FAQ

Getting Started

How Do You Participate?

Letscoin is already available in your region. Download the app and signup online to join the Network, and this will automatically make you a member of the umbrella Letscoin, besides you will be able to make payments with local money. Letscoin will also take care of your account number, a payment app, and a payment card if there is a strong local network.

Entrepreneurs

Where Can I Find My QR Code?

Every member of a community has a unique QR code. With this code, members can easily and quickly transfer Letscoin to each other via the mobile app. You will find your QR code if you are logged in via a web browser under “Personal.” Then click on “QR codes” in the bottom left, and then click on the code that you see in the screen. You can then save the QR code on your computer with your right mouse button, and add it to your invoice as an image, or print it to place it next to your cash register.

Does Anything Change When The Sales Tax Is Declared?

No, nothing changes. A company or consumer purchases your company and pays in Letscoin money. When the payment is received, you indicate as ‘normal’ in your accounting whether it concerns a high or low VAT payment.

For the tax authorities, it does not matter whether the sales that are entered in the cash register are paid in cash, via the bank, by debit card or with Letscoin. This is purely for your administration. You ultimately pay the VAT from your Normal Money account, so running your entire company 100% on Letscoin money is not possible, but also not necessary to benefit from the network and Letscoin money.

Do I Also Have To Pay VAT And /Or Income Tax In Letscoin?

Turnover/income earned within the Letscoin must be declared to the tax authorities. Moreover, a Letscoin counts as a standard US Dollar. Transactions that are subject to VAT in national currency are also subject to VAT within Letscoin. The same rules apply here as for trade in the national currency. For more information, see the answers to the questions, “Does anything change when declaring sales tax?” and, “How do I keep Letscoin money in my administration/accounting package?”

Where Can I Spend Letscoin Money?

Letscoin can be used by individuals who have an address in the listed countries. See the list here. You can spend Letscoin money with either the individuals or companies that are members of Letscoin. On the website of your community, you can search for spending options based on services and products, name, industry, community, or location. Our App can re-adjust its location according to your whereabouts and only show you companies based in that area from which you can spend Letscoin.

In principle, you first look for spending opportunities within your community. If they are unavailable, you can continue searching for other members of Letscoin online. If you would like to involve a specific entrepreneur in the network, let us know – we can help you engage this entrepreneur together.

How Can Customers Pay Me In Letscoin Money?

Paying with Letscoin money is uncomplicated. You can make payments via the online environment, the Letscoin app, or by using the QR code. The online payment environment works the same as with regular internet banking. With the mobile app “Letscoin” you can transfer Letscoin with your mobile phone (available for Android and iPhone) with no trouble. Entrepreneurs can make it easier for their customers to pay via the app by visibly hanging their QR code or printing it on an invoice.

Every entrepreneur in the network has a unique QR code. With this code, members can quickly and securely transfer Letscoin to each other via the mobile app. You will find your QR code if you are logged in via a web browser under “Personal” and then “QR codes.” Then click on the code that you see on the screen. You can then save the QR code with your right mouse button on your computer, and add it to your invoice as an image, or print it and place it next to your cash register.

I Want A Company From My Network To Become A Member, Where Do I Indicate This?

Do you have suppliers or buyers that you would like to involve in the network? Then you can indicate this at the organisation of your community; they can help you engage this entrepreneur. Of course, you can also approach the entrepreneur yourself. Then read this list of frequently asked questions carefully so that you can answer the questions correctly, especially those that involve accounting.

How Can My Company Be Found In Letscoin?

The most important ways are through your name, keywords, and your industry. You can choose a sector in your profile. You can also enter a description of your services and products, including keywords. For example, if you enter “film, animation, storytelling,” you will be found if someone searches for “animation”; Use this field to your heart’s content to increase your chances of finding.

Moreover, members can find you via your location: on the map or by searching for nearby businesses. Additional search functions that respond to the bonus factor between members are the “Member of a bread fund” and “Customer with Triodos” fields. If you check this in your profile, members can filter it if they are looking for companies, and you have a higher chance of being found.

How Does Trading With Letscoin Benefit Both Me And The Local Economy?

Letscoin ensures that money is used more often in the region. You will, therefore, establish local connections with other entrepreneurs by expanding the network with your company, and you will also ensure more customers and revenue for your own company and other local entrepreneurs. After all, money that stays longer in the region can do more for that area. Letscoin flows from regional entrepreneurs to local entrepreneurs’ hence encouraging domestic investment. Think of organic quality marks by local horticulturists who are now becoming possible, or a slightly more expensive local purchase that is now becoming financially attractive, as it will also increase their future income.

