The Basics of the Iredell-LETS Banking System
Iredell-LETS is a trading network supported by its own internal currency (BAT$). It is self-regulating and allows its users to manage their account balance within the boundaries of the network. The currency only exists as numbers in accounts, moving from account to account. The recording of these transactions is done using computers. This is very much like having a conventional check book account.
Each member holds and account in a "central office" where transactions are recorded and monthly statements sent. Trading can be done "online OR with paper checks and multilist transaction sheets". All accounts begin at zero. For one account to move up, another account must move down. So at any one time approximately half the members will have positive balances and the other half negative.
Do I need to SELL somthing before I can BUY something?
NO! You can buy something with your first trade. If you wait to earn before you spend, you could find it slower to start trading. If everybody had to wait to earn before they could spend, nobody would get started! Negative balances are an essential feature of the LETS banking system.
Back To FAQ's
