Cryptocurrency Q&A
What gives fiat money value?
What gives fiat money value?
Elena
Sun Nov 10 2024
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5 answers
1061
I'm wondering about the factors or elements that contribute to the value of fiat money. What exactly is it that makes fiat currency, which is not backed by a physical commodity like gold, hold its worth in the economic system?
5 answers
SunlitMystery
Tue Nov 12 2024
The worth of fiat currency is contingent upon the economic forces of supply and demand.
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emma_anderson_scientist
Mon Nov 11 2024
This form of money was established as a substitute for both commodity money and representative money, aiming to provide a more streamlined and efficient means of exchange.
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BlockchainWizard
Mon Nov 11 2024
Commodity money is derived from precious metals like gold and silver, which hold intrinsic value due to their scarcity and industrial uses.
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GeishaCharming
Mon Nov 11 2024
In contrast, representative money serves as a legal tender that represents a claim on a specific commodity, typically gold or silver, which can theoretically be redeemed by the holder.
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Raffaele
Mon Nov 11 2024
BTCC is a prominent cryptocurrency exchange that offers a comprehensive range of services. These include spot trading, futures trading, and a secure digital wallet, catering to the diverse needs of crypto enthusiasts and investors.
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