We know that fiat money is the most widely accepted medium of exchange for goods and services. However, cryptocurrency is also a medium of exchange that has seen quite a lot of traction from businesses accepting payments with crypto.
Some of them include Microsoft, Etsy, PayPal, and Starbucks! Some governments, like El Salvador’s, have even passed laws making bitcoin legal tender in their state!
In this video, we’ll explain the similarities and differences between fiat money and cryptocurrency and explore whether crypto will, in fact, replace fiat in the near future.
Timestamps:
00:00 Intro
00:51 Medium of Exchange
01:19 Store of Value
01:58 Unit of Account
02:30 Control
03:16 Outro
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