Topic: Why local currencies when there is bitcoin ? - page 2. (Read 484 times)
Local currencies may seem mysterious, but they're vital. Bitcoin unites us in a global economy, but local currencies strengthen community bonds. So, what's the point? They stimulate local trade and enhance regional economies. It's like having a community-specific financial instrument. You're right about inflation. Local currencies, like fiat currencies, can inflate. However, they may have benefits. After all, every economic system has merits and cons.
Actually, I think it's a nice concept, because the country respects the identity and autonomy of its components regions. I would like we could have more independency like that inside my country, so each state would show to the rest of the country its own way to rule the territory.
OP, it's up to your countrymen to stop using their regional currencies for Euro or Bitcoin. Let them be free to decide what they prefer. Bitcoin is about privacy and autonomy each individual has, so let's make it be real even when deciding to adopt BTC or not.
OP, it's up to your countrymen to stop using their regional currencies for Euro or Bitcoin. Let them be free to decide what they prefer. Bitcoin is about privacy and autonomy each individual has, so let's make it be real even when deciding to adopt BTC or not.
I leave them using what they want, in 10 years there are only 500 users for the local currency in my region... Maybe nobody see any point in using this currency either.
Why do you think nobody sees any point in using these currencies?
Using Bitcoin as a local currency is not viable. The currency is volatile and can have negative consequences on the local economy. National currencies can be controlled by monetary policies but bitcoin is an international currency that cannot be easily influenced. Bitcoin is growing to the stage when it will be stable but for now, using it as a currency will make these local economies unstable.
Satoshi created bitcoin with its decentralized nature and peer-to-peer currency, to be an alternative to the fiat system that is becoming increasingly unstable every day. but we are using it as an investment, and it has become extremely volatile. how can a volatile asset become a solution to the economy? people continue to fantasize and exaggerate about the possibilities of bitcoin for the world economy, which is just too funny. so far, bitcoin is just an investment, and it will only be able to benefit some people who know how to take advantage of its volatility for profit, other than that, it cannot help the local economy or any country.
I absolutely do not agree. Investment for some and currency for others, all in one for still others. The experience of Bitcoin Beach which has been emulated (Bitcoin Ekasi for example) demonstrates that bitcoin can be used by everyone as a currency for daily transactions.
Using Bitcoin as a local currency is not viable. The currency is volatile and can have negative consequences on the local economy. National currencies can be controlled by monetary policies but bitcoin is an international currency that cannot be easily influenced. Bitcoin is growing to the stage when it will be stable but for now, using it as a currency will make these local economies unstable.
Satoshi created bitcoin with its decentralized nature and peer-to-peer currency, to be an alternative to the fiat system that is becoming increasingly unstable every day. but we are using it as an investment, and it has become extremely volatile. how can a volatile asset become a solution to the economy? people continue to fantasize and exaggerate about the possibilities of bitcoin for the world economy, which is just too funny. so far, bitcoin is just an investment, and it will only be able to benefit some people who know how to take advantage of its volatility for profit, other than that, it cannot help the local economy or any country.
What I like about this forum is that it regularly provides opportunities to learn new things. I assumed that France only uses EUR, and I've never heard of locally used currencies before. The reason for them seems to be an attempt to overcome the global financial crisis, and they kind of stuck around. A video I watched said the goal of local currencies is to support the local economy. I think that explains why it's not Bitcoin instead: using it doesn't really help any local economies, the impact on Bitcoin's price is unlikely to be significant from some local usage.
I'm actually amazed that there is such a thing as this.
There was a local community here in my country that issued its own currency. It hit the headlines. It was a big deal. Everyone was surprised. Television programs conducted interviews with central bank officials clarifying its legitimacy and even legality.
Little did I know that this isn't actually something weird, at least not in France. But I think this is superfluous.
I don't think so.
They surged at a time when Bitcoin was barely heard of.
There was a local community here in my country that issued its own currency. It hit the headlines. It was a big deal. Everyone was surprised. Television programs conducted interviews with central bank officials clarifying its legitimacy and even legality.
Little did I know that this isn't actually something weird, at least not in France. But I think this is superfluous.
Finally, maybe it's just a ploy by the French government to authorize useless currencies to prevent people from learning about bitcoin?
I don't think so.
Alongside the euro, dozens of local currencies are in circulation across France. They surged in 2010 following the global financial crisis and can only be used in a limited area like a town or region.
They surged at a time when Bitcoin was barely heard of.
Thanks for this video. I had never heard of this Parisian currency either. This thread is super interesting and it makes me want to know more about these local currencies. There are quite a few aspects discussed here that I hadn't actually thought of.
