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Author Topic: 2012-07-26 - Open-source currencies on rise in Greece  (Read 717 times)
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July 26, 2012, 10:37:01 PM

In the shadow of the Euro Crisis, the people of the Greek city of Volos are taking their monetary future into their own hands.
Theodoros Mavridis and other Euro-strapped Greeks have founded a local currency system called TEM, an acronym for ‘Local Alternative Unit’ in Greek.

Although Bitcoin isn't mentioned by name but only linked to, it really looks like the Greeks are looking for alternative money and Bitcoin could be a great fit.

The link to Bitcoin is in the following paragraph:

As it stands, TEM is still a complement to the formal economy and not a replacement. Unlike other alternate currency projects, TEM credits don’t quite qualify as true money. They’re of limited use for saving because of the upward limit on balances and the system also lacks a way to lend at interest.
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July 26, 2012, 11:42:30 PM

Local currencies such as TEM can work very well with Bitcoin. All it takes is for someone in the local community to set up a Bitcoin / TEM exchange based on the relative market price of both currencies.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards.
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