4 Bitcoin-Newbies: What I have learned about BTC in 4 months. Bitcoin - P2P digital currency. Local exchange trading system. A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated to LETS or LETSystem) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and record transactions of members exchanging goods and services by using the currency of locally created LETS Credits.[1] History[edit] Michael Linton originated the term "local exchange trading system" in 1983 and for a time ran the Comox Valley LETSystems in Courtenay, British Columbia.[2] The system he designed was intended as an adjunct to the national currency, rather than a replacement for it,[3] although there are examples of individuals who have managed to replace their use of national currency through inventive usage of LETS.
Category:Community currencies. Community currency. A Community Currency is often used as synonym for complementary currency, local currency, regional currency, alternative currency, auxiliary currencies, and private currencies. The debate is not easy to solve at the moment, since the words have different meanings to different people. All are currencies that have different designs and serve different purposes than our conventional money. They depart from the notion that money is essentially a human invention and instrument to influence the relations between citizens and organizations. A solid theoretical framework legitimizes this idea and in the past hundred years a lot of experimentation and experience was picked up with realizing social goals by the implementation of community currencies.