At the moment, humanity is wrapped in fear because of the virus, COVID-19. Lockdowns on major cities around the world will be leaving a lot of workers without an income from anywhere from a couple of weeks to a number of months. The poorest are the ones affected the most by this since they tend to run out of national-currency/money quickly and already have limited income before the work stoppage, making it much more difficult for them to afford necessities when their employers cease operations.

With what micro-currency wants to eventually accomplish, the economic effects of a pandemic would be reduced. Citizens would be able to comply with lockdowns and quarantines with less of a fear of being without an ability to purchase what they need during that duration. One side benefit of this is that there would be less resistance to the government that’s implementing it, making efforts to contain pandemics more effective. 

How could digital micro-currencies help that happen? Barter could make a comeback in times when a shock to the economy causes the supply chain to break down. For example, a person under lockdown could exchange a bottle of homemade rubbing alcohol, used for disinfecting surfaces – and currently out of stock as people panic buy – for a chicken that the person’s neighbour raises in their backyard. People may be left with no options except extreme measures like this to procure what they need when the economy as they know it breaks down. 

With micro-currencies, if you can provide something of value to the locked down economy – whether it’s DIY facemasks, grocery delivery services or prepared foods delivered to customer homes, you can exchange currencies redeemable in your businesses’ product/service for basic necessities. 

With this sort of micro-currency powered barter, everyone can focus on taking care of themselves and helping others, by being productive and providing the rest of society with the goods/services they need, instead of stressing out about their cash depleting daily. w

The disruption caused to businesses by national lockdowns puts severe strain on household incomes. Barter and its evolution, micro-currencies, could give the economy a lifeline.