Why local currencies when there is bitcoin ? - page 3.

harapan

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Quote from: Upgrade00 on July 17, 2023, 03:49:50 PM

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.

So there are countries that have other micro currencies aside the general fiat currency of the country? Never heard of it.
I think in going to do a little research about it.
I have questions though, is the currency legal tender in all part of the country or only in specific regions? Does anybody need that currency in the international market.
What's even the point another currency? If it has more value than the main currency then why hasn't it been adopted by majority of the people in the country. I have so many questions because this concept is not realistic at all.

buwaytress

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Walking around now eating street food (literally) and just so nice that Fintech advancements here in the global south means you can walk up to a guy with a stall on the road, order some food or snack and pay with a qr code or phone number.

Zero fees. Instant. No change needed. The tiniest bit of data needed, if not even sms works.

Even with Lightning I can't imagine that same ease or convenience. Can you?

libert19

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It's because Bitcoin is highly volatile, and not everyone accepts it.

Unless Bitcoin's value is no longer tied with USD and goods are purchasable solely with fixed price in Satoshi, then alone will BTC reign as one currency for whole world.

Faisal2202

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Quote from: Becassine on July 17, 2023, 03:28:09 PM

I don't know what it is in other countries but in France there are local currencies, about 80.

Quote

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.

Wait what really! i mean 80 currencies in single region. How can that be possible. Maybe i took the idea wrong here. so please correct me. But how 80 currencies are being managed their. How people could even remember the one. Are you referring to 80 different types of currencies or what. Like here in pakistan we have different notes but the currency is same as PKR. We have notes of 10, 20, 50, 75, 100, 500, 1000, 5000.

I am little confused here. how one territory could have so many currencies and managed to run them. That's so confusing and amazing too. Yeah, i know amazing because, one if gets to know that this country has 80 types of currencies then that person is never going to forget it and will tell other about the country. Which of course is no use to that country but a word being spread brings fruits too. (i hope if you understand)

Davidvictorson

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These local currencies have their functions in the territories where they are used. Bitcoin has it's own function. The sky is big enough to occupy both Bitcoin, USD, Pounds, Euros, and other local currencies. The local currencies used in those French regions have been in use for many years and helped to facilitate trade and investment. I don't think anyone questioned their use.

It is important to note that Bitcoin is not here to destroy, annihilated and make extinct our local currencies but is here to offer a "better" more advanced method of exchange and way to store wealth. Live and let love baby.

mindrust

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The problem is not everybody trusts bitcoin yet. People still trust their government even though it is the stupidest thing one can do. That's because people are not well-informed about bitcoin. It is our duty to explain why bitcoin is superior to their local FIAT currency. (actually it is superior to any FIAT currency)

This is not going to be a quick process anyway. It will probably take multiple decades before bitcoin dominates every FIAT currency in the world. 2040 sounds like a good target.

adaseb

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Multiple currencies are useful in many areas where there is lots of Tourism. Besides the US Dollar there are many currencies which are used by travellers and this is where it becomes useful. Many dont want to convert their fiat to another currency so they just use their own local currency to pay for goods and services.

The reason why Bitcoin won't be the local currency to any country is because its way too volatile. At the peak it was $70K and then a year later it was like $15K and now its double that. Its way too volatile to be used as a currency for day to day use.

kotajikikox

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Quote from: Becassine on July 17, 2023, 03:28:09 PM

I don't know what it is in other countries but in France there are local currencies, about 80.

Quote

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

Just now that I heard something like 80 currencies in a country that spendable ,
in ours there are only couple of paper and coins that stands in each value .
but seriously in france that is a huge count lol.

maybe If I live in place such that and has a chance to use only one , then i will choose bitcoin instead for less complication .
and will people gonna memorize such lot of coins?

BlackBoss_

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Quote from: ranochigo on July 17, 2023, 10:02:41 PM

Nope, tons of reasons. Bitcoin is not user-friendly at the slightest. There has been quite a lot of negative publicity surrounding Bitcoin in the recent months and that contributes to the negative perception of Crypto. In addition, governments are always trying to encourage people to use their currency as a legal tender to better enact capital controls and stuff on their own citizens.

Without the endorsement of the government, people have no reason to accept Bitcoin as a currency.

First of all, governments don't want their citizens to stop using their national fiat currencies and in future their CBDCs. Because of such, governments will build many barriers to prevent their citizens, from laws, regulations to fud at governmental levels.

