Question

Define and explain cryptocurrency. Evaluate cryptocurrency in terms of the functions of money and explain if it is money or not.  

Answer 1

A crypto-currency is a digital or virtual currency protected by cryptography which makes counterfeiting or double-spending almost impossible. Most cryptocurrencies are decentralized, blockchain-based networks — a distributed database operated by a dispersed computer network. One defining feature of cryptocurrencies is that they are generally not issued by any central authority, making them theoretically immune to interference or manipulation by the government.

Medium of Exchange : Just like any other Fiat currency, cryptocurrency is accepted in some stores and businesses but not in all stores and businesses. Check out this article to see Bitcoin and other cryptocurrency accepting firms. Crypto is becoming increasingly popular and embraced as a medium of exchange. Its recognition is untouched by the limits of your race or nations.
Store of value: This is where crypto performs best, if we exclude the few unfavorable months that have gone by. Fiat is known to reduce its purchasing power but is known to increase the value of cryptocurrency. Every second though, this isn't real.

Unit of account: Account unit basically means $1 in your wallet is equal to $1 in your friends wallet, $100 in your bank account is equal to $100 in your neighbours' account. So also in the wallet of A 1 btc is equal to 1 btc in the wallet of B. Measurement Unit is when an iPhone X costs $999. The price is almost constant all day, if not all month. For months the price may not change, so are most goods, too. Cryptos are very volatile in this region and are doing very poorly.