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Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":667,"original_id":null,"author_id":43,"translator_id":null,"title":"What does REKT mean?","slug":"what-does-rekt-mean","section":"R","keyword":"REKT","status":"published","definition":"REKT, an internet slang term for wrecked, is used within the trade market when someone experiences a big loss.","content":"<p>The term REKT is derived from the word “wrecked” that’s defined as something damaged beyond repair or destroyed. It’s commonly used internet slang.</p>\n<p>When it comes to cryptocurrency trading, <strong>REKT is used as a way to say that someone has lost a large investment</strong>. </p>\n<p>For example, if you were to invest all of your money in a new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">
cryptocurrency that seemed to be growing in price, but a few days later the price drops significantly, you and the new cryptocurrency would be considered REKT. </p>\n<p>However, do not mistake being REKT and the loss of fiat money. <strong>This term describes the loss of an investment in a digital asset</strong>. Therefore, it’s not the same as losing actual money since said digital asset can increase in value once more just like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">
Bitcoin did in 2020 after being REKT in 2018.</p>","level":"easy","meta_title":"What does REKT mean? Definition & Meaning | Crypto Wiki","meta_description":"REKT meaning: REKT - REKT, an internet slang term for wrecked, is used within the trade market when someone experiences a big loss.","meta_keywords":null,"language":"en","created_at":"2022-03-28T14:17:42.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-does-rekt-mean"},"prevSection":{"id":665,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Raiden Network?","slug":"what-is-raiden-network","section":"R","keyword":"Raiden Network","status":"published","definition":"is an off-chain, second-layer on Ethereum’s blockchain that operates as an immediate and scalable payment channel that doesn’t require global consensus.","content":"<p><strong>Raiden Network is an additional off-chain layer that provides scalability, speed, and lower fees on the Ethereum blockchain</strong>. Raiden Network processes tokens based on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">
ERC-20 standards outside of the blockchain. </p>\n<p>These token transactions go through specific payment channels, also known as balance proofs, which are secured by hash-locks and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-signature/">
digital signatures</strong></a>. Balance proofs serve the purpose of a binding contract. They’re also monitored by the main chain.</p>\n<p>The key difference between the Raiden Network and the main chain is that a global consensus is not necessary within the Raiden Network.</p>\n<p>Payment channels utilize bi-directional transfer between two participants without the underlying blockchain’s involvement. </p>\n<p>Additionally, when there’s not a single <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer (P2P)</strong></a> channel available, Raiden Network enables mediated transfers. These types of transfers employ additional parties in a two-party exchange. Routing is also a crucial part of this kind of network since it manages mediated transfers through multiple nodes.</p>\n<p>Raiden Network is considered to be a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-second-layer-solutions/">second-layer solution</strong></a> specifically for the Ethereum blockchain. Ethereum developed Raiden Network in order to receive assistance with scaling. </p>\n<p>Moreover, transaction fees were removed from the Raiden Network. Therefore, unlike Ethereum, <strong>Raiden Network allows completing small transactions of the ERC20-based tokens in a cost-efficient way</strong>.</p>\n<p>In essence, the Raiden Network is Ethereum’s alternative to Bitcoin's <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-lightning-network/">Lightning Network</a></strong>. </p>\n<p>Plus, comparing completing transactions on-chain and doing it through the Raiden Network, we can see that the privacy aspect is enhanced.</p>","level":"easy","meta_title":"What is Raiden Network? Definition & Meaning | Crypto Wiki","meta_description":"Raiden Network meaning: Raiden Network - is an off-chain, second-layer on Ethereum’s blockchain that operates as an immediate and scalable payment channel that doesn’t require global consensus.","meta_keywords":null,"language":"en","created_at":"2022-03-28T14:13:16.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-raiden-network"},"currentChapter":"R","currentSection":"what-are-regional-local-community-currencies","chapterTitle":"R","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-are-regional-local-community-currencies","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter R
What are Regional/Local/Community Currencies?
Regional/Local/Community Currencies MEANING:
Regional/Local/Community Currencies -
can be defined as money that's used in a specific geographic area.
Let's find out Regional/Local/Community Currencies meaning, definition in crypto,
what are Regional/Local/Community Currencies,
and all other detailed facts.
Regional/Local/Community Currencies are a certain type of currency that is specific to a geographic area. However, each of them differs in its own ways.
Community currencies are usually spent within that specific community. Local currencies refer to money being exchanged in a specific geographic area. On the other hand, regional currencies are connected to local currencies except this money is used in a much bigger geographic area.
The currency’s value can be determined by a variety of factors. Some regions equate their local currency to the state’s currency. While some smaller communities prefer to provide labor as a means of exchange. Therefore, forgery is something a local currency seldom has to face.
There are as many reasons for creating local currencies as there are local currencies themselves. Here are some examples of why they pop up:
- In order to support local businesses by spending only within the community, area, or region;
- Skepticism in regards to the legal tender. High inflation leaves people scrambling for different mediums of exchange. It’s particularly prominent in South America and has been around for hundreds of years;
- The belief within the community that the focus should not be on maximizing profit. Certain communities believe that by using the state’s currency they’re discouraging the interactions between members of said community. It’s more of a social reason that can have some positive developments like increased employment, local business promotion, and others.
It’s difficult to say what action the government will take as a result of a growing local currency. However, it’s clear that it can become a threat to the state’s currency.
It’s important to note that the originators of local currencies prefer for them to lose value over time. That way people won’t hoard the money.
This is where the crypto sector comes in where the communities can fix a certain amount of the local currency to a token. Blockchain technology offers a method of automating local currencies while also allowing them to slowly lose value based on a set rate.
