Thanks for your great question.
http://money.visualcapitalist.com/infographic-the-properties-of-money/
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For example, many economists and experts in the field agree that money must be a medium of exchange, a unit of account, and a store of value:
Medium of Exchange
Definition: Can be used to intermediate the exchange of goods and services.
Use: A common ground for determining value.
Example: A community uses beaver pelts as a medium to trade for other goods.
Unit of Account
Definition: A standard numerical unit of measurement of market value for goods, services, and other transactions.
Use: Can be used to compare goods using a common system.
Example: Housing prices in Japan can be compared using the yen as a unit of account.
Store of Value
Definition: Maintains its value over time.
Use: Can be spent or exchanged at a later date without penalty.
Example: An ounce of gold could buy a toga in Roman times, yet it can still buy a nice suit today
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Bitcoin is great at storage of value, as evidenced by its success and price movement over the past ten years. However, it doesn't work well as a medium of exchange. Less people today are using Bitcoin as money for purchases than last year, which makes sense because people want to spend their dollars and keep their Bitcoin.
Epic can handle 100+x the transactions in the same block space. This more efficient data storage lowers costs.
I hope this answers your question, if not I'm happy to explain some more.
I appreciate the effort to explain to me. Ans sorry if i take it wrongly but can I correctly conclude that the "medium of exchange" here can be replaced with equal meaning to "as a purchasing method"? basically like the good old fiat money, isn't it?
