The Value of HBD Challenge | The Case of Turkiye
There is an ongoing challenge on LeoFinance over the purchasing power of HBD in your hometown. Before we examine the case of Turkiye, (formerly Turkey), let's remember what the challenge is.
What Can You Buy With 10, 100, 1000 HBD ?
Consider the economic situation in your hometown and design your post over the prices of vegetables, dairy products, electronic devices, or anything that can be a need for a person.
Now that you are thinking of how to make this post, try to tell us a bit more about how inflation has affected the price of goods in your hometown and has damaged the average person's purchasing power about the fluctuation in your purchasing power, and the side effects of inflation.
Push the Limits of Your Creativity
You can talk about what would happen if you had a 100 HBD monthly income or how much HBD would be enough to live in your hometown.
If you are ready to see the situation in Turkiye, here we go 😉
Purchasing Power of 10, 100, 1000 HBD in Turkiye
To be able to view the prices and the purchasing power, we will use the Getir delivery service for grocery items. Since the USD/TRY pair is so volatile these days, we will consider 15 TRY = 1 HBD on average.
As of writing, the minimum wage in Turkiye is below $283. So, every single HBD matters when you go to a shopping mall.
As you can see above, you can buy some kilos of vegetables with 1 HBD. For example, You can buy 500g of Grapes or 900g of Bananas for 1 HBD.
The prices may look cheap when you divide by 15 but the prices have tripled within 2 years. Besides the loss of value of the fiat currency, inflation is nearly unbearable.
Last but not least, you can buy 1L of Milk with 1 HBD daily. If we consider the inflation rate and the return of HBD, it is not bad.
Prices of Gas, Rent & Electronics in Turkiye (2022)
Both the tax rate and the loss of purchasing power made it nearly impossible for people who get minimum wage to drive/her car, buy a device for leisure time or rent a new house.
Since the beginning of the year, the price of gas has been gradually increasing. Thime, it was stable, strong DXY directly terribly affects the price o for a limited timef gas.
If you have around 1000 HBD, you may purchase a PS5 and a couple of games to have some fun. On the other hand, you may pay $400-450 for rent.
The calculation of the cost of living shows that it takes $1400 for a person to have a happy life with 2 kids. If you are single, you may live below $500 HBD per month.
The Turkish Lira has lost a lot of value due to the wrong policies of the government. The governors thought that going against the market may bring them any kind of benefit to keep their realm strong. Yet, as expected, these wrong policies only brought problems to people.
Anyone can sustain an average life with 500 HBD per month. Regardless of the risks in the fiat currency, pHBD & HBD can be secure places for many people to save their purchasing power.
Your Turn: Join the Challenge 🦁
1.Reblog this post
- Publish your post using leofinance.io
- Use the tag "HBDvalue" so other lions can find your posts and curate them
What is the case in your country?
Share with us 💎🐾
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What could be really interesting is to do the same calculation on the 1st of every month, with the same selection of purchases. Effectively, it tells you a combination of how your local currency is performing against the US Dollar, and the inflation in the price of the goods themselves.
I'm assuming that HBD will hold it's stable peg, but it's been pretty good so far even with the crazy drops and swings we've seen over the last couple of days.
Great idea to track the real inflation reflected on the prices ✌🏼 It looks like dollarization will happen faster than before due to the global risks and the actions by the FED through the end of the year.
I think HBD is in safe hands. No investor of our stablecoin would dare to manipulate it while it is bringing decent APY on PolyCUB and %22 APY on Hive Savings. Thus, the future of HBD is extremely bullish IMHO 🦁
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Each time I come to turkey the exchange rate reaches a new record. I remember about 15 years ago I helped my father in law purchase a flat in Gelibolu the rate was 1 Swiss Franc = 1 TL. My last holiday befor covid it was 1: 7. After covid it was 1 : 10. In april it was 1:15... At the same time salary increase only slightly. HBD can be a huge help here. A couple of years ago I considered crypto as a little side income... Now it's different...
They ruined the balance in the local economy. Due to the political risks, the loss of value is hard to deal with. The majority of people seek for election to shift the paradigm 🤙🏼
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Awesome. I was in Antalya recently and the Try inflation was brutal. USD and Euros accepted everywhere readily though.
One of my favorite cities <3
USD and Euros have always been accepted as tourism is one of the important sources of economy. Inflation rates are seriously affecting the life quality + motivation of people in their daily lives. Thus, crypto plays an important role to sustain purchasing power ✌🏼
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i guess this is a good motivation for people to move to crypto. i hope they do. What crypto is planned for turkey to replace the fiat?
People love Bitcoin, Ethereum, and AVAX and invest in these coins.
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2 of those are my favourites too.
Wow that's a lot to know about the prices and inflation your country is facing... It's every where though. I've read a lot of post about the HBD value... It's value is helping a lot even with the inflation.
Well explained post you have here, all the best with your entry.
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HBD can really save the lives of millions if people decide to onboard the Hive ecosystem. The value of fiat currencies will eventually decrease if FED wants strong USD
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And that is why we need to keep telling people about Hive 🙂
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Interestingly, leather jackets have also increased in price? mine is worn out)
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Can't see anything with stable price nowadays ^^
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Potatoes, the only thing I see, will keep the price stable in the neighboring market)
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So great to see your post from the value of the HBD in Turkey. Haven’t seen any other ones yet from your country.
Very interesting to see most aspects of life and it’s cost.
Thanks for sharing 😎
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My pleasure. Things are getting worse and people do not even want to talk about the problems in the economy anymore. Most probably it is the reason for that :)
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It is everywhere, rising prices, salaries stay the same…
It’s just crazy.
Something needs to happen/ change.
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As I live in the US, the value of HBD doesn't really get me much but I am glad to see it working out for you. Especially with the supply chain crisis, prices have gone up quite a bit over here as well.
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Things have not gone crazy around the world. People talk about the food crises, worse-case scenarios of war, and more... It is possible to experience harder times for everyone :I
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