Bitcoin Forum

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

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  ;)

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.

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.

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.

Local currencies are not fiat currencies either.


=> 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 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#

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.

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.

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???

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.

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.

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.

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.

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".

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.

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.

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.

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!


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! ;D

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.

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

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.

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.


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.


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?

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.

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.

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.

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.

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


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


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.

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.
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.

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?

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.

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.

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.

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)

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.

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?

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.

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 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.  ::)

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.

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.

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.

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.

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.

Exactly, the world should switch over to crypto economies and forget about Fiat money and local currencies.

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.

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 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.

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.

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?

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.

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.

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.

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

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

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.

For me, who am in another country where things work completely different and people have another traditions and cultures, it's hard to say why people there still embrace regional currencies, but it must have a special meaning for them, otherwise they would have already abandoned it a long time ago, right? Or do you think people in your region are forced to use those local currencies by some kind of regional ruler or oligarch?

Why do you think nobody sees any point in using these currencies?

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.

Honestly, although there have been decent advancements in the past few years regarding Bitcoin, I doubt that it will ever reach that level. It's not that of a versatile cryptocurrency; high transaction fees and delays are often caused by network congestion, which renders Bitcoin not as efficient as it should be to function as a daily currency. Moreover, I don't believe that this was Bitcoin's intended purpose. On top of that, the majority of us also perceive Bitcoin as an asset; thus, we wouldn't use it like we'd use fiat. On the other hand, it's very possible to see other cryptocurrencies being used on a daily basis that offer faster and anonymous transactions.

Hmm, I don't know about local currency actually been fully associated to fiat currency but  with what the OP is trying to explain am pretty sure a country can't actually have about 80  fiat currency that are fully operational and used by the citizens of that particular region.

But if the users is actually trying to talk about fiat currency then am pretty sure every crypto enthusiast has same opinion on the inflationary nature of this fiat currency overtime.

The merits of having a local currency is the convenience and show of power against other countries. It's also a standard that determines whether a country's economy is good enough, which will drive investors and companies to put in money for businesses and enterprises within that country. Many people see fiat as "toilet paper money" since we've been dealing with bitcoin for a while now and while the latter is superior, you can't say that fiat doesn't have its own merits. This only applies to countries with national currencies though so as for France who has 80, I don't know what the fuck is going on with them lol but if I had to guess it's just the old system clinging to life and relevance since they are getting curbstomped by other more powerful currencies.

Why would anyone want to be part of something that is global if they are doing fine though? There are rich nations, and there are poor nations, if we you make every single nation on the world use bitcoin, then the poor will be using what the rich does. Sure prices will still be different, what is 1 bitcoin here, will be 0.01 there, and that's understandable but at the end of the day macro economy will be the same and there is no need for that. Powerful nations makes sure that their money is stronger than others money so that they keep being in power. Thats one of the ways to provide proof they are the bigger and better nation, another would be military as well.

Yes, some people don't see bitcoin as an investment, and they are using it as a currency, I was wrong to rush to conclude it's just an investment.  but the number of people using it as a currency is few, if not scarce.
Do you have any evidence that bitcoin is benefiting a country's economy, let alone the impact of the world economy?  not even Satoshi mentioned that bitcoin has a mission or ability to fix the economy.

Proof I don't know, but when big brands start accepting bitcoin, something is changing. We could cite Pick n Pay (https://cointelegraph.com/news/retail-giant-pick-n-pay-to-accept-bitcoin-in-1-628-stores-across-south-africa) in Africa or even McDonald's, without forgetting luxury brands.

Even the famous brand in New-York Jacob and Co (watches) created a luxury bitcoin watch (https://www.cointribune.com/jacob-and-co-montre-astronomia-solar-bitcoin/)

There is freedom of choice, whatever choice individuals make is their own decision, when it comes to Bitcoin I must tell you practically that, so many people do not have good knowledge about Bitcoin, despite seeing the advertisement on social media, some of them are still afraid to invest in it or use it.

No one will like to invest their money in what they don't know, such people will continue to use the local currency which is the fiat irrespective of the inflation that may have befallen their country, yes we know that life is a risk, but does that mean people should do what they are not conversant with.

No doubt, Bitcoin has advertised itself, but the fact is that some people are still not aware of the innovations and how the system works, I believe that there are people who love this great decentralized system innovation but lack the knowledge to operate with it.

When you made mentioned of local currency we are referring for traditional currency and that traditional currency is fiat currency, so I know quite well that cryptocurrency which we made mentioned of is a digital currency and it have a limit of what bitcoin can be use to import and export depending on the deals between the importer or exporters with the companies,  some countries accept bitcoin for buying of goods and services and some countries don't accept bitcoin because it's not widely accepted as currency in that country,

As I explained, these french local currencies are not fiat currencies. You can't put them on a bank account and you can't use them outside a specific city or several cities.

