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Source: Taxonomy of Money

Originally published in Forbes CryptoAsset & Blockchain Advisor, August 2020

For as much excitement as cryptocurrencies have generated over the years, their use as money has been limited for one simple reason: volatility. Any form of money is expected to meet three basic criteria: it must be a unit of account, medium of exchange and store of value. Bitcoin meets the first two with flying colors, but it has not proven to be a stable store of value. Stablecoins directly address this shortcoming, which, as their name dictates, are designed to maintain a constant price peg. …

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Alex Broudy

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