How do I get balance in Letscoin?


There are three ways to get Letscoin:


  1. You sell a service or product to a customer for Letscoin.
  2. You apply for credit in Letscoin.
  3. You buy Letscoin. Both companies and individuals can buy Letscoin. For this you must of course first have an account with one of the communities. When you are logged in, click on "Money matters" at the top of the screen and then on "Top up balance" in the left menu. With iDEAL you then pay and after that your Letscoin are immediately on your account. Please note, due to the legislation in force, individual consumers may not purchase more than 150 at a time. There is no maximum for companies.


How can I pay in Letscoin?


Paying in Letscoin is easy and familiar. By registering you get access to your own Letscoin account. Payments can be made via the online environment, the app, and via QR code. The online environment works the same as with normal internet banking. With the mobile app "Letscoin" you can easily transfer Letscoin with your mobile phone (available for Android and iPhone). Entrepreneurs can make it easier for their customers to pay via the app by visibly hanging their own QR code or printing it on an invoice (see also "Where can I find my QR code?").



How does the day counter work on my account?


The day counter (we call this the turn-around time) shows how many days you can buy normal Currency from the guarantee fund with your Letscoin. This ensures that Letscoin will stimulate the local economy at least during the number of days of the circulation time.


At this moment the turn around time for all accounts is still 0 days. If the turn around time / day counter is to be used definitively, all members will be notified.



Is Letscoin of the different communities interchangeable?


Yes, the members of the different communities of Letscoin can also trade with each other if there is not enough supply in their own community. The profile and offer of your company is therefore visible to members of other communities. Hereby there is the possibility to filter on a certain distance or branch. The cooperating communities ensure that the value of all local currencies is the same. The volume of companies within one community thus strengthens the power of the network as a whole and thus also the power of the other communities.



Can I also save within Letscoin?


Yes, the members of the different communities of Letscoin can also trade with each other if there is not enough supply in their own community. The profile and offer of your company is therefore visible to members of other communities. Hereby there is the possibility to filter on a certain distance or branch. The cooperating communities ensure that the value of all local currencies is the same. The volume of companies within one community thus strengthens the power of the network as a whole and thus also the power of the other communities.



What is a reference?


With a reference you can give other members a rating that is then visible to all members in their profile. For example, you can indicate here how you experienced the trade or cooperation with this entrepreneur.




How can I set up a periodic payment or plan a payment in the future?


To make a periodic payment or to make a payment in the future, go to the same screen as when you want to make a normal payment. You first enter the recipient of the payment, then the "Execution date" option with a selection list appears. There you can indicate whether you want to pay immediately, put a periodic payment on the agenda, or want to put a one-off payment on the agenda.



Can I give people in my financial administration team (limited) rights in my online payment environment?


Yes, that's possible. In many companies, for example, it is common for someone to prepare the payments and another to authorize the payments before they are finally made. In this document you can read how you can give different people in your administration team the rights necessary for your organization in the payment environment.



What is the difference between Letscoin and US Dollars?


Ordinary US Dollars leave the region very quickly; money flows away to financial centers. This creates a shortage of lubricating oil for the local economy. Letscoin is instructed via our software to circulate locally. Letscoin thus go from hand to hand more often. The same "lubricating oil" continues to circulate in the local engine for longer. As a result, more local entrepreneurs benefit from the same US Dollar.



Does Letscoin have more effect than just buying National Currency locally?


Yes. If you buy locally with national currency, you never know where the company that is two or three steps down the chain spends the money. With Letscoin, it is certain that every company that joins will continue to participate in local purchases, so that ultimately everyone can earn more.



How does Letscoin ensure more transparency?


The current financial markets are opaque and unclear. Panama papers, paradise papers, LIBOR: another scandal is added every so often. By trading with Letscoin you know for sure that your spending ends up with local entrepreneurs, who in turn do local shopping. You know where your money goes again.



What is the difference between Letscoin and other networks with their own payment system, such as barters or peer-to-peer networks?


Letscoin is a collaboration between different communities, each with its own objective, but with the common goal of creating a more sustainable money system.


The most important difference between Letscoin and the payment systems of a barter or a P2P (peer-to-peer) network is that Letscoin works with US dollar  coverage. The value of Letscoin is guaranteed by a guarantee fund. If you cannot spend Letscoin within their minimum turnaround time, the organization buys your Letscoin from you via the USD coverage. This is not possible in the barter network system, as a result of which the value of the currency is not stable.


In addition, Letscoin works with a professional team and advanced payment software. The software makes it possible to give an assignment to the money (stay local), and to provide interest-free loans at low costs. Peer-to-peer networks, such as credit unions or crowdfunding, operate according to the standard banking method to hedge risk: with interest.



What if the Dollar collapses? Will Letscoin still work?


If the USD is about to collapse, it can be stipulated when the loans are taken out that they will be repaid within Letscoin with the delivery of goods or services. You can also redeem in the form of a basket of products. In this way, the value of Letscoin is purely based on production power. The old USD prices are then only a unit of exchange for exchange value, just like centimeters are for length.



How does the Organisation earn its money?


Any profit is to be reinvested in the purpose of further enhancing the use of Letscoin. LEN24 receives its income through membership payments and through the global sale of other digital software licenses. We also help to set up Letscoin systems on a project basis. In addition, the communities and tLetscoin organization are supported by the annual participant contributions.



What is the name of the Letscoin currency?


There are different names for Letscoin. Such as LEN money, Letscoin, $C, local money, or term Dollars. These names all refer to the core task of these USDs: they must circulate locally for a certain period of time. Within the local communities, a local name is usually used to increase the sense of group, such as United, etc. However, it still concerns Letscoin.


The umbrella term for the Letscoin currency is therefore and simply Letscoin.