Topic: Days you need to work your ass at minimum wage for a BTC, by country - page 7. (Read 1523 times)

That's about more than 10 years for our country and actually, it might gonna work since most of the time why you are saving it for bitcoins, you are actually having it for future retirements and the value of 1 BTC today is good to buy an agricultural lot and have your own beautiful farm in the province. That's not really a bad idea given that you have multiple sources of income that you don't need to spend a penny from your salary. People here mostly have their own businesses because they know that their wages alone cannot be enough for their survival in the era of inflation.

You're not including taxes so likely the numbers are much higher. But people are interested in getting a BTC should not be working minimum wage in the first place, because a professional job will almost certainly be enough to net you one after a year or two.


The gold standard couldn't stop countries from sliding into a worthless currency trap: Hungary and Germany immediately come into mind, and I'm pretty sure there are more countries for whom the existence of a stable lending standard couldn't protect, and it's likely to be the same case with Bitcoin as well.

There will always be governments printing too much money.

It's just as informative as it is right now, after all, it can be both ways, if I had made this 2 years ago the numbers would be double, if half a year ago the numbers would be half. Basically there is no right time to make it!


The moment we can't keep track of how much bread is it's the moment we stop caring about what 80 years of work might bring you, right?  
It would be fun to revisit this in a year or two.


I guess Switzerland is missing Germany on the no minimum wage list too!


Talking with zero information on this, so complete assumption but I think nobody is actually working on that wage either. Something like in Belarus, where there is no unemployment because the unemployment check was something like 10$ a month so nobody came to register as unemployed, the country had full employment. Here there is a minimum wage because that's how much the state thinks it can pay, not that they are actually working for this.


And what do you think will change?
Do you think people will stop working on a minimum wage, that the minimum wage will earn you a good life? Do you think there will be no poverty? We had the gold standard for a millennium, did any of those disappear while it was used?
How could BTC change this for everybody in this world?

Chances are many people earning minimum wage will never be able to buy a Bitcoin. At the bottom of the list it's already impossible (working several lifetimes per Bitcoin). At the top of the list it's still possible, but I'm hopeful the "impossible" line keeps moving upwards as Bitcoin's value increases further.

Of course they can still buy a fraction of a Bitcoin

This can not be accurate. Not that your post is not accurate, but because of how bitcoin will continue to increase and appreciate in price and value, unlike fiat that will continue to depreciate and make the increasing minimum wage to remain almost stagnant, making the days/weeks/months/years more to earn 1 BTC.

The minimum wage in Nigeria is ₦30000 (₦ is Nigerian Niara)
$1 to a naira was ₦461 some weeks ago (both CBN rate and at Investors and Exchange window). ₦750 in parallel (black market).

When the new president was elected, within the first month in office, no more CBN rate to determine foreign reserves price. I&E price is used now and it is determined by the market and similar in price with parallel market.

Recently, naria has continued to depreciate. It is ₦850 to a dollar yesterday. It is ₦870 today. Can you see how this can not be accurate. Let me use ₦850.

Bitcoin at $30000. Multiplied by ₦850. Equals ₦26,100,000
Bitcoin at ₦26,100,000
Minimum wage in Nigeria per month is ₦30000
That will take 870 months to achieve
Using 30 days for the calculation to represent 1 month, that will take 26,100 days.
Using years, it would take 72.5  years to achieve.

(NGN means naira)
I created a topic on Nigeria local board about BTC/NGN price speculation. Bitcoin reduced recently, but having bitcoin and comparing it to naira, the price of bitcoin that decreased from ₦31500 to ₦29990, it still appreciate in price if compared with naira, from ₦25,750,000 or so, to ₦26,100,00 today.

I wonder if bitcoin will no more decreasing below $100000. The more the days, weeks, months or years that it would take to achieve 1 BTC with a minimum wagenas bitcoin price continue to appreciate.

It would be surprising to compare $150 that I am receiving on this forum now with Nigeria minimum wage of ₦30000 per month.

