Cryptocurrency has come a long way since 2009, being recognized as a reliable alternative to fiat currencies. Today, you can use Crypto like Bitcoin or Tether to pay for online purchases or even buy real estate.
However, most of these digital coins are so costly that some people can only own them when they’re free, using sites like RollerCoin. In this article, you’ll discover alternative currencies you can use as a means of exchange apart from cryptocurrency.
5 Alternatives for Cryptocurrency
Before the inception of crypto (and after it), there were numerous fiat currency alternatives in existence. Although they didn’t achieve the popularity of Bitcoin, you can still use them today. Below are five cryptocurrency alternatives.
1. Bristol Pound
This currency is a local British community’s solution to internet shopping and other dangers caused by the solution. According to the Bristol Pound CIC (the non-profit that runs the currency), Sterling isn’t loyal. So, rather than relying on the Pound Sterling that gets lost in global financial systems, they can depend on Bristol.
This way, money keeps circulating in the community, improving the lives of the natives. In the United Kingdom, the Bristol Pound can pay council tax, purchase coffee, get on the train, and serve other purposes.
2. Starbucks Stars
These are the traditional assets of the Starbucks supply chain. Customers accumulate Stars when they purchase selected products from Starbucks. With a significant amount of Stars, you can purchase other products from this supply chain.
Starbucks Stars are only accepted at Starbucks shops, so their purpose is mainly to encourage purchases from this retailer. Since its inception, the use of Stars has become so popular that many customers use the Starbucks Stars app for purchases.
3. Ithaca HOURS
Before the rise of crypto investments, Ithaca HOURS was one of the most hyped investments in the US. Paul Glover launched this currency in 1991, and it has stood as one of the oldest alternative currencies in the US.
An HOUR goes for $10, the average hourly pay in the college town of Ithaca when this currency was launched. The HOUR, like the Bristol Pound, was created to protect local interests and keep money in the local economy. Glover aggressively promoted this currency to also avoid the social and economic costs that come with a global financial system.
4. Linden Dollars
Not all alternative currencies were originally developed for use in physical businesses. The Linden Dollars were developed for use in Second Life, a popular virtual world.
However, the Second Life online community grew so much that players could sell their in-game items for real money. After a while, players could also exchange Linden Dollars for real dollars. In 2007, a few Second Life players operated real businesses using Linden Dollars.
5. BerkShares
This is another currency that’s restricted to a particular location. If you’re not in Berkshire, Massachusetts, you won’t be able to spend your BerkShares.
However, whenever you’re in town, you can spend this currency at more than 400 businesses. Some banks also exchange 100 BerkShares for 95 US dollars. That’s why most people prefer to spend their BerkShares, which goes for $1 at any business where it’s accepted.
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Conclusion
Despite the notoriety of cryptocurrency, there are other currencies that you can use in its place. While most of them are restricted to certain locations, there’s no denying their use as a means of exchange.
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