However if governments support Bitcoin like El Salvador, make Bitcoin legal tender like El Salvador, their citizens will have other reasons to dislike Bitcoin. About technical things and more important the volatility of Bitcoin can cause losses for their business income and treasury. It's hard for small business to accept Bitcoin and have to deal with cost from on chain transaction fee as well as high volatility of Bitcoin.

ranochigo

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Quote from: Becassine on July 17, 2023, 07:00:19 PM

Maybe, but as the parity is 1/1, I don't really see what these local currencies are for. I mean what more (or less) than the euro.

Depends on the size of the economy. It can be quite difficult for your government to enact fiscal policies if they didn't have a large enough reserve. The currency and the need to separate them has a lot to do with economics and how countries use currency to stabilize their own economy.

Quote from: Becassine on July 17, 2023, 07:00:19 PM

However, there are many places where bitcoin is used. Besides, bitcoin beach seems to work very well for example.

Finally, maybe it's just a ploy by the French government to authorize useless currencies to prevent people from learning about bitcoin?

Nope, tons of reasons. Bitcoin is not user-friendly at the slightest. There has been quite a lot of negative publicity surrounding Bitcoin in the recent months and that contributes to the negative perception of Crypto. In addition, governments are always trying to encourage people to use their currency as a legal tender to better enact capital controls and stuff on their own citizens.

Without the endorsement of the government, people have no reason to accept Bitcoin as a currency.

Don Pedro Dinero

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I didn't know about the local currencies in France either.

Quote from: Becassine on July 17, 2023, 07:00:19 PM

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.

I am not surprised.

As I understand it, they would be like casino chips, which have monetary value but only within the casino. Similarly, this would be the case for local currencies in certain regions.

Quote from: Becassine on July 17, 2023, 07:00:19 PM

However, there are many places where bitcoin is used. Besides, bitcoin beach seems to work very well for example.

Fees and waiting times up to at least 1 confirmation also work well?

Quote from: Becassine on July 17, 2023, 07:00:19 PM

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 the level of conspiracy will go that far, having the internet available today at any time where bitcoin information is available.

Oasisman

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Quote from: The Cryptovator on July 17, 2023, 03:36:34 PM

I am perplexed about the term "local currency." If you are referring to your fiat currency, then there should only be one type used in a particular country since multiple currencies wouldn't be practical. Therefore, I don't understand how there could be 80 local currencies. Could you kindly provide more clarity on your concern? By doing so, we can better comprehend the context and provide appropriate answers or learn more about the topic.

I think he is referring to a specific currency for a certain region which can only be accepted exclusively within that region. Outside it, you need to use fiat or the country 's main currency. That really sounds complicated if you haven't heard about it before. Here in my country, I found 2 tribes (just a small number of population) who they also have these specific currency they used internally, but things get a little weird when they proposed to the senate for their currency to be used as alternative currency that co-exist with the fiat currency. Ultimately, that went to trash immediately.
Not sure about these local currencies though, but I don't think it's a good idea to have a savings in that form of currency.

asbani

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It's needed because of governments, and lets be honest here people do not want a coin/asset which its price flucuate alot.

Ok lets make an example here, lets say I get about $1000 a week for my job. Now lets say the world changed to using BTC right?

1) will you give me a SET number of btc each week? i.e. 0.008 BTC a week? If this is the case then thats dangerous because what if BTC dumps to 100 dollars tomorrow?

OR

2) will you give me a number of btc that is equivalent to my $1000 which I had received weekly regardless of the price of btc? In this case there's other problems that can arise, you can speculate on a few.

Now for purchasing from the vendors is another issue. How would we price stuff? is it based on our dollars equivalent, or will we have a pricing TAG purely on BTC? I don't know, lots of things to work out.

mamesso

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Quote from: Becassine on July 17, 2023, 04:09:59 PM

=> A local currency can only be used in a restricted territory: city, region, and only concerns a limited range of goods and services. It is set up by an association which manages it with the help of a financial institution. You can only pay with the local currency for certain goods.

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.

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.

Darker45

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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.

Quote from: Becassine on July 17, 2023, 07:00:19 PM

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.

Quote from: https://www.france24.com/en/20180420-france-focus-local-currencies-regions-environment-paris-la-peche-economy-cash

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.

Becassine

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Quote from: hatshepsut93 on July 17, 2023, 06:05:54 PM

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Inspired to bring Basque pride back to the region, in 2013 Edme-Sanjurjo and about a dozen volunteers launched a euro-equivalent micro-currency. Their aim was to reinvigorate enthusiasm for their cultural and linguistic roots and keep money within the French-Basque region by supporting local businesses.

