Days you need to work your ass at minimum wage for a BTC, by country - page 8.

yhiaali3

legendary

Activity: 1680

Merit: 1853

#SWGT CERTIK Audited

Thank you very interesting study. Glad I'm fourth to last. Cheesy

At least I'm not in the last place!!! This is really encouraging. Grin

According to the numbers, I need 114,063 days, which is equivalent to about 312 years.

This means that if I start collecting my wages from today and hand over the task to my children and then to their grandchildren, we will get after about five generations (if we assume the average age is about 70 years) on 1BTC, of course, if the price of Bitcoin remains at its current price.

Although it's very frustrating for me, at least the rest of the members who live in other countries will feel optimistic compared to me.

ImThour

copper member

Activity: 1386

Merit: 1481

Bitcoin Bottom was at $15.4k

Very interesting data, thanks for posting. So it's gonna take you more than a year except 3 countries to get a complete Bitcoin in your holdings.
And almost 10 years for 80 bottom countries, I mean by the 10 year time period, the price of Bitcoin will surely change and this data will be wrong.

I am sure it's just taking the current price in the calculation and not the price it will be after 1 year from now.

Latviand

full member

Activity: 1540

Merit: 219

Quote from: GxSTxV on July 19, 2023, 08:13:03 PM

Funny yet so sad and choking to realize how unfair wealth distribution is all over the world. Governments are Doing their best to keep workers on minimum wage using them as slaves for the rest of their lives working for a specific few people who never had to work hard or spend any time in such jobs.

Well, in a capitalist society not everyone can be millionaires and businessmen because if that happens, there's no one to work their machines that's making them the money. And it's weird that people are okay with all of this, in my country they even worship the politicians running the corrupt regime.

Quote from: Darker45 on July 19, 2023, 08:09:27 PM

Supposing it's ₱610 and the price of BTC in PHP right now is ₱1,635,564.73, a minimum-wage worker would only be working approximately 2,681 days to achieve 1BTC. That would be more than 7 years.

I don't get how we are different in the estimate, there's 299 typical working days in a year in the Philippines so I multiplied that to 610 and then I divided the product to the current price of bitcoin as of speaking right now which is 1,635,803.82 and it gave a result of 8.97 which is around 3276.3 according to Google. Maybe the reason why your estimate is much lower than what OP has for Philippines. Or I did something wrong in my calculations, happy to be corrected.

Luxembourg is in the top spot iirc is because they are tax free or something or that most of their workforce are working in neighboring countries right?

SeriouslyGiveaway

full member

Activity: 420

Merit: 140

Because it is not easy for many people to have enough capital to buy at least 1 BTC, it's a fortune if you can own at least 1 BTC.

The controlled supply so that in future, less bitcoins will be created from mining and block rewards so if you don't have enough 1 BTC, you should not feel disappointed.

If I can have 0.1 BTC, I feel happy enough and I will work with my ass to increase that amount to like 0.2 BTC or 0.3 BTC which is a fortune for my future retirement. I believe that in future like next 10 to 12 years, even 0.1 or 0.2 BTC will be a dream of many Bitcoin newbies.

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: Darker45 on July 19, 2023, 08:09:27 PM

Supposing it's ₱610 and the price of BTC in PHP right now is ₱1,635,564.73, a minimum-wage worker would only be working approximately 2,681 days to achieve 1BTC.

And you're going to work every day of the week, 30 days out of 30? Grin

The table takes into account the maximum working hours also, it's derived from the minimum wage a worker can get with the minimum required of work a week. So it's (1635564/610)*7/5 so 3,753, pretty close to the table at 3,862.

Yeah, I should have added it includes resting days but the title won't let me so I'll add in the OP!

Quote from: GxSTxV on July 19, 2023, 08:13:03 PM

Regarding your mentioned countries, I must point out that your statistics may not be all right as for instance, you mentioned that 1 bitcoin which currently trading at $30k and in Algeria we don't use the bank's foreign currency exchange rates.

I intentionally left out a few countries from the minimum wage table where there were * about the rates and the numbers really didn't seem right, but in most cases when I saw them around countries in the same region and roughly the same GDP per capita I let them slide.
I have serious doubts about Argentina now that I'm double-checking the ranking!

Quote from: GxSTxV on July 19, 2023, 08:13:03 PM

Funny yet so sad and choking to realize how unfair wealth distribution is all over the world.

The sad part is that Bitcoin won't change a thing cause, as you can see it's not the poorest of the poor in poor countries that can afford to invest enough to change their life ina meaningful way!

GxSTxV

hero member

Activity: 784

Merit: 618

Funny yet so sad and choking to realize how unfair wealth distribution is all over the world. Governments are Doing their best to keep workers on minimum wage using them as slaves for the rest of their lives working for a specific few people who never had to work hard or spend any time in such jobs.
Regarding your mentioned countries, I must point out that your statistics may not be all right as for instance, you mentioned that 1 bitcoin which currently trading at $30k and in Algeria we don't use the bank's foreign currency exchange rates. Instead of the actual exchange rate might be much higher, like 1 bitcoin being worth 4 million dinar with bank price, but you might need to pay more than 6.6 million dinar to buy it due to this factor ( you can’t exchange dinnar to any other currency in bank). As a result the equivalent number of days you need to work in Algeria to afford 1 bitcoin is at least 9,000 days.
And also an important note to know is that the majority of Algerians earn salaries are very close to the minimum wage which is 20k dinnar.

