The exchange rate tables in banks and airports include many currencies but probably not Makkies or bitcoins. That's because governments do not back these alternative currencies. But all over the world, people are making purchases with alternative currencies, and if current trends continue, this may become more and more common.
Community currencies
Your country probably has its own currency, but does your neighborhood? Local currencies are appearing in communities in the Netherlands, the United States, South Africa and elsewhere. For example, residents of Makassarsquare, a neighborhood in Amsterdam, can earn "Makkies" for actions like cleaning up a public space or assisting an elderly neighbor.
For these good deeds, they receive "money" that can buy library subscriptions, movie and sport tickets, swimming pool visits and more. Residents also pay each other Makkies for favors like baby-sitting. The Makkie's inventors hope it will promote cleaner public areas, increase interaction among neighbors and encourage unemployed residents to use their skills.
In Belgium, the regions of Limburg and Diest have developed a similar system - the "e-wallet." It rewards residents for eco-friendly actions by giving them electronic points to spend on public transportation, sporting events and other things.
Grammar Gym
That's because governments do not back these alternative currencies.
back - opposite of "front"
back - support
- Gina's family has backed her ever since she decided to go into politics.
- Timothy is not afraid to accept the difficult task because he knows his team will back him.
Info Cloud
In it's relatively short of history, English has borrowed thousands of words from 300 different languages. They're what we call "loan words".
Now, which language loaned English the most words? One source has French and Latin in a tie for first place, with Germanic languages not too far behind in second place.
Combined, these three languages account for over three quarters of the words we use in every day English.
Meaning, a majority of the words you see in today's lesson are not original authentic English words. They're loan words, like the word "dollar".
To trace this word's origins, let's go back five hundred years to a little Bohemian town called Joachimsthal, a place that still exists in today's Czech Republic.
Joachimsthal had some silver mines, and when it came time to think up a name for their freshly minted silver coins, the Joachimsthalers chose the word "dollar".
And in 1533, "dollar" was first used in English. Today there are close to 50 countries and territories that use "dollar" as their official currency unit, including Ecuador, Liberia, Hong Kong, and New Zealand, just to name a few.
So, let's thank the Bohemian people for loaning us the dollar.
Language Lab
exchange rate n.
the value of the money of one country compared to the money of another country- The exchange rate today is 29 NTD to 1 USD.
- Because of the rising exchange rate, our exports dropped last quarter.
alternative adj.
deliberately different from what is usual, expected, or traditional
- Timothy decided to quit chemotherapy and go for alternative therapy.
alternative n.
something you can choose to do or use instead of something else
- We had no alternative but to stay in an expensive hotel. 別無選擇, 只能....
subscription n.
an amount of money you pay, usually once a year, to receive copies of a newspaper or magazine, or receive a service, or the act of paying money for this
- The yearly subscription rate for the magazine is only $59.
subscription to
- Bob decided to buy an annual subscription to a golf magazine.
unemployed adj.
without a job [= out of work]
- Henry has been unemployed for three years.
unemployment n.
- The unemployment rate dropped to 3.5% last quarter.
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