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Definition

Money is "anything that is widely used to exchange value in transactions. It functions as a medium of exchange, storage of value and unit of account."[1]

Overview

"Money is essential to a modern economy, since it is used in virtually all the transactions that underlie economic activity. But what is accepted in payment has changed over time, and so have the ways in which payments are made."[2]

[There are] three basic points that together provide a solid analytical foundation for approaching the subject [of money]. First, for most economists, money serves three classic functions — as unit of account, means of payment, and store of value. In the future there is little prospect of change in these basic attributes. Second, there are a range of forms of money, not all of which must serve all three of money's primary functions. In the future there is a good chance that current forms of money will be joined by new ones, although it is difficult to ascertain the likelihood of widespread acceptance. And third, there will doubtless be a proliferation of monetary media or transaction methods, both physical and digital, over the next few decades.[3]

References

  1. Virtual Currency Schemes: A Further Analysis, at 33.
  2. The Economics of Digital Currencies, at 2.
  3. Riel Miller, Wolfgang Michalski & Barrie Stevens, "The Future of Money", in The Future of Money, at 11-12.

See also

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