that it would only take me about 4.5 years of work with a minimum salary to buy 1 BTC at the current price, of course provided that I live on air, sun and water from the well/stream

Otherwise, the minimum wage for 2023 in my country is 560 EUR, so compared to the data you have you should add about 100 more days more, although this does not mean something too much in the big picture. For those who think that milk and honey flow in the European Union, I will just say that East and West can not be compared on this issue.

Yet my dear prime minister says that we live well, of course, when he compared us to some African countries