MJ Industries

Money serves as a medium of exchange, an intermediary used in trade to avoid the inconveniences of a pure barter system. It is a store of purchasing power, something that people use to transfer purchasing power from the present to the future. Money is also a measure of value or unit of account, something that can be used to value goods and services, record debts, and make calculations. In other words, it is a measurement for value. Characteristics of Money Why is the Canadian dollar considered money but money from the Monopoly game not? What gives a $20 bill or $100 check account entries value? The answer lies in the characteristics of money: Acceptability : Money must be generally accepted by everyone. Without this, an object is not money, no matter how it scores in terms of the other characteristics. This is the problem Bitcoin has - it’s not accepted by everyone. It’s only accepted by very few people for transactions and it’s just not accepted widely enough to be considered as money...