A currency has two key features:

Summary

The web content discusses the characteristics of a functional currency, contrasting Bitcoin and Faircoin, and outlines the benefits of local currencies like the eco, while emphasizing the importance of currency circulation over hoarding.

Abstract

The article outlines the essential features of a successful currency, which include being a store of value and a medium of exchange. It criticizes Bitcoin for its volatility and limited acceptance, suggesting that it fails to fulfill these criteria. In contrast, Faircoin is presented as a digital currency that attempts to address Bitcoin's shortcomings. The text also explores the historical practice of currency manipulation by medieval kings to prevent hoarding and encourages the circulation of currency within the economy. The eco, a local currency in Barcelona, is highlighted for its non-accumulative nature, its link to the euro without direct convertibility, and its operation outside the control of a Central Bank. The article suggests that the success of a currency is contingent upon its active use rather than being hoarded. It also touches upon the idea of local currencies serving as a parallel system to mainstream currency, using the Wir in Switzerland and a proposed local currency for a market town as examples. The concept of paying more than the asking price, as seen on Bandcamp, is offered as a voluntary community support mechanism. Lastly, the article references the book "Sacred Economics" as a valuable resource for understanding currencies.

Opinions

Bitcoin is deemed ineffective as a currency due to its volatility and lack of widespread acceptance.
Faircoin is seen as an improvement over Bitcoin, addressing some of its problems.
The practice of medieval kings devaluing and reissuing currency is viewed as a method to discourage hoarding and encourage the circulation of money.
A currency that is hoarded is considered ineffective, as it fails to circulate within the economy.
The eco currency is praised for not creating debt, being created as needed, and self-cancelling.
The eco's link to the euro and its non-convertible nature are presented as positive features, along with its decentralized transaction recording.
The idea of paying more than the asking price, as seen on Bandcamp, is seen as a positive community behavior.
The proposal for a local currency in a market town suggests that businesses would act as the central bank by accepting and distributing the currency.
The Wir in Switzerland is cited as a successful example of a local currency.
"Sacred Economics" is recommended as an excellent source for understanding the nature and function of currencies.

A currency has two key features:

a store of value
a medium of exchange

Bitcoin, for example, fails on both. Speculators have created volatility in bitcoin. It lacks utility, as hard pressed to find anywhere that accepts bitcoin.

Faircoin addresses some of the problems of bitcoin.

Medieval kings withdrew the currency, then reissued. You got less. This was a powerful incentive not to hoard.

A currency that is hoarded, is of little use, it is not a functioning currency. We need a currency to be circulating within the economy. An idle currency is of no use to anyone.

The eco has the advantage is does not accumulate. It is created as and when needed, and cancels itself out, thus no debt creation.

It is linked to the euro, non-convertible. Payment can be made in either currency. It is a parallel currency to the euro, but not controlled by a Central Bank. A central ledger records all transactions. Ideally this would be decentralised to the blockchain.

You are always free to pay more, if that is what you wish. On bandcamp, people often pay more than the asking price.

I considered establishing a local currency for a small market town. Who or what to act as the central bank, from where to exchange the currency? I then realised that this was not a problem. Each business that joins, has local currency given. They then give in change, recipient decides whether or not to accept. Could be an addition to wages as a bonus. Each businesses, has to accept the currency. It would be non-convertible. This is how the Wir functions in Switzerland.

You are correct, search on Google, and nothing to be found on eco.

You will have to visit Barcelona to see it in action.

I will post a video on cooperatives, which mentions how it functions.

Sacred Economics is an excellent source on currencies, what they are, how they function.