$150 in a week (7 days makes it 28 days in a month and 13 months can be achieved in a year if it goes on)
That is $21.42 in a day.

For minimum wage of ₦30000
That is $35.29 in a month if ₦850 is used.
$1.176 in a day.
The minimum wage now is like people living below the poverty line

Holding bitcoin is far better. Although many people leave their money in foreign reserves like USD, Euro and Pounds Sterling. Some even moved to coins like USDT which is also centralized. Bitcoin is decentralized.

I miss Switzerland in the list.

That means 0.02BTC is worth a lifetime of labor. I've read about Bitcoin in Venezuela several times. As far as I understand, the local currency is just worthless, and people prefer dollars or Bitcoin. That doesn't mean someone will work their entire life for 0.02 BTC, and I also don't think you can retire in Venezuela if you own 0.02 BTC. It just means the official exchange rate doesn't mean anything because the money is basically worthless.

Its ironic to read some bitcoiners who from this statistics think bitcoin won't change anything. Everyone wants to be rich just like in case of fiat. The statistics is situated on how long it will take a person or worker in some countries to hit 30k dollars if they depend squarely on their minimum wage. Hence, if the price of bitcoin hits 20k the duration will reduce. Since the price of bitcoin is not static the notion that it won't change anything doesn't sit right with me, because bitcoin is made for transactional purposes not to save up to 1btc. There will never come a time when people will be stopped from using the blockchain if they don't own up to 1BTC. The thread is good as time is being invested, but it should have been stated to be how long it takes to make 30k dollars not 1BTC.

So, people earning minimum wage ...live from hand to mouth, they will never have the full amount available to buy Bitcoin. The best bet for them will be to get a second job and to use the full amount from that job to fund their first Bitcoin.

Also ... you have worked with a fixed price... so if the price of a Bitcoin goes up, then people can sell their coins.... wait for the price to go down and then buy more Bitcoin from the profit. (this is what I have done and I reduced the time and money from my wages to get to that first coin. 

I live in Indonesia and according to the data you presented, Indonesia needs 4,471 days to earn 1BTC.
Looking at the real data, the minimum wage in Indonesia and the highest in big cities is only around $200-$300/month.
Almost accurately, it takes about 12 more years but provided that the wage money is not used for other needs.

The math looks possible, but in reality, it's impossible to do. You have to have some other source of income to be able to directly buy 1 BTC.
But we can do trading and investing to double the money. and Bitcoin prices also fluctuate, there are times to buy at low prices.

Bitcoin will not change anything, it depends on how a person is able to change himself by investing from the wages they receive, it will grow and continue to grow.

I am quite shocked with the inflation rate of Venezuela, i was watching a documentary movie of Venezuela. And i came to know that this country has the most oil reserved in the world. But still, why this country is being scattered like this. So, actually that documentary wasn't actually a documentary but instead a series of jack Ryan which i just started to watch and in his 2 seasons. They helped some bonalde women to become President.

The main purpose of mentioned this is, i think like other resource full countries, Venezuela is also facing the same level of corruption that has led it's inflation rate so high. Like to gain 1 BTC or to collect around $30k dollars we have to wait 1,095,000 days. I am still shocked. I hope the conditions of this country will be restored to normal inflation rates like others. But still, the country has been pressed by many entities for the gain of Oil.

If I would have done I would end with the same garbage PPP.
No, the rules are simple, you flip hamburgers, you stay in the local church basement, you dress from the salvation army and you eat leftover hams!


Same thing as with the other issue, some numbers were from monthly minimum wage to some daily wage, so for some countries, you will need to do a *7/5 thing to get the actual time it will take since those numbers in the table are including resting days when you don't work!


Yup, around 2300 euros per month.

Taxes and deductions for benefits are also not included, so it is still more than that. I can't imagine that even working like a robot (no eating and no sick leaves) it takes lots of years to achieve a whole bitcoin, and almost you are in your life with a very stagnant and continuous cycle. This is really hard if we are just minimum-wage earners. This is also a sign to take another job or side hustle so that if ever you are really planning to buy bitcoin, it is better to have another source of income if you don't want to work years just to save money to buy bitcoin.

