Alternative currency is a term that refers to any currency used as an alternative to the dominant national or multinational currency systems (usually referred to as national or fiat money). Alternative currencies can be created by an individual, corporation, or organization, they can be created by national, state, or local governments, or they can arise naturally as people begin to use a certain commodity as a currency. Mutual credit is a form of alternative currency, and thus any form of lending that does not go through the banking system can be considered a form of alternative currency. When used in combination with or when designed to work in combination with national or multinational fiat currencies they can be referred to as complementary currency. Most complementary currencies are also local currencies and are limited to a certain region. Barters are another type of alternative currency. These are actually exchange systems, which only trade items; thus without the use of any currency whatsoever. Finally, LETS is a special form of barter which trades points for items. One point stands for one man-hour of work. Often there are issues related to paying tax. Some alternative currencies are considered tax-exempt, but most of them are fully taxed as if they were national currency, with the caveat that the tax must be paid in the national currency. The legality and tax-status of alternative currencies varies widely from country to country; some systems in use in some countries would be illegal in others. List of alternative currencies Barter clubs or corporate barter organizations are an example of alternative currency systems. BerkShares Bitcoin Bristol Pound Brownie points Calgary Dollars Community Exchange System (CES) global exchange network Detroit Community Scrip Fourth Corner Exchange Ithaca Hours, Ithaca, NY Kelantanese dinar (gold) and dirham (silver) in Malaysia Local Exchange Trading Systems (LETS), an example of mutual credit, is a type of local currency used in a number of small communities worldwide. Liberty Dollar is a private currency backed by silver, designed to be a nationwide alternative currency in the United States. Ripple monetary system Stroud Pound Time Dollar is a state-sponsored alternative currency in the U.S, designed to encourage the independence and productivity of welfare recipients. Toronto Dollar is another example of a backed local currency. Tumin: alternate currency used in the Espino municipality of the Mexican state of Veracruz. One Tumin has the same value as 1 Mexican peso. To use Tumin, an entrepreneur of the municipality must join the Tumin network. Upon doing so, that person is given 500 Tumin, which can only be used in shops that belong to the network. Valun system proposed by E.C. Riegel Ven is a social currency used in Hub Culture, a private social network that operates a network of Pavilions which accept the currency for products and services. Ven is traded among members and is one of the most advanced alternative currencies in existence, with live market pricing derived from a basket of commodities and currencies that make up the value of Ven.[1] WIR Bank – One of the oldest and most successful complementary currencies, founded in 1934, oriented towards small and mid-sized corporations, with 62,000 members. ...................................................................... The Rise and Fall of Bitcoin Related articles Is Bitcoin the New Safe-Haven Currency? Bitcoins Surge After Cyprus Bank Raid (activistpost) Could Digital Currency Bitcoin Set Online Poker Free? (pokerlistings) Finnish software firm offers to pay part of staff’s salary in virtual Bitcoin currency (thenextweb) Suddenly, Everyone’s Talking About Bitcoin… (businessinsider) Welcome to the Bitcoin revolution, there’s no going back now (pandodaily) Meanwhile In Electronic Currency Land, Or Bitcoin 1 – 0 ECB (zerohedge) Suddenly, Everyone’s Talking About Bitcoin… (embargozone) This Chart Of Bitcoins Is Bananas, And It Looks A Lot Like The Price Of Gold (businessinsider) Why cyber currency bitcoin is trading at an all-time high (money.cnn)
Posted on: Fri, 28 Jun 2013 08:19:03 +0000
Trending Topics
Recently Viewed Topics
© 2015