Cryptocurrency Q&A
What is a book in money?
What is a book in money?
Andrea
Thu Sep 26 2024
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7 answers
1594
Could you please elaborate on the concept of "a book in money"? I'm intrigued by this phrase as it's not a commonly used term in financial or cryptocurrency circles. Are you referring to a ledger or a record of transactions, akin to the books that banks or financial institutions keep to track the movement of funds? Or is it something more specific to cryptocurrency, such as a blockchain or a decentralized ledger that tracks the ownership and transfer of digital assets? I'd appreciate any clarification you can provide.
7 answers
GangnamGlitzGlamour
Sat Sep 28 2024
Book money refers to the credit balance held in a bank account. It represents the financial standing of an individual or entity within the banking system.
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Alessandra
Sat Sep 28 2024
Banks maintain records of their customers' transactions, including deposits and withdrawals, to ensure accurate bookkeeping.
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Claudio
Sat Sep 28 2024
When a customer deposits funds into their bank account, the bank credits the account with an equivalent amount of book money.
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Lorenzo
Sat Sep 28 2024
Conversely, when a customer withdraws cash from their account, the bank debits the account and converts the book money into physical currency.
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InfinityRider
Fri Sep 27 2024
This process allows for the seamless transfer of value between individuals and institutions without the need for physical exchange of currency.
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