Philippines Represents
At first, I didn't understand the table, but now it's clear. Number of work days to achieve 1 Bitcoin.

I am also curious about the table from OP: Does it mean the higher on the list, means the higher minimum wage per country?

For example, if, Luxembourg is the top 1 on the table, do this mean, Luxembourg is the highest minimum wage in all the countries?

Such an informative thread, i was particularly interested in my dear country, Nigeria's position on the list, with the level of suffering and hardship in the country, which is as a result of the current economic meltdown plus other factors, i was thinking that Nigeria will be the last on the list, but i am a bit surprised to see that there are still countries that are way worst, which means their minimum wage is even way lower than that of Nigeria.

Now, if the minimum wage has anything to do with the economic situation of a country, i would say that this list shows that the economic situation in most countries are not encouraging at all,
Anyways,  i hope people stop depending on salaries.

The data for Nigeria should be much higher than is quoted there, which may be same for other countries as well.

In Nigeria the minimum wage is N30,000 which is equivalent to just over $38, making the daily minimum wage $1.28.
When you calculate that to the price of Bitcoin now one will need to work for 24,474 days with no leave or off days. This is over double the days you quoted in the opening message.

That's 64 years, when you factor in the increasing price of Bitcoin over time and the inflationary rate of fiat currencies, then the number might double or even triple.

You have made quite an impressing topic here. But there will definitely be some wrong data present in your post because most of the data is not accurate. For example, i am a Pakistani and i know that what's the minimum wage of a Pakistani Labor. Which is only $5. Yeah $5 dollar a day and if you started to save $5 dollars a day and wanted to buy BTC at the price of current BTC's Price which is around $29,990. Then with the following formula you have to wait 5998 days not 8,495

Number of Days = $29,990 / $5
Number of Days = 5998 days

And if you are able to save 29,990$ in 5998 days which is equivalent to 16.42 Years. Which means we are going to buy BTC after four halving. And i am sure even if we started to save $5 a day we will not be able to buy BTC at the rate of $29,990. Because after 16 long years. Who know what will be the price of 1 BTC.

That's sad but bitter truth. But many has worked their ace off to make more money then just $5 dollars so that they could fulfil their dreams too. Because in a person who earns $5 a day, he is empty at the end of the day too. Because this money is not enough. And believe me i was in that phase when i was earning $5 dollars.

Well I think the data you provided already accurate enough, it's impossible to get the most accurate monthly salary from the native, calculating the cost of living, inflation rate, the volatility of Bitcoin price etc. It looks impossible for the countries that need to work for 3650+ days to get a Bitcoin because it take 10 years and many people will choose to spend it to buy house. People who live in poor countries must not only depend with their minimum salary because it's too damn low, thanks to the current technology where people have a chance to get paid higher by become a freelancer or take a remote job.

One thing you are not factoring in is the cost of living. In some countries you might make less but you spend less on rent and food. So you might get the Bitcoin quicker.

Canada is a perfect example. Min wage is higher in most provinces compared to most states. However cost of living here is crazy expensive. In the US you get paid a little less but your rent and food and everything is much cheaper. Something to consider.

In my opinion, it is wrong to rely on earning from the minimum wage to get 1 BTC, it is not impossible to do but it will take a very long time. Apart from carrying out routine activities as an employee who is still paid the minimum wage, it is necessary to find other activities to support income.
Getting 1 BTC is the dream of all Bitcoiners, they will do everything they can to achieve their dreams in their own way. The rules seem to restrain and squeeze the people to change their lives. Smart people will try to make the latest breakthroughs to win in their own way without depending on unclear rules from the government.

This is so great, this is the data sheet we all didn't know that we needed haha. So currently working 3 years at minimum wage will earn you one coin assuming the market stays the same.  So make 3 times and much and do it in 1 year!!! Work harder making double and do it in half a year!!! Just gotta figure out how to increase your earnings. If there is a will there is a way! I am still trying to figure out how to do this myself haha