MyCurrency seeks to let every single individual on Earth make money, literally. Each person can issue their own currency, and use it in commercial exchanges.
No longer will lack of cash be a limit on someone’s ability to procure what they need. Now they can directly barter a representation of their goods/services, in the form of a personal currency, for what others provide.
This is direct peer-to-peer commerce not dependent on the availability of cash in people’s bank accounts, but with some of the benefits of cash transactions: both parties to the exchange receive a liquid token that can be conveniently stored for later use, and/or traded with others.
Of course, personal currencies do not have anywhere close to the wide acceptance and reliability of ordinary cash. The dollar will still be king. But there are situations where lack of cash makes a trade that would otherwise be beneficial for both parties, impossible.
Barter can sometimes facilitate a transaction in such situations, but barter is a primitive and cumbersome form of trade, that has too many shortcomings relative to money to be widely utilized.
Personal micro-currencies change all of that: they are barter but with the convenience provided by monetization. A monetary representation of a business’ merchandise is far more valuable to someone who is not in immediate need of that merchandise than some item that they receive in a barter trade.
Unlike an item received in barter, a micro-currency is easy to store for later use, and can be spent on any of the mechandise in the store, giving the holder far more options. With the MyCurrency app, the micro-currency can also be traded for other micro-currencies issued by other stores, so even if the store that issued you currency doesn’t have any thing you need, you may be able to trade their currency for a currency from a store that does.
MyCurrency allows you to:
- Create your own currencies and issue as many units as you want. The only fee MyCurrency charges is a 5% charge on all issuances, paid in the currency issued. You never have to spend dollars, euros or any other national currency to use the app. Your own currency is payment enough.
- Create stores for your currencies
- Create products and set prices, denominated in your own currency, for them. Anyone with your currency can spend them to purchase products at the stores associated with that currency
- Make an Offer to another user to trade any number of your currencies for theirs. You can also trade away currencies that you receive from others, so even if a business doesn’t provide any services you demand, their currency could still be of value to you, as an item of trade that allows you to acquire the currencies that you do demand.
- Post a link to a Craigslist posting advertising your currencies, stores or products on the MyCurrency app. Once MyCurrency has automatically validated that the title you provided for the link matches the title of the Craigslist post, the link will become viewable to all MyCurrency users, potentially helping you find interested traders.
The vision for MyCurrency is a world where people’s prosperity reaches the limits of the goods/services they are able to produce. If there is something of value that they can provide others, and others are able to provide value as well, they can always do a trade and gain from producing that good or service, even if none of the parties want or are able to spend dollars or euros.
Trade limited to only dollars, euros and other national currencies creates artificial scarcity that precludes an enormous amount of valuable trade that would otherwise happen. MyCurrency hopes to change that, and enable communities to reach the full potential of their prosperity.
Founder & CEO