Post
Topic
Board Economics
Re: Are Currency and Money the Same thing
by
FreeTrade
on 07/11/2011, 14:03:30 UTC
So from this I'd gather that currency is the actual thing used for exchange, whereas money is the abstract. I could give you 1 BTC for a stick of gum, and that'd be a use of it as a currency.  

Money is abstract - agreed. I like to say that money is imaginary. Currency is used to represent the imaginary. Currency is physical tokens.

When gold was money, it was simultaneously money and currency at the same time.

With Bitcoin, the blockchain, and the agreement about what it represents is Money. (When/If Bitcoin becomes generally accepted).

Bitbills and Casacius coins are currency. Your wallet on a USB stick is currency (although very difficult to verify, so it probably could never become generally accepted). (Again, When/If Bitcoin becomes generally accepted.)

I know it the term 'cyptocurrency' is in general use, but it is a misnomer. Bitcoin allows individuals to directly exchange money. It largely obsoletes currency.