Exactly what I thought!

And this being a cryptocurrency group/forum which is the closest thing to fiat...whenever someone talks about local currency then automatically what clicks to anybody is the person is talking about fiat!

So for me seeing that France 🇫🇷 has over 80 local currencies has really caught me off guard and definition  given about the local currencies doesn't ring a bell either. Though the picture I had for having this many local currencies could have been attributed by the many tourists that come here and possibly illegal immigrants that create their own black markets to keep trading,  but with this I don't know now  ::)

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.

Local currency?, do you mean a country's local currency or each town or state having its own currency?, Yes there are benefits of having local currency since you aren't only limited to bitcoin.
Local currency payment is instant-
For example, you're paying at a restaurant where you need instant payment rather than waiting for Bitcoin transfer (which can take up to an hour sometimes if you are unlucky)


Local currencies are fast in transaction compared to Bitcoin so I'm sure there are reasons people prefer both Bitcoin and local currencies (Look at a common example i presented above)

Bitcoin on-chain transactions require times in average 10 minutes to get a first confirmation. Sometimes it is faster than 10 minutes, sometimes is much longer like 30 hours or 1 hour or longer if you use too low fee rate.

If needing a faster confirmation, use higher fee rate or consider to use off chain with Lightning network. The adoption of Lightning network is less than Bitcoin on-chain transactions but it is still an option.

Bitcoin on-chain, Bitcoin on Lightning network, local currency and bank transfer, I think we need them all.

That's the first time I am hearing about this. How can there be 80 different local currencies? Aren't people using the Euro anymore? It sounds a bit crazy for a country to have so many different type of currencies. In case there are fixed exchange rates between the Euro and the local currencies I wouldn't give too much weight for them, but if they are all trading freely and are being used in large scales it's an interesting phenomen. For small local communities it might work out to use their own currencies, however if you are traveling to the other side of France you will likely struggle to use your money. Bitcoin could be a great alternative for these communities that want to be independent from the Euro and have control over their own money. As long as France is not baning the use of crypto currencies there shouldn't be any problem for people to switch. The only problem could be if a large fraction of elderly people are using these local currencies, it might be hard for them to get used to bitcoins.

When you say they have 80 types of local currencies, so that means like having different currencies for each state or what? Isn't that a waste of time and stressful? It's not really making any sense to me, there should be just one currency in every country and that's how it's been. And as far as I know, French makes use of euro right?

Bitcoin adoption is still at an experimental level, so it is difficult to say whether it will benefit the national or world economy. Furthermore, when bitcoin is only used as a speculative asset (what's going on) it can't really generate any national interest. We need more time for bitcoin adoption to become more popular, more people to adopt it in real life, then we will see how impactful it is. It is too early to say that bitcoin is benefiting and improving the world economy, but it is also impossible to conclude that it will never bring any benefit.

I’ve never heard of multiple local currencies for one country. Even if you search for the definition of local currency it says that it’s the most commonly used currency in a country. I’m aware that they’re talking about fiat and that you’re not hence I’m confused as to what does local currencies actually mean. Nevertheless, fiat or not I think they can function a little differently than btc. Especially in countries where btc isn’t widely used yet, it’ll be hard for you to make use of btc for transactions within that country.

It's not a waste, it might make the states be more united, is like having something that's just unique to only those in that state. I could see how this will work and it might be more better than having one centralized fiats as we do in most part of the world using one currency.

Just because that's how something has been doesn't mean we shouldn't change it or try to make it better and that's why Bitcoin was invented to change the way we see money. Before Bitcoin was invented everyone sees money been controlled by the government.

Bitcoin is yet to be accepted in France but the 80 local currency are accepted since they're also fiats and can be controlled by the government of the states where the local currency are operating, maybe they won't be needed when Bitcoin gets full adoption in France.

No data yet showing that it help improve the economy since country like El Salvador seems struggling since bitcoin is really unpredictable in terms of its movement. But once they experience all scenarios for sure that country can see some change on its financial system or maybe the economy might get a good boost if there's good events will occur in the market. For now lets see how their adoption go and if they fail or succeed with this action they do.

El Salvador are doing like investing in Bitcoin and it can help they increase value of their national treasury. If they succeed, it is helpful for their national treasury but not for their financial system.

Their financial system only can be improved if they change its structure and operation. Bitcoin can not change El Salvador financial system if it is only one of assets in their national treasury.

Their nation can be richer if they succeed with Bitcoin investment but their finance will be the same if no structural things have been changed.