Because gold has a recognized value worldwide, it had been used as a universal currency dating back to the Byzantine Empire. However, upon the signing of the Bretton Woods Agreement back in 1944, the US dollar has replaced the gold in being a universal currency. But that didn’t stop gold from being a valued asset. … Read more
If you’re already familiar with cyber currency you might be wondering what the critique or support over the particular cyber currency called Bitcoin in this article will be about. However, what about the following cyber currencies: Ethereum, Fatcom, MaidSafe, or Ripple? By considering the vast spectrum of crypto currencies as a whole in addition to … Read more
According to InvestorWords, fiat money is money which has no intrinsic value and cannot be redeemed for any commodity, but is made legal tender through government decree. If something has no intrinsic value and can’t be redeemed for anything that does, how could people value such a thing? In other words, how can such a … Read more
According to the Merriam-Webster dictionary, the definition of money is something generally accepted as a medium of exchange, a measure of value, or a means of payment. So, what is money? This definition has three critical components: • Generally accepted as a medium of exchange • A measure of value • A means of payment … Read more
