Post
Topic
Board Economics
Merits 1 from 1 user
Re: Imagine African countries using Bitcoin to pay salaries,
by
Yamane_Keto
on 08/01/2024, 03:38:01 UTC
⭐ Merited by Poker Player (1)
Paying salaries in Bitcoin, in a country where there is a high poverty rate and where the population needs to spend 90% of the salary directly, is useless. Most of the population cannot keep Bitcoin as an investment and therefore will not be able to benefit from price fluctuations, and the high Bitcoin fees may wipe out most of the salary.

With a fee of 47 sat/vB and assuming that the person will make an average of 3 transactions and that the transaction is 1 input 2 output, he will need about 21 US Dollars per month, while the average salary in Nigeria is around 30,000 NGN (69.17 US Dollars) according to https://www.timedoctor.com/blog/average-salary -in-nigeria/

We are talking approximately 1/3 of the salary in transaction fees  Smiley Smiley Smiley