Altcoins Talks - Cryptocurrency Forum
Further Discussions => General Discussion => Topic started by: Gideon99 on February 20, 2024, 09:36:02 PM
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How's the Dollar increase today affecting you?
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How's the Dollar increase today affecting you?
If we do make out some conversions in my local currency, then it would be something like this;
=USD earned on online jobs- Rising? Yes it benefits me since i do make more money
but the cons is that, on the time that USD rises then commodity here in our country do the same, so it is really just that break even.
Same goes when it goes down, and this is why it wont really be that much of an issue whether it would be rising or falling
but i would much prefer on seeing that it is really that going up.
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Since I'm doing a part-time job online it increases my take home after the conversion but on the other hand, because of the increase in dollars there's also an increase in oil and other imported materials so when there is a price increase there is inflation so the gain I had on dollar increase does not have an impact at all.
This is usually the scenario in a country that is so dependent on materials imported from other countries that the majority suffers even if you have relatives working abroad and they are sending you money, the dollar increase does not reflect the advantage.
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Unless there's a major change in USD compared to my local currency, I don't think any significant change will happen around me. I do receive my salary in USD, but I don't liquidate it as soon as possible because I also make money elsewhere. As far as my work goes, I'd rather see the dollar get weakened so that I have more purchasing power, albeit most of the stuff that I buy online is priced in USD.
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IMO, the exchange rate of UDS to my local currency is alarming and this has made the price of all commodities, and the standard of living very high. I am not affected directly by the increase in dollar because, I get paid in cryptocurrency and no matter how high the inflation is, the increase in dollar will balance it for me. But I am worried because it is affecting me indirectly, in the sense that my relations and people that are not earning in dollars or cryptocurrency is suffering the hardship, and civil servants' salaries are still stagnant. How will the cope with the high level of inflation with a little amount of salary, and the government don't care.
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In general it suits me, whether it goes up or down. The fact is that I have investments in dollars and what I receive from signature campaigns, although paid in bitcoin, is referenced to the dollar. If the dollar rises, my purchasing power rises, both for my investments and for what I receive from signature campaigns. If it goes down, I can buy cheaper US goods and services with my currency.
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In my country, dollar tends to have a strong value over our local currency and it's as a result of the devaluation of the local currency in my country which is caused by some economic issues. This issue has give rise to a significant increase in the Price of goods, items and food stuffs. In my country, the rate of inflation this year very high compare to last year and this is not only affecting me but every citizen of the country because we are all buying things at a very expensive rate.
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How's the Dollar increase today affecting you?
First things first, is the dollar even raising against every currency or does it do it in a way it's being noticed?
Take the euro for example
1 euro in February 2019 - $1.13
1 euro in February 2024 - $1.08
basically the euros has lost -4.75% in 5 years , -3.27% in 2 years and gained +2.13% yoy.
Anyone saying they are affected deeply or they even that they felt the 5% is in 5 years must be joking.
So you take the US, the EU , China (since the they have a controlled exchange that barely moved also) and you have 2.5 billion people at least who wouldn't have even noticed it!
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A country that depends solely on the Western World for its import of goods and services like food consumption, industrialization, health care, technology, etc is the one the dollar increase is affecting because they import almost everything they make use of.
For the countries that don't import any goods and services but make use of their locally-made product, the dollar increment will not affect them.
Where I am currently, the dollar increment is not affecting me because I am living in a country that produces everything they use. Which makes the dollar not have an impact on the price of goods and services.
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Due to the rate at which dollar raised, it lead to inflation which makes prices of food and other goods expensive and it causes a very high cost of living.
For those earning online im crypto currency, it favours them in one aspect because when they earn the cost of money will be bigger than before, but the aspect it affects everybody generally is the high cost of living.