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LETS was developed by a man called Michael Linton, in a town called Comax on Vancouver Island, Canada, in 1982. Michael is still very active in LETS and answers email politely. In November 2000 he wrote that the word LETS was not originally conceived as an acronym!
LETS is a Local Energy Trading System. Members trade goods and services with each other, paying with Bats. It is an alternative currency system, and is very good for the community. The word barter is usually reserved for one-to-one exchanges
The system keeps a record of the Bats that members earn and spend. To record transactions, members go online to the trading website and enter the transaction. This immediately credits Bats to the seller of the service and debits Bats from the buyer.
Unlike a cheque account at a bank, there is no need at all to keep a credit balance. It does not matter at all. Bats differ from money in that they earn no interest and have no value until they are used. In fact, they don't even exist.
This means that approximately half of the members at any time have a negative balance. This is fine, and LETS couldn't work otherwise. As long as the Bats keep circulating, all is well.
LETS operates a bit like a community bank, with totally interest-free credit. Bats can never be lost or stolen.
Suppose Alice bakes a casserole and Betty pays her 15 Bats. Alice enters the transaction online and iscredited by 15 Bats. Betty is now “in commitment”, we like to say, and acknowledges that she will some day perform some service to a fellow member. In fact, a month later she is asked to provide counselling to the teenage son of another member, Chris, who gives her twenty Bats for this. Chris will do something for somebody else one day.
Betty would now be five Bats in credit, but that's not important to anyone. It doesn't really matter whether she's in credit or in commitment. Bats are very different from dollars.
What if Betty didn't feel comfortable counselling Chris's son, and declined to help? No problem, because one day Betty will be able to do something for another member, when she is ready. There is no pressure.
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When you join (and it's free to join!) you get access to the password protected web-based transaction register to view the listings of offers from other members of BatLETS with their contact details.
To trade, you simply call or email somene and ask them if they can provide a service you need. If they can, you agree a cost in our LETS currency, called Bats.
Once the trade is completed, the seller enters the transaction into the web-based ssytem and their account is credited and the buyers debited. Electronic receipts are then sent for confirmation.
You can access goods and services normally outside your budget without cash.
You can develop your talents and gain credit to spend on what you need.
Just call someone and ask for their services!
It doesn't matter if your LETS account goes into debit. As long as you are willing to provide services to other members later to bring their account back into balance. There is no interest on negative balances like with dollars and it is the best way to start your trading.
As a general rule whatever you would normally charge in dollars per hour you charge in Bats per hour. Hourly rates can vary so the two people trading must agree a rate first. You can also pass on the cost of any materials you have to buy (in dollars) on to the person for whom you are providing the service. The cost of a trade should be agreed in advance.
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