Seems like micro-currencies are created to make the local economy more resilient and to reinforce the regional identity. Bitcoin, being a volatile and global currency uncontrolled by anyone, wouldn't suit these needs. A small local community would be at the mercy of global speculators who often decide to dump Bitcoin when they feel like it can't grow fast at the moment, and they would be powerless to stop it. But in case of their local currency, they can control it and maintain its value.

Maybe, but as the parity is 1/1, I don't really see what these local currencies are for. I mean what more (or less) than the euro.

Quote from: uneng on July 17, 2023, 06:09:51 PM

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.

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.

Quote from: ultrloa on July 17, 2023, 06:13:47 PM

Quote from: Becassine on July 17, 2023, 03:28:09 PM

I don't know what it is in other countries but in France there are local currencies, about 80.

Quote

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.

So I assume you mean fiat then local currencies is more useful since they are well accepted in anywhere you go on your locality compare with bitcoins. I get your point about bitcoin but reality bitcoin is not well oiled up so we cannot use it anywhere for now and most of the time we can only transact this via online transaction and to person who use it. Not everyone use bitcoin so there's limited usage of it that's why many choose to use their local currency since this is more convenient to them.

However, there are many places where bitcoin is used. Besides, bitcoin beach seems to work very well for example.

Finally, maybe it's just a ploy by the French government to authorize useless currencies to prevent people from learning about bitcoin?

Fullcoinese

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Quote from: Becassine on July 17, 2023, 03:28:09 PM

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.

to be honest i just heard about this "local currency" in France. actually i'm still confused about the concept and system of "local currency" and is the use of various types of "local currency" not a hassle for foreign tourists?.

actually it doesn't matter if your colleague may prefer that currency because maybe he feels that he gets a lot of benefits in his area or region for using the "local currency" that he mentions.
but my question is whether your friends know Bitcoin?.
i don't know but i think the mentioned "local currency" can only be profitable if it is transacted only in France but i think Bitcoin has a wider and universal reach to be used all over the world.

acroman08

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Quote from: Upgrade00 on July 17, 2023, 03:49:50 PM

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.

thanks, this was helpful, I was confused because I thought OP was talking about the country's FIAT currency and it is my first time hearing about what the OP was talking about.

Quote from: Becassine on July 17, 2023, 04:09:59 PM

In my region I learn that there is one of these currencies for 10 years. I have never seen any business with the logo of this currency. In addition, you must join the association that issues them. Honestly, I don't understand what it's for.

purely an assumption, probably a way to support local business(just like one member suggests).

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Quote from: Becassine on July 17, 2023, 04:09:59 PM

Local currencies are not fiat currencies either.

You mean they are not national currencies or legal tender currencies.
They are fiat currencies as they are issued by a centralized authority and they aren't backed by anything like gold or silver!

Quote from: Becassine on July 17, 2023, 03:28:09 PM

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.

Because most of them as far as I browse around are pegged to the euro, you will not have to worry about the value going up and down every time :
https://pezh.bzh/
https://laracine-monnaie.fr/adh%C3%A9sions
and most important fees, the town hall, council whatever is taking care of the fees so those card transactions are cheaper than traditional ones, plus since it's a smaller closed circuit you're going to feel safer as it can't be used outside that area so it's like someone getting access to your north Korean bank account! Grin

TheGhostMan

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Quote from: ultrloa on July 17, 2023, 06:13:47 PM

Quote from: Becassine on July 17, 2023, 03:28:09 PM

I don't know what it is in other countries but in France there are local currencies, about 80.

Quote

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.

So I assume you mean fiat then local currencies is more useful since they are well accepted in anywhere you go on your locality compare with bitcoins. I get your point about bitcoin but reality bitcoin is not well oiled up so we cannot use it anywhere for now and most of the time we can only transact this via online transaction and to person who use it. Not everyone use bitcoin so there's limited usage of it that's why many choose to use their local currency since this is more convenient to them.

Each person is free to select the "economy" in which they want to live. In my opinion, most people prefer local currencies because they are more mainstream and common. The "security" they provide is, the main reason for this, among other things. Because they are backed by institutions in a particular nation or region, these currencies provide a certain level of stability compared to volatile cryptocurrencies like Bitcoin, making them a good choice for people looking to avoid volatility and maintain your money safe.

Bitcoin may not be a good fit for everyone... But for those investors and people who are looking for better financial opportunities, Bitcoin is, in my opinion, more suitable. Due to the fact that it is a decentralized cryptocurrency, it is not governed by any central authority, which may be attractive to those seeking greater financial independence. Even so, some people are attracted to this cryptoactive due to its high volatility, allowing them to invest and with knowledge on the subject, analysis and a lot of patience, generate significant income.

Topic: Why local currencies when there is bitcoin ? - page 3. (Read 469 times)