What is Cryptocurrency: An Insight by Ferdyberry
👉 Crypto-Currency as a Medium of Exchange To understand what cryptocurrencies are, it is important to reflect on the meaning of money. We value money for what it can do for us, yet we do this as automatically as we breathe. For centuries, we have used various forms of currencies to trade and buy; currency is a medium of exchange, and usually, we refer to it as fiat money. Fiat money is simply the term we use for legal tender as declared by a government. In Latin, fiat means “it shall be.” 👇 However, money was not always a piece of paper with intricate designs like it is today. At one point following the evolution, it took the form of a feather, a stone and even a shell. Money’s value depended on its appearance or condition, and at times it was merely valued because of its beauty or practicality. However, the real value was ultimately based on its availability since the item was often difficult to acquire or produce. 👉 What is a 'Cryptocurrency'? According to inv...