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Physical Properties of Currency
- Divisible: A currency must be divisible so that units of its value can be paid to match the value of your purchase. Bitcoin News.
- Scarce: Money has to be sufficiently rare. If the medium of the currency is easily obtainable or reproducible, it will have little
worth and be easily counterfeited.
- Portable: For a currency to be convenient, it must be portable.
- Uniform: Every unit of a currency must be equal in value. Diamonds are not fungible because there are other properties of a diamond that makes it worth more or less than any other diamond.
- Durable: Money must not have a property that allows it to decay over time. Any perishable items are a good example of this: Apples, Spices, Tea, Milk, etc.
- Acceptable: Trusted and accepted by all.
Bitcoin – What makes a good…
|2||No counterfeiting||Verification of ownership
Verification of transaction
Low Transaction Cost
|4||Managed by Central Bank to deal with
|No Monetary or Fiscal Policy tool|
|5||Denomination of Contracts||No Denomination|
|6||No issue with Liquidity||Exchange System to guarantee liquidity|
|7||Peer to Peer||Needs Clearing System|
What is Bitcoin?
A peer-to-peer internet currency that allows decentralized (verification) transfers of value between individuals and businesses:
- Bitcoin is the system
- Bitcoins are the units
In economic terms:
- An International Currency
- An international clearing system
- A payment system/network