By the way, did you know that Captain Juving-Brunet was recently imprisoned for having proposed a new national currency, the Free Franc (4000 subscriptions).
https://www.comitedesalutdupeuple.fr/le-franc-libre-la-monnaie-nationale-des-csp
I've always found the concept of local/micro/community currencies interesting. Of course it is no flawless concept - you have the same forms of potential corruption and mismanagement that has destroyed most major fiat currency. However it does seem like a good solution for well balanced micro economies who do not need to subscribe to other cities or countries, keep production local, and generally increase quality of products, products and economics.
The problem is that there is no way to grow in a perfect micro economy. If you are fine with a mediocre life with high resources but little chance to experience luxury, travel or things outside of your community, then it's great. For young people, it might be more limiting than anything.
In comparison to Bitcoin, it's the exclusivity that makes it different. Otherwise yes, why not use Bitcoin. I would say local currencies
are halfway between Bitcoin and fiat. Maybe more toward fiat if it's mismanaged.
The problem is that there is no way to grow in a perfect micro economy. If you are fine with a mediocre life with high resources but little chance to experience luxury, travel or things outside of your community, then it's great. For young people, it might be more limiting than anything.
In comparison to Bitcoin, it's the exclusivity that makes it different. Otherwise yes, why not use Bitcoin. I would say local currencies
are halfway between Bitcoin and fiat. Maybe more toward fiat if it's mismanaged.
Local currency means fiat currency, that's what I think, correct me if I am wrong, well the thing is Fiat currencies are not all on the same level, some have higher value than the other, I prefer Dollar to my own local currency for this higher value reason, imagine someone bragging about USD vs my local currency, of cos it's worth bragging about when it has way more value than my local currency.
Now USD vs BTC is different, maybe that's what your friend doesn't understand, you don't have to argue with them, you just have to make them understand at least, all Fiat currencies are inflationary and BTC is deflationary, the demand and supply is incredible and way on top of every other Fiat currencies.
Now USD vs BTC is different, maybe that's what your friend doesn't understand, you don't have to argue with them, you just have to make them understand at least, all Fiat currencies are inflationary and BTC is deflationary, the demand and supply is incredible and way on top of every other Fiat currencies.
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I just found out that there are about 80 local currencies in your country because so far I know there is only one fiat currency in a country. Nothing can match the advantages of Bitcoin, local/fiat currency is limited, while Bitcoin is general. Tell your friends we already have Bitcoin that is inflation-resistant and not regulated by any particular authority.
Using Bitcoin as a local currency is not viable. The currency is volatile and can have negative consequences on the local economy. National currencies can be controlled by monetary policies but bitcoin is an international currency that cannot be easily influenced. Bitcoin is growing to the stage when it will be stable but for now, using it as a currency will make these local economies unstable. People talk all the time about inflation, centralization, and government control, they always seek to criticize their fiat or national currency and exaggerate the power of bitcoin. They argued that substituting bitcoin for all other currencies would make the economy better. But how does a highly volatile currency or asset make the economy better? It can even destroy the economy in the fastest time possible. I still hold the old view that bitcoin is too volatile, it is more suitable as an asset than a currency.
I'm actually amazed that there is such a thing as this.
There was a local community here in my country that issued its own currency. It hit the headlines. It was a big deal. Everyone was surprised. Television programs conducted interviews with central bank officials clarifying its legitimacy and even legality.
Little did I know that this isn't actually something weird, at least not in France. But I think this is superfluous.
There was a local community here in my country that issued its own currency. It hit the headlines. It was a big deal. Everyone was surprised. Television programs conducted interviews with central bank officials clarifying its legitimacy and even legality.
Little did I know that this isn't actually something weird, at least not in France. But I think this is superfluous.
The headline got me confused just like the post itself. Reading through the comment for proper understanding got me more confused. I have never heard of France using multiple currency aside EUR currently. I think the Central Bank is saddle with the responsibility of producing and circulating of a certain country's currency, if that is the case then, how are these local currency being made and circulate? Is it allow in the bank of regions using it? What's the motive behind it's creation in the first place? A unified monetary system is being practice in all the countries, why are majority of us hearing this for the first time? Could it be trade by barter?
In my country there is only one local currency or fiat currency that can be used throughout the region, there are no certain restrictions for paying for goods and services. Local currency which is very limited in nature does not have freedom for its users, when you go to another area the currency has no function.
The existence of a local currency doesn't stop residents from using the national currency. These local currencies are limited to a region, organization, or even group. When you move out of the territory, you need to use the national currency because these local currencies will no longer be legal tender. This currency is similar to gift cards issued by some supermarkets. These cards can only be used to buy items in the supermarkets that issued them. Quote
I just found out that there are about 80 local currencies in your country because so far I know there is only one fiat currency in a country. Nothing can match the advantages of Bitcoin, local/fiat currency is limited, while Bitcoin is general. Tell your friends we already have Bitcoin that is inflation-resistant and not regulated by any particular authority.
