Time Banking, Explained
What is time banking? Time banking is a form of money, but the currency units are not banknotes, cheques, or, say, bitcoins; they’re hours. Yes, you read that right - actual hours. The concept of time banking originally appeared in 19th century England. Unlike modern fiat currencies that aren’t really backed by anything, the currency units in time banking have to be backed by some kind of work performed by a person or a group of people. For example, a cleaner works for an hour using a time banking system. It means they receive a one-hour time credit from the person they’ve done the work....
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