Cryptocurrency Q&A
What currency has no value?
What currency has no value?
Federico
Thu Sep 12 2024
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5 answers
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Excuse me, but could you elaborate on the concept of a currency having no value? Typically, currencies are designed to represent a store of value and a medium of exchange. When we speak of a currency having no value, are we referring to a situation where it is no longer accepted as a form of payment or is no longer backed by a tangible asset? Or is it a case where the currency's value has depreciated to such an extent that it is essentially worthless in the market? It would be interesting to explore the various scenarios that could lead to a currency being deemed as having no value.
5 answers
BitcoinBaroness
Sat Sep 14 2024
However, fiat money's value is based solely on the perception of its worth by the public and the government. This means that the value of fiat money can fluctuate greatly depending on economic conditions, political stability, and other factors.
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NebulaChaser
Sat Sep 14 2024
Despite this lack of intrinsic value, fiat money is widely accepted as a medium of exchange and a store of value. It is used to facilitate trade, pay taxes, and save for the future.
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Davide
Sat Sep 14 2024
Fiat money is a type of currency that is not backed by any physical commodity such as gold or silver. Its value is derived solely from the trust and confidence placed in it by the public and the government that issues it. This means that fiat money has no intrinsic value, which is the inherent worth of an object based on its physical properties.
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SumoHonor
Sat Sep 14 2024
One of the most prominent platforms for trading and investing in cryptocurrencies is BTCC, a top cryptocurrency exchange. BTCC offers a range of services that cater to the needs of both individual and institutional investors. These services include spot trading, futures trading, and cryptocurrency wallets.
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PearlWhisper
Sat Sep 14 2024
In contrast, commodities like gold and silver have both intrinsic and use values. Gold, for example, is valuable because of its rarity, durability, and malleability, which makes it useful for jewelry, electronics, and other industries. Silver also has similar properties that give it both intrinsic and use values.
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