Student’s Name Professor’s name Class Name Date Are Cryptocurrencies really money? Since cryptocurrency was incepted the big question has always been: Is cryptocurrency real money? Now before addressing the question at hand it is important to define money. Money is defined as a verifiable and acceptable item for payment for goods and services or debt repayments in a given socio-economic context (JEVONS). Money has greatly influenced the civilization of man weans the barter system and encouraged the trading networks between borders. Majority are ignorant about money its origin and characteristics. They don’t even know that there is an emergence of digital currencies that are in use in the form of the global money this is not a physical object but thus exists online. It is therefore impossible to degenerate it. This is another win for cryptocurrency over the paper money. Cryptocurrency lack fungibility and once it has been sent it is impossible to reverse the transaction. On the issue of intrinsic value it’s up to people to decide. Might is Right mentality. In conclusion in light of the aforementioned comparison cryptocurrency is real money (Vigna). Works Cited Andrew Johnson. Cryptocurrency. 2017. Dannen Chris. Introducing Ethereum and Solidity: Foundations of Cryptocurrency and Blockchain Programming for Beginners. 2017. JEVONS WILLIAM S. T. A. N. L. E. Y. Money and the Mechanism of Exchange. HANSEBOOKS 2016. Vigna Paul C. M. Cryptocurrency. Random House UK 2016. [...]
Are Cryptocurrencies really Money? All the buzz is about the "Bitcoin" and other (more than 20+) different Crypto (electronic) currencies. After reading the chapter provided on the Functions of money, do some brief research, develop a discussion paper, as to whether you feel these currencies - really do conform to the functions of money -- are they they new currency of the future?