Is Bitcoin money? If not, can Bitcoin become money? The explanation as to why and how is not quick and easy. But that's why CMC is here to break it down for you 👇
currency in labor and concentration camps
. They are the most salable good in that environment, but score poorly on some of the money attributes. Thus, cigarettes are not money in the wider economy. The same goes for commodities with high intrinsic value, such as oil.the best type of money. They score high on all money attributes and have the. This is the ratio of circulating supply and new supply being added through mining additional gold and silver.
Despite technological improvements, global gold production has remained remarkably stable. That is why we used gold in particular as money for a long time…until fiat currencies entered the chat.. Currencies are just liabilities — a claim to money — whereas real money has an intrinsic value.. They are divisible, portable, durable, fungible, verifiable and scarce — at least as long as they are backed by gold. But they are not intrinsically valuable.
After a while, a flourishing financial industry developed in the U.S., and everyone needs dollars to participate in that too. That'sBut what if someone, say, a country that doesn't like America, wants to trade oil in another currency?U.S. government enforces the demand for dollars with the threat of using force against you, against your will
. Domestically, that's called taxes. Internationally, that can be anything from trade agreements to invading other countries.. It emerged only a little more than 50 years ago , so it may or may not work well in the long run.Digital Money. If we look at the attributes of money, Bitcoin scores pretty well:Bitcoin can't break.There are only 21 million Bitcoin.
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