The New Currency – Bartering Goes Modern
The U.S. dollar hasn’t always been the U.S dollar. For most of America’s toddler years, states, towns, and, sometimes, individual banks printed their own currency. Even with when the Coinage Act of 1792 was passed by Congress, it did not create a unified paper currency. However, a national currency was created when Lincoln’s Secretary of the Treasury, Salmon Chase, was asked to find finances for the Civil War. He established a national banking system and created the “greenbacks.” These greenbacks (first printed in 1861) formed the basis for today’s paper currency.
In recent years we’ve experienced an economic downturn, causing businesses to find creative ways to cut costs and cover finances. From a “bartering goes modern” idea, a new currency has been born in the U.S.
What is this new currency? It’s BizX Dollars. This unique bartering system, created by BizXchange, is a community of businesses which buy and sell among each other. Unlike a typical barter system where two parties have to accept each other’s services directly, this is a robust platform of over 200 businesses. Members earn currency by doing jobs for other members and then spend their currency for their own business needs.
For example, you own a restaurant and you need to print $5K worth of menus. In most cases, you give a check to a printer and your bank account is depleted. As a member of BizXchange, you can now use BizX Dollars. These aren’t free dollars. They do cost you something in trade, such as $5K worth of BizX members eating at your restaurant. How does this save you money? Evaluate your real cost on $5K worth of dinners. If it’s 75 percent, you are now paying for your BizX Dollars at 75 cents on the dollar and getting new customers you wouldn’t have had otherwise.
Beyond attracting new customers and allowing businesses to retain their U.S. currency, BizXchange also helps local businesses. How? Listen to the podcast below to find out.
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