How do crypto currencies fit into the world of traditional currencies? How are they the same/different?...

How do crypto currencies fit into the world of traditional currencies? How are they the same/different? What does the future hold for currencies?

Expert Solution

Answer: Crypto currency- It is a digital currency or virtual payment system. It is a medium of exchange. It uses cryptography to secure the transactions. Bitcoin is the first block chain which is most popular. Crypto currency transfers the payment from one party to other in different country also.

Similarities between normal and crypto currency- Both are currencies and both serve as payment system, both are medium of exchange.

Difference between normal and crypto currency- Are as following:

Normal currency is issued by central bank of the country with the help of Government. It is legally accepted while crypto currency is still not legal in many countries and not backed by central bank/government.
Normal/fiat currency can be represented in physical dollar and in digital form in banks while crypto currency is a pure digital currency.
Normal currency has the unlimited supply of money while crypto currency has limited supply.

jeff jeffy answered 5 months ago

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