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What is Currency?
As we need a common denominator to value the commodities and services when we exchange them, a currency is a mediator and is required in order to function as a common denominator.
Commodities and services can be exchanged for currency. Currency is defined as money that is issued by a government, accepted at face value, and comes in the form of coins or paper. in the past people were trading using a barter system, basically exchanging one product to another, in the modern world, bartering has been superseded by currency as the main method of trading products and services.
“I think that the future of currency is digital, and Bitcoin has a good shot at being the currency of the future.”Adam Draper
Currency has long since supplanted bartering as a means of transferring goods and services as the principal medium of exchange in the modern world.
A new type of currency has entered the vocabulary and arena of transaction in the twenty-first century: virtual currency, sometimes known as cryptocurrency. In the United States, virtual currencies such as Bitcoin and Ethereum have no physical form or official backing. They are traded and stored digitally.
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