Why local currencies when there is bitcoin ?

[Gallar]

~Snip
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.

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.

[urbanmerchant]

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

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.

[Sim_card]

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.

[michellee]

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.

[Fiatless]

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.

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.

[knowngunman]

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.

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?

[BALIK]

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.

[Outhue]

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.

[BenCodie]

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.

[Becassine]

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.

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

[kryptqnick]

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.

[Texac]

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.

[Becassine]

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.

[uneng]

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.

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?

[Blitzboy]

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.

[Ultegra134]

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.

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.

[Mr.suevie]

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.

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.

[panganib999]

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.

[Captain Corporate]

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.

[Texac]

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.

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.