It must be said that existing cryptocurrencies do not all fulfill the characteristics of fiat
money as a medium of exchange.
Once people agreed to accept
money as the medium of exchange, the accumulation of property was in principle without any moral limit.
Not exact matches
FinCEN's regulations define currency (also referred to
as «real» currency)
as «the coin and paper
money of the United States or
of any other country that [i] is designated
as legal tender and that [ii] circulates and [iii] is customarily used and accepted
as a
medium of exchange in the country
of issuance.»
The FINCEN definition
of currency: The coin and paper
money of the United States or any other country that is (1) designated
as legal tender and that (2) circulates and (3) is customarily accepted
as a
medium of exchange in the country
of issuance.»
Besides the traditional functions
of money (store
of value,
medium of exchange, unit
of account), international
exchange rates give a new dimension to currencies with several different ways
of profiting from them (with the risk
of losing
money as well).
Digital currency or digital
money is an Internet - based
medium of exchange distinct from physical (such
as banknotes and coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer -
of - ownership.
On the other hand, Stellar allows individuals to trade
money directly with one another using XLM
as the
medium of exchange, and «anchors» to handle the aspects
of fiat currency.
Throughout history, many items have been used
as a store
of value and
medium of exchange, such
as cowrie shells, clay tablets, coins, and now paper
money.
2 stating «Bitcoin and other virtual currencies are distinct from «real» currencies, which are the coin and paper
money of the United States or another country that are designated
as legal tender, circulate, and are customarily used and accepted
as a
medium of exchange in the country
of issuance.»
His 1875 work, «
Money and the Mechanism
of Exchange,» defines the four functions of a currency: as a medium of exchange, a measure of value (or unit of account), a standard of deferred payment, and a store o
Exchange,» defines the four functions
of a currency:
as a
medium of exchange, a measure of value (or unit of account), a standard of deferred payment, and a store o
exchange, a measure
of value (or unit
of account), a standard
of deferred payment, and a store
of value.
To accomplish that, the bill adds a definition
of virtual currency to the state's
money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a
medium of exchange, a unit
of account, or a store
of value; (B) has an equivalent value in
money or acts
as a substitute for
money; (C) may be centralized or decentralized; and (D) can be
exchanged for
money or other convertible virtual currency.»
He appealed to the teaching
of Jesus, who, he suggested, decried the idolization
of money, but not its function
as a
medium of exchange.
Language, like
money under inflationary conditions, loses its value
as a
medium of exchange when issued in excessive quantity and without regard for the real assets underlying it.
Money is a
medium which can be
exchanged for goods and services and is used
as a measure
of their value in the market.
So yes, people will probably always use gold
as money, but that doesn't make the
money worth anything, it's just a
medium of exchange.
Today, we use the system
of «fiat
money» which says that currency is intrinsically worth only the paper it is printed on is is used only
as a
medium of exchange for the supply and demand
of goods and services in an economy, including precious metals like gold and silver, with the value
of money allowed to fluctuate based on market forces.
Cacao was used by the Maya
as a
medium of exchange, a sort
of money.
In some environments, it operates like «real» currency — i.e., the coin and paper
money of the United States or
of any other country that is designated
as legal tender, circulates, and is customarily used and accepted
as a
medium of exchange in the country
of issuance — but it does not have legal tender status in any jurisdiction...... Virtual currency that has an equivalent value in real currency, or that acts
as a substitute for real currency, is referred to
as «convertible» virtual currency.
To accomplish that, the bill adds a definition
of virtual currency to the state's
money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a
medium of exchange, a unit
of account, or a store
of value; (B) has an equivalent value in
money or acts
as a substitute for
money; (C) may be centralized or decentralized; and (D) can be
exchanged for
money or other convertible virtual currency.»
Havven will offer a digital method
of payment that fulfils the same three functions that traditional forms
of money and asset - ownership do: act
as a unit
of account, a
medium of exchange, and
as a store
of value, states the company.
If cryptocurrencies fail to provide easy liquidity, then they fail
as mediums of exchange, one
of the principal roles
of money.
Companies can sell those tokens to investors to raise
money or allow customers to use them on their sites and services
as a
medium of exchange.
Once implemented, it would significantly improve Bitcoin's utility
as a digital
medium of exchange against fiat
money.
Money,
as we know it, is both a store
of value and a
medium of exchange.
In it, Ravikant describes how cryptocurrency could serve not only
as an alternative store
of value and
medium of exchange, but also
as a way startups could raise
money without jumping through the usual hoops.
Dash has just launched a pilot program in Zimbabwe to promote itself
as an alternative store
of value and
medium of exchange (in other words,
money).
«In some environments, virtual currency operates like «real» currency - i.e., the coin and paper
money of the United States or
of any other country that is designated
as legal tender, circulates, and is customarily used and accepted
as a
medium of exchange in the country
of issuance - but it does not have legal tender status in any jurisdiction.
In some environments, virtual currency operates like «real» currency — i.e., the coin and paper
money of the United States or
of any other country that is designated
as legal tender, circulates, and is customarily used and accepted
as a
medium of exchange in the country
of issuance — but it does not have legal tender status in any jurisdiction.
Knowing that the outliers are primarily used
as stores
of value or
mediums of exchange, it only makes sense to list widely if planning to compete with cryptocurrencies used
as money.
But it's not really viable
as a
money — I mean it is a potential
medium of exchange, but it's not a store
of value.