The basis of the social currency discussed here is agreeing to use something other than legal means of payment (e.g. national money) as a medium of exchange, to combine needs with resources that could not be met in another way1. Complementary currencies function on many levels and are created for many needs. Consider, for example, what happened to the flyer miles issued by airlines around the world.
To date, five major airline associations have spent over 14 billion miles, which is more than the total sum of bills in dollars and Euros 2. You can earn them without having to board the aircraft (e.g. using special credit cards) and pay with them not only for air travel but also for renting a car, long-distance phone calls and an ever wider range of products and services. Two-thirds of all British Airways miles are cashed for purchases other than airline tickets.
What is social currency?
Creating social property
In short, bitcoin price airline miles have become corporate units of the complementary currency with a special commercial purpose (customer loyalty). They mobilize the unused resources of empty seats on the plane to achieve the goal.
Many other local currencies have a purely social purpose. One Japanese example is suitable for medical care. The Japanese are the fastest aging population in the world. There are currently over 1.8 million people in need of daily care. It is estimated that the number of people requiring constant assistance in daily activities will double over the next decade. At the same time, the younger generation is more likely to move out of family homes than in previous generations.