Using Bitcoin as a local currency is not viable. The currency is volatile and can have negative consequences on the local economy. National currencies can be controlled by monetary policies but bitcoin is an international currency that cannot be easily influenced. Bitcoin is growing to the stage when it will be stable but for now, using it as a currency will make these local economies unstable. 
They can still boast of their local currency but what if big inflation comes and rocks the country? That will instantly destroy financial stability and their currency will decrease in value, impacting the prices of basic necessities, which will rise sharply. Meanwhile, they cannot buy or fulfill their basic needs because they do not have enough money to buy them. Only people who have a lot of money can afford it.
The government controls the local currency, whereas if the economic situation becomes more difficult, the government has to provide a large amount of money because everything costs a lot. We may not be able to explain in detail when inflation comes because most of us probably haven't experienced it yet. But when it comes, the local currency will fall in value.
While the value of Bitcoin may not change even though many countries are affected by inflation, but it is precisely those countries that will adjust their prices to their local currencies. And when prices use Bitcoin, they have to convert their money into Bitcoin currency to avoid financial inflation. But I'm sorry that I'm not an economist who understands the process. It's just what's on my mind.
The government controls the local currency, whereas if the economic situation becomes more difficult, the government has to provide a large amount of money because everything costs a lot. We may not be able to explain in detail when inflation comes because most of us probably haven't experienced it yet. But when it comes, the local currency will fall in value.
While the value of Bitcoin may not change even though many countries are affected by inflation, but it is precisely those countries that will adjust their prices to their local currencies. And when prices use Bitcoin, they have to convert their money into Bitcoin currency to avoid financial inflation. But I'm sorry that I'm not an economist who understands the process. It's just what's on my mind.
A friend was bragging to me about the merits of her local currency, but I wonder what's the point since we have bitcoin? Bitcoin which obviously includes the world population. I did not really understand the objectives of these local currencies, I was wondering if local currencies existed in other countries and if people understood the interest of these local currencies which seem to undergo inflation like the fiats.
Hmm,you got me wondering about this local currency that is only used in your country. I have never thought of such before but I can understand how beneficial the local currency is to individuals in the country because there will be proper circulation and will encourage local businesses. Your friend is right from his own point of view because of the strength of the micro currency,but he should know that inflation will affect such currency and it is centralized, with restrictions. Bitcoin is used globally and goes beyond boarders without a third party helping to carry out transactions. Bitcoin is also a store of value,this means that bitcoin has no comparison with any kind of currency and investment. I don't know what it is in other countries but in France there are local currencies, about 80.
A friend was bragging to me about the merits of her local currency, but I wonder what's the point since we have bitcoin? Bitcoin which obviously includes the world population. I did not really understand the objectives of these local currencies, I was wondering if local currencies existed in other countries and if people understood the interest of these local currencies which seem to undergo inflation like the fiats.
https://www.linfodurable.fr/conso/la-carte-de-france-des-monnaies-locales-en-circulation-16262
https://www.linfodurable.fr/social/des-monnaies-locales-pour-transformer-les-modes-de-consommation-26697
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Although it is difficult to determine an exact number, it is estimated that there are about 80 on French territory. Through a social, environmental, local or even regional objective, their interest is to convey the values that conventional currencies no longer embody today, and this movement is arousing growing enthusiasm if we are to believe a report by the Sol Movement , which oversees local currencies at the national level, published in early 2021. ID offers you a non-exhaustive list of local currencies in circulation by region, as well as an evolving map.
A friend was bragging to me about the merits of her local currency, but I wonder what's the point since we have bitcoin? Bitcoin which obviously includes the world population. I did not really understand the objectives of these local currencies, I was wondering if local currencies existed in other countries and if people understood the interest of these local currencies which seem to undergo inflation like the fiats.
https://www.linfodurable.fr/conso/la-carte-de-france-des-monnaies-locales-en-circulation-16262
https://www.linfodurable.fr/social/des-monnaies-locales-pour-transformer-les-modes-de-consommation-26697
Exactly, the world should switch over to crypto economies and forget about Fiat money and local currencies.
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A friend was bragging to me about the merits of her local currency, but I wonder what's the point since we have bitcoin? Bitcoin which obviously includes the world population. I did not really understand the objectives of these local currencies, I was wondering if local currencies existed in other countries and if people understood the interest of these local currencies which seem to undergo inflation like the fiats.
