Ithaca HOURS

What Are Ithaca HOURS?

The Ithaca HOUR is a nearby currency issued and utilized in Ithaca, NY. It is intended to support patronage of nearby businesses in Ithaca and encompassing networks and to keep that money from leaving the neighborhood economy. The value of one HOUR is pegged at $10 and is a time-based currency system where one hour of any work is equivalent to one more hour of work. There are more than $100,000 of Ithaca HOURS in circulation.

The United States government doesn't back it, and companies in Ithaca are not required to acknowledge it.

Figuring out Ithaca Hours

In 1991, Paul Glover sent off the new Ithaca currency and set the value of an HOUR at $10. This new value was the surmised average time-based compensation in Ithaca at that point. Glover trusted that the HOURS project would keep money in the neighborhood economy, and stay away from the social and economic costs which he associated with the undeniably global financial system. Glover advanced the HOURS forcefully, and toward the finish of 1991, around 20 nearby businesses had pledged to acknowledge the new currency. That number developed into the hundreds during the 1990s.

From that point forward, many U.S. networks have taken cues from Ithaca and acquainted neighborhood currencies planned with advance nearby business and limit the movement of that currency to a specific region. As a rule, the neighborhood currencies are expected to operate alongside U.S. dollars. Like social media today, these currencies benefit from the network effect, as additional individuals and businesses utilize the system, the benefits that they can determine increase.

Ithaca Hours and Online Payments

The HOURS system depended all the more fundamentally on the evangelism of its organizer, who worked full-time to instruct inhabitants and business owners of the purposes for a really long time.

The rise in electronic payment systems, plus Glover's takeoff from Ithaca, contributed to a consistent lessening in the utilization of HOURS in the mid 2000s. Efforts to restore the currency presently can't seem to grab hold. An organization known as Ithacash had endeavored to present web based neighborhood currency called "Ithaca Dollars." This currency was not issued in physical form. Ithacash operated an online marketplace where users could execute in Ithaca or U.S. dollars. Be that as it may, the project's website is at this point not operational, and its Twitter presence hasn't been refreshed starting around 2017.

Features

• One Ithaca HOUR is valued at $10 and is generally prescribed to be utilized as payment for one hour's work, albeit the rate is negotiable.
• The Ithaca HOUR is a nearby, time-based currency system laid out in Ithaca, NY, in 1991.
• The project is planned to energize nearby economic growth by keeping the currency inside the community.