ECON 101 Lecture Notes - Lecture 1: Ethereum, Cryptocurrency, Bitcoin
Document Summary
What is money wee define it by its functions. Asset unit of account how we measure value t now we measure a store of value income earned debt owed. Mi currency focuses on medium of exchange checkable deposits. Mz mi t saving deposits on forus timedeposits ids the asset function. Money market muggy we can get even broader. Medium of exchange exchange in crytocurrencies is lavrentiy slow. Asset store of value their values have been highly volatile clunky not many accept them in payment a unit of account almost non existent now severity problem currently not right now. The government money system most governments claim the right to create money t regulate its value. In practice the money system consists of both the government private banks but. Banks take deposits having too many withdraws so they don"t as loans. Make loans they"re worried lend out all deposits about.
