Published On: Tue, Feb 14th, 2017

Big Macs in Caracas, Prawns in Lagos are Cheaper for Bitcoiners

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Travel much? Bitcoinist discovered that using Bitcoin instead of local currency gives you more Big Macs for your bits, particularly in places like Venezuela and Nigeria.
Attn: Travelers & Digital Nomads
It’s common knowledge that buying Bitcoin might make a great investment. It can also save you money when you use it to buy products at Amazon via Purse.io. Less well known is that using Bitcoin can slash your travel costs as well particularly in places like Venezuela and Nigeria.

Both these countries have capital controls on their economies and black markets for hard currency, especially in USD and Euros.
For example, in Nigeria, if you withdraw money at the Bank ATM you get 320 Nigerian Naira per Dollar. But if you sell Dollars on the Black Market you get 500 Naira per Dollar. Getting the black market rate makes your traveling to those countries a lot cheaper.
Economist Big Mac Index for Bitcoiners
Here is how it affects the price of a Big Mac in Lagos, Nigeria:
In other words, dummies pay $2.99 for a Big Mac in Lagos. Bitcoin users pay $1.90 per Big Mac.
Therefore, you have three choices:

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