Moreover, it is not easy to get financing for start-up businesses, and Letscoin makes credit possible at low costs. You always spend a loan with other network work members. The members will stimulate trade for each other and thus benefit from your Letscoin credit. That is why we all share the costs. The previously mentioned process is how we make interest-free, affordable credit possible. With this, we increase the local amount of ‘lubricating oil’ in the economy, and we stimulate a thriving economy.

How Can The Credit Be So Advantageous At Letscoin?

The costs and risks of credit are significantly lower at Letscoin than at banks or other financial institutions. The network makes this possible by hedging risks without interest. Every loan comes with specific credit risks. Banks hedge those risk with interest payments. However, the following also applies: creditors charge higher interest to borrowers who are likely to default their loans. With Letscoin, however, the risk is covered jointly with the member contributions instead of with interest. By sharing the expenses with everyone, the costs tend to lower, and the interest pressure decreases among the members hence making it easier for them to repay their credit. It is also logical to share the costs with the other members of Letscoin: after all, the members can spend and benefit from a shared loan. The shared credit creates a positive spiral in which, together with the reduced risk, the costs of the credit decrease.

What If There Are Not Many Companies In My Area Yet – Where Can I Spend Letscoin?

Yes, if we ask you to become a member right now, you will help Letscoin grow. Fortunately, taking part has no risk. However, if you can’t spend it locally, you can disburse it with another community. Collaboration between communities will, therefore, increase the number of spending options so that even in the initial phase, you will get more from your Letscoin money. If this means that more money flows to some communities than to others, we work together with the other groups to bring the trade balance more into balance.

If it is not yet possible to find excellent spending opportunities in other communities, you as a company can buy National Currency from the guarantee fund with your Letscoin. We always aim to have at least 103% of the required National Currency in the guarantee fund – we are currently well above that.

How, And After How Much Time, Can I Buy National Currency With My Letscoin?

At present, a company can buy National Currency with Letscoin at any time. Because we want to encourage Letscoin to continue to circulate locally for as long as possible, we will introduce in a while that the Letscoin must continue to flow in the network for a minimum period before selling it for National Currency.

Members with a business account can then see in the online environment how many days they can buy National Currency with their Letscoin at Letscoin. Every new Letscoin put into circulation initially receives a turnaround time of 180 days. This way, we know for sure that Letscoin will continue to circulate among the members of Letscoin for at least six months. If you receive Letscoin with a different circulation time than the Letscoin in your account, the weighted average of the two amounts is taken to calculate the new circulation time.

When buying National Currency, a small ‘cash-out’ levy is charged (1.5%) to encourage you to take another look at whether you can still spend the money as Letscoin or ask us for help with this.

As a company, do you currently want to buy national currency with your Letscoin, and is the remaining time of the money in your account for 0 days? Send an e-mail at info@len24-7.com with the amount you want to buy. We will automate this process within the online environment in the future.

For private individuals, buying National Currency at Letscoin is unfortunately not possible due to the regulations of the AFM. As a private individual, you need to see Letscoin just like a book voucher: you can spend it at all affiliated companies, but you cannot exchange it.

What Can I Do To Give Extra Support To Letscoin?

Letscoin can only work by setting it up as a network of large-scale communities, in which hundreds of companies from various branches participate. Then there is meaningful spending space for everyone in Letscoin.

Suggesting new members to your community is an excellent way to support Letscoin in your town. Besides, it is, of course, essential to have as much of your income and expenditure in Letscoin money as possible; this is how we create value and a strong economy.

Safety/ Legislation

How Is Privacy Guaranteed In Letscoin?

In short: we stay away from big-brother-like practices, and we don’t sell your data.

In more detail: Letscoin and the associated communities are bound by legislation that regulates privacy about the storage and storage of personal data. In our network, we process the personal data with due observance of the applicable laws and regulations and binding codes of conduct within Letscoin. You can find our privacy statement by clicking here.

Is Letscoin Legally Permitted?

Yes, legally there is nothing new under the sun. From a legal point of view, Letscoin is a network of companies and individuals who trade with each other in a closed environment through mutual accounting. In other words, members keep track of their mutual trade. Members sometimes earn more than they spend (they build up a positive balance) and sometimes spend more over a period than they have made (they have received interest-free credit under the conditions of the network). Together the balance of all balances is always 0.

