Topic: Just considering a proper definition for money/currency (Read 96 times)
Money is a medium of exchange. By using this you will buy or sell something against money. Money is a current asset, property or wealth.
If this is a reference to an altcoin, then yes, most new emerging altcoins are super unstable.
The actual meaning of Money is - a medium of exchange in the form of coins and banknotes.
My understanding - Money is nothing but a medium by which the government controls your present and your future.
My understanding - Money is nothing but a medium by which the government controls your present and your future.
Well, any right material can be used as money... not just coin and banknote...
I don't really like the idea of restricting money to few materials or things. A community could use whenever they find suitable as money. They can be their own government and control the money.
I prefer this definition of government... not perfect though:
"A government is the system or group of people governing an organized community...https://en.m.wikipedia.org/wiki/Government "
Which thing qualify for money? I can't able to see that symbol on my PC's browser.
You missed one thing, the stable value is more important than anything on the featured list.
You missed one thing, the stable value is more important than anything on the featured list.
Its just the typical fast forward double arrow, but pointing up.
Guess your best place for a definition, or starters for one, as always, is wikipedia:
Quote from: https://en.wikipedia.org/wiki/Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Now just because its money, doesn't mean its "good" money. This is where the keeping the value stuff comes in. Most of the money in circulation in the world, does not hold its value over time. Some lose it faster than others, but all of them lose, the inflation has been integrated into the economy, as per dogmas from the school of Chicago.
And then came Bitcoin...
"Stable" value is pointless when your only reference is money that is losing value anyway. The price of bitcoin may oscillate, but its a honest market price, and that is good. In the long run, not only its been quite stable, but it gains value (and of course the others lose on their own, as per design).
The Wikipedia definition looks fair. Interesting!
I like the "but its a honest market price," part in your post. In my opinion, not having anyone deliberately manipulating the price (esp without the consent of the community/network) makes it a truely honest market price.
I think lots of transparency and accountability (with the right rules) are needed to prevent deliberate price manipulations.
Any thing that can be used to represent value and can be accepted/valued by others people as good medium of exchange for goods and services.
So, why wouldn't this ⏫qualify as Money or even Currency?
Features of good money:
* Very divisible
* durable
* good store of value
* good medium of exchange
* very hard to counterfeit
* long-lasting
* Easy-to-verify for authenticity
* transparent
* could have a ledger
* ledger not centralized
* ledger is foolproof & can't be easily destroyed
Etc
So, why wouldn't this ⏫qualify as Money or even Currency?
Features of good money:
* Very divisible
* durable
* good store of value
* good medium of exchange
* very hard to counterfeit
* long-lasting
* Easy-to-verify for authenticity
* transparent
* could have a ledger
* ledger not centralized
* ledger is foolproof & can't be easily destroyed
Etc
Money is generally accepted as exchange of goods and services. So anything that can use to represent values and can be accepted,in other way can be called trade by barter or batter,because trade by batter is used for exchange of goods and service but is not generally accepted but money is generally accepted, their is small difference between both and some similarities.
The actual meaning of Money is - a medium of exchange in the form of coins and banknotes.
My understanding - Money is nothing but a medium by which the government controls your present and your future.
My understanding - Money is nothing but a medium by which the government controls your present and your future.
Money is nothing but simply a proof that a person deserves the value of the money he is bearing because of he/she has provided that much amount of value to the world and hence, the world should pay him back in exchange of the value he has in form of money. Money can be anything which is widely accepted and is universal and cannot be made out from thin air!
Guess your best place for a definition, or starters for one, as always, is wikipedia:
There's also investopedia.--> https://www.investopedia.com/insights/what-is-money/
Which thing qualify for money? I can't able to see that symbol on my PC's browser.
You missed one thing, the stable value is more important than anything on the featured list.
You missed one thing, the stable value is more important than anything on the featured list.
Its just the typical fast forward double arrow, but pointing up.
Guess your best place for a definition, or starters for one, as always, is wikipedia:
Quote from: https://en.wikipedia.org/wiki/Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Now just because its money, doesn't mean its "good" money. This is where the keeping the value stuff comes in. Most of the money in circulation in the world, does not hold its value over time. Some lose it faster than others, but all of them lose, the inflation has been integrated into the economy, as per dogmas from the school of Chicago.
And then came Bitcoin...
"Stable" value is pointless when your only reference is money that is losing value anyway. The price of bitcoin may oscillate, but its a honest market price, and that is good. In the long run, not only its been quite stable, but it gains value (and of course the others lose on their own, as per design).
Which thing qualify for money? I can't able to see that symbol on my PC's browser.
You missed one thing, the stable value is more important than anything on the featured list.
You missed one thing, the stable value is more important than anything on the featured list.
Any thing that can be used to represent value and can be accepted/valued by others people as good medium of exchange for goods and services.
So, why wouldn't this ⏫qualify as Money or even Currency?
Features of good money:
* Very divisible
* durable
* good store of value
* good medium of exchange
* very hard to counterfeit
* long-lasting
* Easy-to-verify for authenticity
* transparent
* could have a ledger
* ledger not centralized
* ledger is foolproof & can't be easily destroyed
Etc
So, why wouldn't this ⏫qualify as Money or even Currency?
Features of good money:
* Very divisible
* durable
* good store of value
* good medium of exchange
* very hard to counterfeit
* long-lasting
* Easy-to-verify for authenticity
* transparent
* could have a ledger
* ledger not centralized
* ledger is foolproof & can't be easily destroyed
Etc
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