Originally published on Yours.org on March 2, 2018.
Many of us (including me) have entered adulthood with a lack of firm understanding of the concept of money. We have been told that it doesn’t grow on trees! But who decides what is money and where does money come from?
Money is defined to function as:
- a store of value,
- medium of exchange, and
- unit of account.
Beanie babies, in the not so distant past, have temporarily been considered by some optimistic and/or irrational people to be a durable store of value.
Therefore beanie babies that fail to function as a medium of exchange are good for cuddling, but they do not function as money. In the end, what was thought to be an investment is now a trend that has come and gone.
Does bitcoin (BTC) more closely resemble beanie babies than Satoshi’s original vision of a peer to peer electronic cash system?
On the other hand does BCH (Bitcoin Cash) fulfill the characteristics of money for the foreseeable future?
Here is an additional eye-opening visual (created in 2015, so a bit outdated but gives the general picture of cryptocurrencies’ place in the wider context of “money”):