Timecredit

Timecredit, commonly referred to as time credit or a time-based currency, is a unit of account used in time banking and related community currencies. In its basic form, one hour of work earns one time credit, and those credits can be exchanged for services provided by others within the same network. The value of a time credit is intended to reflect the time and effort of a person, rather than market wages or monetary price.

The concept originated in the time banking movement, with early experiments in the United States during the 1980s led by social innovator Edgar Cahn, who helped popularize the idea of trading hours of service rather than money. Over time, many local time banks and digital platforms adopted the model, applying it to a wide range of tasks such as home repairs, tutoring, childcare, elder care, and community projects.

Operation typically involves recording services rendered and credits earned in a ledger or digital platform. A member who provides help accrues time credits, which they can later redeem to receive a service from another member. Timecredits are usually non-monetary and are intended for use within a defined network; in most cases they cannot be exchanged for cash or traded outside the program, though some initiatives connect multiple networks to broaden access.

Applications of timecredit systems include community development, mutual aid, volunteer coordination, and support for marginalized groups or people facing financial barriers. Notable variations exist in different regions, ranging from local time banks to online platforms that facilitate cross-border exchanges. Critics point to limitations such as restricted scope, administrative overhead, potential undervaluation of certain services, and questions about scalability and inclusivity.