What is currency?

[zoeylee]

In my opinion, in a particular country they have a system of money used in general so it so called a currency. Like the strongest currency was the dollar. In these new era, with the advancement of technology digital currency evolved.

[1714042266]

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[abhi777]

It is true that currency is a representative of the. Value of the countries purchasing power given to the people in a form of trust. That means that the piece of cotton bill of a minted coin they have in their wallets and bank accounts has real value and the people should trust the financial arm of the government that it is true.

Currency is a tool to pay for or buy items that you like. but the name of each country's currency is different. but the type of currency used in the world of bitcoin is.

[nur rochid]

It is true that currency is a representative of the. Value of the countries purchasing power given to the people in a form of trust. That means that the piece of cotton bill of a minted coin they have in their wallets and bank accounts has real value and the people should trust the financial arm of the government that it is true.

Currency is a tool to pay for or buy items that you like. but the name of each country's currency is different. but the type of currency used in the world of bitcoin is.

currently there are 2 types of currencies, namely digital currency, which is pioneered by crypto, and fiat currency, which has the same properties, namely as a transaction tool, even though it has a different operating system

[Robust Crypto]

My argument is that currency is a measurement system to try and quantify value.

If currency is the measurement of value what is it's unit of measurement?

Every system of measurement on the planet depends on a unit of measurement.

weight      =  pounds
length      =  inch
work        =  joule  
brightness = candles
time         = second
value        =  ?

What is a unit? "a quantity chosen as a standard in terms of which other quantities may be expressed."

Who chooses that standard? We do! people just start to all agree on a unit

The first thing people say is that value is subjective, but all of the units of measurement are a matter of opinion that we all share. What is subjective to the individual is not true of man kind in general. It may be true that a individual may not value food but it is not likely to ever be true that mankind would not value food.

So if currency is just a yardstick to measure value of real things it is just a tool, like a protractor, compass, tape measure but it has no lines on it. To give currency lines we have to all define and accept a unit of value.

I suggest 1 joule of work = 1 unit of currency

When we define a unit of currency it will no longer be subjective when we all believe something it becomes objective.

The only way to ever measure anything is against a point of reference.
 

This is what is says on wiki about money--

"Measure of value
Money acts as a standard measure and common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems. But its most important usage is as a method for comparing the values of dissimilar objects."

There is no system of measurement that does not have a constant, not one of them no matter how subjective they may seem every system of measurement has a unit! The measure of value is no different the above statement is not true and will not be true until a unit of value is accepted.



  

Going to be part of this, sounds interesting.