I think monies main benefit over currency is its store of value. the one thing that comes to my mind when i hear store of value i immediately think BTC. When i hear money i think GBP but this would be incorrect. This is currency and has no store of value. in the long run my value is gonna decrease.
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Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given 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, occasionally, a standard of deferred payment.
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Money is all subjective and really in the eye of the beholder. I have always found it interesting how “we” as people value diamonds and diamonds are the norm when proposing and what not. Who decided diamonds were the in thing. Why not rubies or emeralds?
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money = store of value
currency SHOULD be proof of value… today we use it as a tool to trade for goodies, we use fiat…
but fiat currencies are not proof of value, they are proof of debt, if there was no debt there should not be a single dollar in circulation…
so fiat currencies are basically unpayable debt schemes?
am I correct?
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What is money? - Money is first and foremost a STORE OF VALUE. Another major function of money is to be a medium of exchange CURRENCY. In order to fulfill these key purposes, money is expected to have such properties and divisibility, fungibility, portability, etc. But if you ask me to explain what money is in my own words, I would confidently say that money is a universal language of all the people on our planet from the beginning of our history and until today. Humans might have different beliefs, codes of morality, national mentality, religious views, etc, but there is one thing that connects us all, and it’s money. Every family, every community, every settlement, every village, every country, and every nation accepts the fact that having money is better than not having money.
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Store of value
Measure of account
Medium of Exchange
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From the video we watched, Maloney says Money is a trading tool that stores the economic energy that is your time and freedom ’
Money is a language that is universal. It is a protocol like Bitcoin and it is a store of value like Bitcoin. Money is also a medium of exchange-as an 1, Intermediary of exchange. 2, widely acceptable. 3.Portable. 4, Divisible. 5, common and accessible. 6,Relatively stable. 7,Fungible
Money as a store of value must have 4 characteristics: 1. Durability. 2. Value dense. 3.Maintains purchasing power 4, Liquid.
Money is also a unit of account. Money is a ruler used to measure value. Howeverr if the rruler is altared, it distabilizes the value.
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Money is a unit of account. It’s portable durable, divisable and fungible (interchangeable).
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According to the YouTube video ( Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney)
‘ Money is a trading tool that stores the economic energy that is your time and freedom ’
Money carries certain intrinsic attributes as follows: money is a medium of exchange for goods or services, it is a unit of account, it is portable, it is durable, it is divisible, it is fungible (meaning each unit is interchangeable), plus it stores value over a long period.
Money is any item or verifiable record that is generally accepted as payment for goods and services and debt repayment in a particular country or socioeconomic context.
Money is known as a medium of exchange, a unit of account. It is portable, durable, divisible and fungible (each unit is the same/identical as the next unit). Most importantly, it also has a “STORE OF VALUE” over an extended long period of time.
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Money is something that can be traded and is now in the form of a paper or coin. It is easy to store, portable and mostly accepted as a payment. Money must be backed by something like gold. If it is not backed by something it is fiat money.
Money is like a medium of exchange. It must hold value and it should be backed by something. It should be easy to store, portable, durable, divisible and widely accepted.
Money is as currency but an like currency, money is backed up with gold. Therefore it is also used as store of value .
Quoting Anton Kreil, money serves to solve the needs of the double coincidence of wants.
What is Money?
Money is store of wealth. It has value because there is a collective consensus that determined to use it as a store of wealth. It has perceived value because people want it.
Currency is a unit of account that facilitates the acquisition of goods and services. It’s a representation of perceived value because people can get the desired goods and services. It does not have the distinctive properties of money, ie. a currency’s money supply is manipulated by a central bank.
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Money has the value we have for every resource. It has its medium of exchange and unit of account. Also, it is durable to keep track of money.
Money is a medium of exchange, a unit of account, portable, durable, divisible, fungible and a store of value over a long period of time
Mike Maloney answer to this is bang on, I really cannot add anything more, he absolutely nailed it…
Money at its core is a language that has a unique attribute to it, namely store of value. This attribute is the only thing that differentiate money from currency.
In my view we have 3 types of money.
- God’s Money aka Gold & Silver…(precious metals)
- The Governments Money aka USD, EUR …(fiat currencies)
- The Peoples Money aka Crypto Currencies like Bitcoin, Ethereum…
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