by: Tam Ging Wien
Money is simply a medium of exchange as well as a store of value. However for money to function well in our modern globalized economy, it also need to possess characteristics that make it suitable for trade. We discuss 10 characteristics of what makes money, money and compare the differences between fiat, gold and cryptocurrencies.
For money to be trusted and used by the masses, it must be secure and not easily counterfeited. Counterfeiting on a large scale will undermine the trust in the money system. Businesses would be reluctant to use money that could be easily counterfeited in trade.
Gold in general is difficult to counterfeit however there are many instances where the purity of the gold was altered or substituted with a cheaper metal.
Fiat currency such as dollar bills have many security featured within them which makes them counterfeit resistant. Counterfeiting dollar …