Because there will be redditors and guests from around the world visiting Reddit Island consideration for currency usage is an absolute must. Post your thoughts, ideas, opinions, etc about the best way to address this here.
Local Currency[edit | edit source]
Local currency will need to be kept in reserve for whatever nation the island is purchased from. This will aid in local transactions for supplies and building materials as well as aid potential tourists. Therefore some credits/money from the island. and possibly the money where the island came from (If we consider the islands that might be possibly bought, the US Dollar (Works for Panama), The Brazilian real, the Canadian dollar and the Philippine peso
There should be some consideration for creating a local currency based on a system like Ithaca Hours so people can donate both time and money to the ongoing operation of the island. Those redditors who are cash poor but time rich can devote labor and still receive fair consideration for use of the island. The same holds true for those who are cash rich but time constrained. We could even think about the idea of conducting the majority of local transactions in a local currency. Those who leave the island with local currency still in hand can leave it in a time expiring trust. If they return within a set amount of time it is available for use otherwise it returns to the island for the betterment of the island.
Currency Exchange[edit | edit source]
How will we address the issue of changing money for guests to the island? Do we have a set list of currencies we should accept universally across the island or should we peg it to the local currency?