The Greek financial crisis over 2015 has taught the entire world a valuable lesson, in the form of how quickly the economy can go from bad to worse. It comes as no surprise to find out residents have been looking for alternative financial solutions ever since, and digital barter seems to be a new preferred option. The growing demand for barter trades could eventually lead to a cashless Greece, and even pave the way for Bitcoin.
Also read: Dragon’s Tale – Kick the Bench and Find some Coins Capital Controls Lead to Barter Trading
The concept of barter trades is nothing new under the sun, as humans have been using that particular system until money in its current form became widely adopted. Trading one item for something else is a great way of estimating value, and for the people living in Greece, the best way to bypass strict capital controls imposed by the government and central bank.
TradeNow is one of the most commonly used barter networks in the country, where users rack up “TradePoints”. For example, people can exchange their old electronics for Tradepoints, rather than taking credit or cash for the transaction. Although this concept seems strange in a society where paper bills and coins have become the norm, there is a huge market for such barter operations.
Despite the Greek economy still being rebuilt as we speak, and capital controls being eased up on, there seems to be less demand for cash and credit payments. But at the same time, it is important to note the Greek economy is not out of the woods yet, as they are still dealing with a bailout impasse right now.
Using barter as an alternative economic model is an interesting, yet not entirely surprising choice. In this day and age, […]
