Why local currencies when there is bitcoin ? - page 4.

sheenshane

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Why local currencies when there is bitcoin ?

IMO, the local currency has more benefits than Bitcoin or even the national currency.
Because it is possible that the local currencies encourage people to support local businesses and keep money circulating within the community.
It could be they are incentivized to buy goods and services from local merchants using local currency, which helps bolster the local economy and creates local job opportunities which means using local currency has more benefits for them.

I'm looking at the map and I think the reason why there are 82 local currencies in France is because it has a big wide area that results from diverse many localities. The wide area of France encompasses various cities, towns, and rural areas, each with its unique economic and social landscape. As a result, communities across different regions may have different goals, priorities, and challenges, leading them to establish their own local currencies, and IMO, Bitcoin or national currency won't help.

taufik123

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Quote from: hatshepsut93 on July 17, 2023, 07:05:54 PM

Seems like micro-currencies are created to make the local economy more resilient and to reinforce the regional identity.

So it's just a kind of currency that is only used in those 80 regions and not applicable to other regions.
If it is only used to strengthen the region and create a macroeconomy, wouldn't that just override the use of their national currency or they could exchange it for the official national currency. Quite confusing with "local currency".

Quote from: hatshepsut93 on July 17, 2023, 07:05:54 PM

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.

In my country Indonesia the currency remains the national currency and anything other than that is illegal and would be against the law.
They may be able to control the currency, maintain its value and keep it pegged to the value of the national currency so it will remain stable.

But when it comes to using Bitcoin, it will be a different thing.
We know that bitcoin fluctuations are very fast and are influenced globally, creating great volatility.
The use of Bitcoin is not just a currency for exchange, but also thinking about regulation and its impact on their economy.

n0ne

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Just with the increasing usage of bitcoin we can't be sure that the local currencies can be kept away from its regular usage. In a country like El Salvador we can think of such scenario. In rest of the countries more changes need to take place along with adoption. Bitcoin is universal and the local currencies were for the usage within limits. It is the government to decide whether those currencies are essential or not. France is a traditionally connected country, maybe for that reason to give importance to everyone thos might be followed.

ultrloa

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Quote from: Becassine on July 17, 2023, 04:28:09 PM

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

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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.

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.

uneng

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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.

hatshepsut93

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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.

Becassine

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Quote from: Oilacris on July 17, 2023, 06:43:04 PM

Quote from: Becassine on July 17, 2023, 04:28:09 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

I wont really like to broke up your optimism towards Bitcoin on being a replacement with fiat ( Huh

?), even lets just say or focusing on a single point on the main reason
then it is really just that simply that the government wont really be liking for it to be that to happen. There's no way that they would really be letting a decentralized things to take over.
Come in mind that having their own local currency would really be giving out that control and power on which it could really be able to go against with other fiat on other nations as well
and this is why we do really have that foreign exchange thing in between different local currencies.

Bitcoin or crypto would really be just an add up, never ever make yourself that too hopeful that it would really be replacing fiat soon because it cant really be that possible no matter what.
Well, no one knows on what future looks like but basing up on the situation and thing you are saying then it is really that impossible i should say.Better to focus out on what
industry or what place it would be mostly effective and relevant.

To be completely honest, I don't understand anything you write. French-style local currencies are not Fiat currencies. They are legal, but can only be used locally. But I don't understand that they exist, since as an alternative for a peer-to-peer payment (if that's the issue), there is bitcoin.

The question is: why legalize these monkey currencies???

Oilacris

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Quote from: Becassine on July 17, 2023, 04:28:09 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

I wont really like to broke up your optimism towards Bitcoin on being a replacement with fiat, even lets just say or focusing on a single point on the main reason
then it is really just that simply that the government wont really be liking for it to be that to happen. There's no way that they would really be letting a decentralized things to take over.
Come in mind that having their own local currency would really be giving out that control and power on which it could really be able to go against with other fiat on other nations as well
and this is why we do really have that foreign exchange thing in between different local currencies.

Bitcoin or crypto would really be just an add up, never ever make yourself that too hopeful that it would really be replacing fiat soon because it cant really be that possible no matter what.
Well, no one knows on what future looks like but basing up on the situation and thing you are saying then it is really that impossible i should say.Better to focus out on what
industry or what place it would be mostly effective and relevant.

SmartGold01

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Something very confusing here, a local currency they said?
Immediately I saw the title in my thoughts I was having this feeling to be a fiat because what i understood by local currency is their native currency that is generally used by that country without extension to other neighboring country which if one wanna ship or export goods they must need such local currency to be able to acquire goods from that country. And this is my first time of hearing about this.

Becassine

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Quote from: Upgrade00 on July 17, 2023, 04:49:50 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.

Quote from: Becassine on July 17, 2023, 04:28:09 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 is not a fiat currency and is not competing with them. People can have their local currencies within their communities and still use their general currency which is EUR in France.
This does not limit the utilities of Bitcoin.

Local currencies are not fiat currencies either.

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Une monnaie locale ne peut être utilisée que sur un territoire restreint : ville, région, et ne concerne qu’un éventail réduit de biens et services. Elle est mise en place par une association qui en assure la gestion avec l'aide d'un établissement financier. On ne peut payer avec la monnaie locale que certaines marchandises.

=> 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.

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A local currency can be used to pay for everyday purchases in the context of local trade, the sale of local products.

The local currency is generally used to develop the local economy by promoting local trade and production. For example, it is not possible to use local currency in a supermarket or hypermarket. The local currency can also be used to develop solidarity projects.

It is not possible to deposit local currency in a bank account.

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.

While some parts of the globe are seeing merchants and individuals using bitcoin lightning and developing their use (such as in Pickn'Pay African supermarkets), we are at useless local currencies...

https://www.economie.gouv.fr/particuliers/monnaie-locale#

Ultegra134

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Quote from: Upgrade00 on July 17, 2023, 04:49:50 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.

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.

Upgrade00

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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.

Quote from: Becassine on July 17, 2023, 04:28:09 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 is not a fiat currency and is not competing with them. People can have their local currencies within their communities and still use their general currency which is EUR in France.
This does not limit the utilities of Bitcoin.

Becassine

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Quote from: The Cryptovator on July 17, 2023, 04:36:34 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 will try to find other resources about our local currencies then Wink

The Cryptovator

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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.

Becassine

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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

Topic: Why local currencies when there is bitcoin ? - page 4. (Read 430 times)