In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area. Complementary currency – is used as a complement to a national currency, which country is the currency of Ripple? a medium of exchange, which is usually not legal tender.
Community currency – a complementary currency used by a group with a common bond, such as residents of a locality, association, or members of a business or online community. Local currency – a complementary currency used in a locality. Regional currency – a local currency where the locality is a larger region. Auxiliary currency, microcurrency, Eco-Money – less common synonyms for community or local currency. Private currency – a currency issued by an individual, business or non-governmental organization. Complementary currencies are a type of private currency.
Sectoral currency – a complementary currency used within one economic sector, such as education or health care. The Wörgl experiment illustrates some of the common characteristics and major benefits of local currencies. Local currencies with negative interest rate or demurrage tend to circulate much more rapidly than national currencies. The same amount of currency in circulation is employed more times and results in far greater overall economic activity. It produces greater benefit per unit. Local currencies enable the community to more fully utilize its existing productive resources, especially unemployed labor, which has a catalytic effect on the rest of the local economy.
They are based on the premise that the community is not fully utilizing its productive capacities, because of a lack of local purchasing power. The alternative currency is utilized to increase demand, resulting in a greater exploitation of productive resources. Since local currencies are only accepted within the community, their usage encourages the purchase of locally produced and locally-available goods and services. Thus, for any level of economic activity, more of the benefit accrues to the local community and less drains out to other parts of the country or the world.
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For instance, construction work undertaken with local currencies employs local labor and utilizes as far as possible local materials. Some forms of complementary currency can promote fuller utilization of resources over a much wider geographic area and help bridge the barriers imposed by distance. The Fureai kippu system in Japan issues credits in exchange for assistance to senior citizens. Family members living far from their parents can earn credits by offering assistance to the elderly in their local community.
While most of these currencies are restricted to a small geographic area or a country, through the Internet electronic forms of complementary currency can be used to stimulate transactions on a global basis. In China, Tencent’s QQ coins are a virtual form of currency that has gained wide circulation. Local currencies and the Transition Towns movement in the UK have been criticized for failing to address the needs of the wider population, especially lower socio-economic groups. Transition currency based on the local currencies used by the Transition Towns movement in the UK. Salt Spring Dollars are a community currency issued by the Salt Spring Island Monetary Foundation. The currency is used by both tourists and local residents of Salt Spring Island.
Transition currencies are payment voucher-based systems that are exchangeable with the national currency. Between 2002-2014 many experiments in local currency took this form. Such currencies aim to raise the resilience of local economies by encouraging re-localisation of buying and food production. The drive for this change has arisen from a range of community-based initiatives and social movements.
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Rewards currency based on the frequent flyer model. Consumer spends cash with participating businesses who issue rewards points in a local currency. These rewards points can be used to offset cash prices in future purchases. An example is Oakland Grown in Oakland, CA. Mutual Credit currency based on the mutual credit system. Time-based currency also known as Time Banks that use time as a measure of value.
An example is Dane County Time Bank. An example of local currency implemented as a trade exchange is Bay Bucks in the Bay Area of California, USA. Online Database of Complementary Currency Systems Worldwide”. Complementary Currencies as a Method to Improve Local Sustainable Economic Welfare”, University of Vermont, Draft, Dec. Lietaer, Bernard, The Future of Money, Century, 2002. Lewes, the proud town that is printing its own money”. Measures Aim To Tackle Problem Of Empty Shops”.
International Journal of Community Currency Research, Vol. This article’s use of external links may not follow Wikipedia’s policies or guidelines. Baroon Dollar An Australian local currency system. Regional currencies in Germany – local competition for the euro? Ithaca Hours An example of a local currency system functioning in the US. Ithaca Hours HOUR founder’s site consulting with new currencies. Bank of International Art Money A global alternative money based on currency created by artists.
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REDI-the Regional Economic Development Initiative A local currency system being developed for Colorado. From Stalwart To Skeptic, Germany Rethinks EU Role on the development of microcurrencies in Germany. If you prefer your J-pop bands to be a little bit more blockchain-y, we’ve got some great news! A new J-pop girl group from Japan is capitalizing on the recent hype surrounding bitcoin and singing about cryptocurrencies, as spotted by Quartz. The group’s name is Kasotsuka Shojo, which translates as Virtual Currency Girls.
Each one of the eight members represents a different cryptocurrency, including Bitcoin, Ethereum, Ripple, and Cardano. The women are outfitted in maid dresses and lucha libre-style masks that denote the currency they represent. 18-year-old leader Rara Naruse in a press statement. Japan passed laws last April that recognize bitcoin as legal tender, and cryptocurrency trade in the country accounts for around half of global trade volume.
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The group takes payment for concert tickets, merchandise, and other products through — what else? They’re also playing their first show on Friday in Tokyo, which has sold out. Google saves all your voice commands. Command Line delivers daily updates from the near-future.
In early December 2017 the rate of ripple is 0. If the growth is steady then it may open the market in January at 0. This increasing demand and steady supply of ripple coin makes it more valuable asset than bitcoin itself as it has potential to rise as primary cryptocurrency in future. Ripple may open the market in 2019 with rate of 1. December 2019 would be around 1. 2020 would be Golden age for cryptocurrencies and ripple coin is no exception as it will be one of leading cryptocurrency in the world with high amount of supply, Investors might look at it as a Golden hen which shouldn’t be sliced.
First quarter of 2020 ripple would be around 1. It will attract more and more investors to market to buy internet currencies. If someone invests in ripple in these 1-2 years it will turn into fortune in near future. Update-18th December 2017: the average per hour growth rate 3. 80 USD which will be highest price till date now Ripple is drop to 4th position and Bitcoin cash regain their original position but war will be continue. Update-29th December 2017: Ripple Showing good peak rate since last one week and giving tough competition to Bitcoin cash and now chasing Ethereum so right investing in XRP will be good choice. Update-21st January 2018: 15th January cryptocurrency facing crash i.
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South Korea Banning trading fake news and maximum supply of Ripple is almost over which result Ripple is showing huge dropped in price after reaching all time highest with 3. 5 USD and it also dropped in ranking shifted to 3rd position and recovery is really hard to say but it surely showing hike in price till end of February 2018. Update-9th March 2018: Many people were thinking in March 2018 that Ripple will be next Bitcoin and become highest market cap holder after response of investor in February 2018 but after XRP maximum Supply is getting over that time there is less price fluctuation and after reaches to all time highest with 3. Government Shutdown Affect cryptocurrency or not? All of your predictions are way too optimistic.
Thank you for the infro, but you will need to update the info. Happy new year and hope your predictions come true! What’s the best place to buy Ripple? I was initial holder of xrp unfortunately I sold all my holding and my btc also.
2018, what am I missing here? I’m A BIG believer in Ripple future. Is Gatehub safe, or do you suggest another site? Ya, It’s awesome But it this true I will cross 500 UD dollars. And I have some bitcoin I want Invest in Ripple if this prediction is true I can invest 500 US dollars. Is binance safe from bad guys such as hackers?
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Ripple has circulating supply of 39B and it has max supply of 100B. What will happen if all 100B are out in circulation? 4 in 2018 then it’s far enough for this coin with massive supply. Out of which tumb you sucked this, left or right? Just hodl and enjoy the ride. For more info read our disclaimer page. Does America View Its Trade Relationships as Fair?
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