The situation is comparable to a commercial barter organisation, which has been operating for decades in many places in Europe and the world, and also in Africa. We do, however, continue to have discussions with the Reserve Bank and the Authorizing Body for the Financial Markets (AFM) to ensure that we can continue to operate in the future.

Registration

How Can I Register As A Company, Institution Or Private Person?

For the steps you need to take, you can visit this registration page. Institutions can register as an entrepreneur.

Are There Costs Associated With Participation?

Yes. You pay an annual participant contribution, the first of which is paid upon registration. We use mandatory minimum amounts for individuals and companies. We are welcoming any voluntary, more substantial donations that will help to get the Letscoin off the ground.

Upon registration, the payment of the first annual participant contribution is valid until the end of the year following the year of registration. Membership: unless there is another agreement with your community, the rates are as follows:

In the future, these amounts will most likely become revenue-dependent: if your company earns a lot in Letscoin, then you also pay a little more. If you earn less, you also pay less.

Private: at least 15 Dollars a year, hoping that people with a little higher income can support this initiative to come to Letscoin by opting for the upper options (40, 70, or 100 Dollars a year).

Can You Become A Member If You Are Younger Than 18?

If you are younger than 18 and at least 12 years old, you can become a member of Letscoin with the permission of your parents or guardian. For this, one of your parents or guardian must send an e-mail from his / her e-mail address to info@len24-7.com with a scan of a signed letter stating that you have permission to join Letscoin. Once we have sent a confirmation of receipt back, you can register.

Why Do I Pay My Membership Contribution In Regular US Dollars?

The membership fee is collected in Dollars via a bank collection so that Letscoin can convert these Dollars into Letscoin. We publish this within the network. In this way, we increase the number of Letscoin that circulate within the community. Ultimately, if we want to make Letscoin a success, it is necessary that as much trading as possible is done with Letscoin.

Companies that participate in Letscoin can also sell their Letscoin for National Currency after a certain period. Although this offers certainty for companies, there is always a risk that the amount of Letscoin in circulation will decrease. Collecting membership fees in ordinary currency – and then converting them into Letscoin – guarantees the constant flow of Letscoin in the community.

For the same reason, we ask governments and individuals to purchase Letscoin if they want to spend. Finally, the loans in Letscoin also put more Letscoin into circulation.

I Am A Member of My Company, But I Would Rather Be Invisible On the Map. How Do I Set My Address To Private?

You can hide your address either by using the online system or by using the app.

To hide your address using your app:

First logged into it, tap on your image at the top of the screen, swipe down, to find your address (s). Find the address button at the top right then tap on it and select a ‘private’ box then save the changed.

In the browser:

Logged in, click on “personal” in the bar at the top and then on the “addresses” tab. Then click on “adjust” under the card. On that screen, you can tick the “private” box. Finally, click on “save” to make the changes.

Tip: if you still see yourself on the map, try refreshing your screen. You can do that in the browser by pressing F5 on your keyboard, and in the app, you can log out and log in again.

To Trade

How Do I Get Balance In Letscoin?

There are three ways to get Letscoin:

• Selling a service or product to a customer for Letscoin.

• Applying for Letscoin’s credit or

• Purchasing Letscoin from either a company or an individual.

Nevertheless, when purchasing a Letscoin, you must 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 later pay, and after that, your Letscoin is 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 straightforward. By registering, you get access to your own Letscoin account. You can, therefore, make payments can via the online environment, the app, or by using a QR code. The online environment works the same as with standard internet banking. With the mobile app “Letscoin” you can quickly 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 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?

Paying in Letscoin is straightforward. By registering, you get access to your own Letscoin account. You can, therefore, make payments can via the online environment, the app, or by using a QR code. The online environment works the same as with standard internet banking. With the mobile app “Letscoin” you can quickly 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 QR code or printing it on an invoice (see also “Where can I find my QR code?”).

Can I Save or Interchange Letscoin with other communities?

Yes, you can choose to save, and the members of the different communities of Letscoin can also trade with each other if they have an insufficient supply in their community. The profile and offer of your company are therefore visible to members of different groups. With this, 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 as well as 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 your trade experience or how your cooperation with this entrepreneur was.

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 typical payment. Then 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.