Darker45

legendary

Activity: 2576

Merit: 1860

🙏🏼Padayon...🙏

I don't know where you got these data, but in the Philippines, the latest standard minimum wage is ₱570 to ₱610.^[1] There are variations, of course, like whether you belong to the agriculture sector, or you are working in a business establishment employing less than 15 or 10 persons only, or you are from a different region, and so on.

Supposing it's ₱610 and the price of BTC in PHP right now is ₱1,635,564.73, a minimum-wage worker would only be working approximately 2,681 days to achieve 1BTC. That would be more than 7 years.

[1] https://pia.gov.ph/news/2023/06/30/ncr-wage-board-grants-php40-hike-in-the-daily-wages-for-private-sector-workers#:~:text=NCR%2D24%20on%2026%20June,or%20less%20workers%2C%20and%20manufacturing

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

I've grown a bit tired of all GDP PPP numbers, all the Gini index, and since we are on Btcointalk we should probably focus on Bitcoin prices and how to get your coins (other than gambling our life savings) here is a table on how many days of minimum wage work you have to ...let's say survive to get a coin. This of course is assuming you don't spend a penny, and you survive on god knows what!

There are a few countries missing as their minimum wage is either not set or it's irrelevant since it's so old everybody already earns 10 times more. Also, as a note, when you go over the 10 000 number, that's 27 years!

LE:
Second note, since the data comes from monthly wages in some countries those days include the resting days, so let's say it's the number of days you;re going to spend employed over the minimum wage!

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140
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151
152
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Luxembourg
Australia
New Zealand
Germany
United Kingdom
Ireland
Netherlands
France
Canada
Monaco
Belgium
San Marino
South Korea
Israel
Austria
Slovenia
Spain
Japan
United States of America
Andorra
Taiwan
Malta
Lithuania
The Bahamas
Poland
Greece
Oman
Hong Kong
Macau
Portugal
Saudi Arabia
Argentina
Barbados
Slovakia
Czech Republic
Romania
Estonia
Latvia
Croatia
Palestine
Saint Kitts and Nevis
Montenegro
Hungary
Antigua and Barbuda
Palau
Costa Rica
Turkey
Bulgaria
Belize
Ecuador
Jordan
Lebanon
Uruguay
Chile
Trinidad and Tobago
Marshall Islands
Bolivia
Paraguay
Morocco
Bosnia and Herzegovina
Guatemala
Colombia
Panama
Albania
South Africa
El Salvador
Serbia
Turkmenistan
Seychelles
Gabon
Vanuatu
Fiji
Thailand
Mexico
Dominica
Brazil
Peru
Ukraine
Philippines
Equatorial Guinea
Malaysia
Russia
People's Republic of China
Dominican Republic
Mauritius
Indonesia
Azerbaijan
Honduras
Republic of Macedonia
Kosovo
Saint Vincent and the Grenadines
Jamaica
Kuwait
Cambodia
Papua New Guinea
Iraq
Guyana
Tunisia
Republic of the Congo
Botswana
Moldova
Armenia
Algeria
Mongolia
Laos
Vietnam
Comoros
Nepal
Nicaragua
East Timor
Chad
Pakistan
Iran
Libya
Uzbekistan
Haiti
Mauritania
Lesotho
Solomon Islands
Nigeria
Benin
Afghanistan
Central African Republic
Kazakhstan
Ivory Coast
Cameroon
Togo
Burkina Faso
Kenya
Eswatini
Myanmar
Senegal
India
Angola
Niger
Mali
Bhutan
Sri Lanka
Zambia
Sierra Leone
Mozambique
Ghana
Uganda
Guinea-Bissau
Madagascar
Malawi
Tajikistan
The Gambia
Democratic Republic of the Congo
Bangladesh
Tanzania
Kyrgyzstan
Syria
Cuba
Sudan
Venezuela

341
345
350
371
405
435
439
451
454
455
456
514
522
556
630
641
661
677
726
735
915
974
996
1,003
1,009
1,018
1,067
1,091
1,098
1,102
1,141
1,223
1,239
1,257
1,261
1,265
1,387
1,543
1,548
1,568
1,579
1,714
1,718
1,733
1,755
1,782
1,823
1,840
1,872
1,982
2,025
2,038
2,052
2,055
2,373
2,632
2,690
2,700
2,740
2,773
2,791
2,823
2,867
2,952
2,983
3,000
3,033
3,193
3,336
3,373
3,380
3,388
3,401
3,528
3,554
3,746
3,807
3,831
3,862
3,922
4,109
4,138
4,145
4,191
4,314
4,471
4,497
4,525
4,529
4,538
4,549
4,559
4,563
4,704
5,249
5,292
5,434
5,475
5,621
5,665
5,815
6,128
6,162
6,190
6,322
6,882
6,900
7,185
7,271
7,935
8,436
8,495
8,774
9,367
10,519
10,799
11,151
11,454
11,736
12,153
12,659
12,762
13,337
13,739
13,826
13,949
14,465
14,600
15,598
15,778
15,847
15,962
16,246
16,516
16,846
17,776
17,980
18,159
18,372
19,043
19,909
25,289
25,704
26,578
29,122
41,165
41,321
43,281
49,773
51,651
52,392
67,593
114,063
248,864
842,308
1,095,000

Seeing those numbers, do you feel like flipping burgers for a minimum wage?
Cause here is some trivia, at the average 300 burgers you might prepare at a Mcdonald's in a shift, in countries like Lesotho you will have to serve each citizen in the country one hamburger more than once till you get your BTC. In Gambia it will be 10 hams to each citizen!

Topic: Days you need to work your ass at minimum wage for a BTC, by country - page 8. (Read 1386 times)