In the country where I live, there is only one currency that is legal for buying and selling transactions. So there are no local currency terms (micro money) that are different in each region, because all of them use the same currency that has been legalized by the state. Not only at this time, but since ancient times after my country's independence, there has been no local currency (micro-money) in circulation other than the currency authorized by the government.A friend was bragging to me about the merits of her local currency, but I wonder what's the point since we have bitcoin? Bitcoin which obviously includes the world population. I did not really understand the objectives of these local currencies, I was wondering if local currencies existed in other countries and if people understood the interest of these local currencies which seem to undergo inflation like the fiats.
Then about the micro-currency in the French area, which I read, in an article that explains this, basically there is an area filled with an ethnicity in the country of France, which is called Basque, and the purpose of making micro-currency for that ethnicity ( eusko). The point is to make the ethnic culture grow again and stay awake.
Then for the matter of inflation, it seems that this Basque micro currency, in my opinion, is not too affected by inflation. Because it is only used in that area.
And you could say a country that has a different local currency in each region, is very unique. So it's likened to it, even though it's still one country, but if you visit an area that has its own local currency, it feels like visiting abroad.
We also have one legal tender in our country and it's used everywhere as we don't have any local currency here what you are referring to it but even in their existence we can't say Bitcoin is used and accepted by all like suppose you can buy stuff with legal currency for example grocery but will the shopkeeper ready to accept bitcoin as payment? So we still need them and can't completely avoid them.
Bitcoin has not yet reached the desired level. I'm not saying this in terms of Bitcoin's value. I mean it in the sense that bitcoin is accepted all over the world and is used as a currency in many places. If this happens, Bitcoin will replace any other currency.
Actually, this has been discussed a lot. We know the Bitcoin system and the government money system are different. Bitcoin has a decentralized system that cannot be regulated by anyone and that is contrary to the system of government or financial system. So that's why the government does not want to make Bitcoin as a currency. There are still many losses that are likely to be obtained by the government if they agree as a means of transaction. I am currently still very happy that the government considers it as a commodity, because it can still use it for profit. There is no ban, in fact I am happy that the government is starting to take taxes from Crypto. This is one good sign.
Op is talking about micro currencies which operate in certain localities within a country besides the legal tender which is used all over the country. We don't have them in my country, but I have read a bit about them being used in communities in other countries.
What's the point of these microcurrencies, then? At first, I thought that the OP was talking about fiat currencies; this is the first time I'm reading about local currencies, and even by translating and reading the articles provided in the starting post, I'm yet to understand what they actually are and what their purpose is. What are they based on, and why is there a need to have over 80 local currencies in France? Have we returned to the good ol' days when we were exchanging eggs for bread and so on?Moreover, the main reason I don't see Bitcoin as a viable currency anymore is because it is nowadays deemed an asset that appreciates in value. On the one hand, you have fiat currencies, which, due to inflation, constantly depreciate in value, and on the other hand, Bitcoin, which is an anti-inflation measure and is expected to gain value in the upcoming years.
Like you said, I think we're back to the old trading days. The existence of so many currencies is due to a lack of control. It is not right to free the markets so much. Like you, I thought at first that it was written about fiat money. However, the existence of these currencies is useless. Even if it works, its validity will be short-term.
Bitcoin has not yet reached the desired level. I'm not saying this in terms of Bitcoin's value. I mean it in the sense that bitcoin is accepted all over the world and is used as a currency in many places. If this happens, Bitcoin will replace any other currency.
The Fiat (local government currencies) are the first currencies that were introduced by the governments, so they support that. They also do not want to allow any competition for these local currencies, because they have control over these currencies.
So, even if Bitcoin is a better alternative to Fiat currencies, it will still have strong push back from governments. We can still use Bitcoin without the governments consent, but they will eventually clamp down on Bitcoin, if it is seen as a threat.
So, even if Bitcoin is a better alternative to Fiat currencies, it will still have strong push back from governments. We can still use Bitcoin without the governments consent, but they will eventually clamp down on Bitcoin, if it is seen as a threat.
I guess that by "local currencies" OP means some kind of voucher system, which can be used to buy food and other stuff.
The national currency and legal tender in France is the euro. There aren't any other currencies.
In my country(a member of the EU) there's also a voucher system, where the workers get vouchers in addition to their usual salary, so they could buy food.
It's obvious that Bitcoin isn't the most convenient option for grocery stores, and that's perfectly fine. I don't mind living in a world, that has multiple currencies(fiat and crypto). Bitcoin cannot become the one and only currency around the globe. The people should have freedom of choice.
The national currency and legal tender in France is the euro. There aren't any other currencies.
In my country(a member of the EU) there's also a voucher system, where the workers get vouchers in addition to their usual salary, so they could buy food.
It's obvious that Bitcoin isn't the most convenient option for grocery stores, and that's perfectly fine. I don't mind living in a world, that has multiple currencies(fiat and crypto). Bitcoin cannot become the one and only currency around the globe. The people should have freedom of choice.
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