It has long been my position that a real alternative to fiat money as a means of payment requires reclaiming the “credit commons,” i.e. establishing community control over credit. It is producers and sellers of real value who are the ones who are actually qualified to issue a currency into circulation. They can do so individually by using their own private voucher currencies redeemable for the goods and services they are ready, willing, and able to provide, or they can do it in cooperation with others by pooling their commitments and jointly issuing a common voucher currency. Such a currency can then circulate generally for other to use to pay one another instead of using dollars. Euros, pounds, or other government fiat currencies.
My paper titled, Invoice Factoring as the Basis for a Digital Token Currency, presented at the RAMICS Conference in Rome on November 6, 2024, describes how that can be achieved by creating a digital token currency that, unlike present-day crypto currencies, is based on, and redeemable for real goods and services. This presentation describes the structure, processes, and protocols for creating and circulating a digital voucher token currency on a continuous recurrent basis. I’ve summarized my proposal in this 12-minute video posted on YouTube.
And you can read the full paper, here.
Beyond Money 
Dear Thomas,
I am a fan, you may remember me, I contacted you a few years ago when I was working as a pilot in China.
Since then I have taken the time to study Bitcoin and its layer 2 network.
May I ask what it is about Bitcoin that you believe to be lacking? I’d be very interested to get your hot take.
Kind Regards,
Sacha Khamnei
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Hello Sacha, what is lacking in Bitcoin, and other so-called “cryptocurrencies of its ilk is a proper basis of issue and it lack of redeemability for real goods or services. Bitcoin is an artificial commodity that is created (“mined”) by solving some intricate math problem at great cost in electricity and human attention. It is similar to gold in that it is dug out of the ground and refined at great expense only to be put back into another “hole” called a “vault.” Very little of it is used as a medium of payment. Ultimately, payments are made using credit instruments that may or may not be “backed” by gold. A properly issued credit instrument needs no gold backing because it is already backed by a credible promise of the issuer to redeem it for real goods or services.
Have a look at this post: https://beyondmoney.net/bitcoin-blockchain-and-the-end-of-money-as-weve-known-it/.
Read Private Enterprise Money by E. C. Riegel at Private Enterprise Money, text and The Monetary Wisdom of E. C. Riegel: An annotated précis of Private Enterprise Money, with commentary compiled by Thomas H. Greco, Jr.
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