I argue that money enjoys an enormous cost advantage over barter or credit as a medium of exchange. Because of this, inflation is not likely to result in a large-scale substitution away from money as a medium exchange.

The resulting wampum inflation - more than 50 strings of beads were required to purchase a single beaver fur by the late seventeenth century - reduced the commodity's value as a medium of exchange. As a result, its use in the colonies died out.(3)

It will be argued that his M or "money" is total bank deposits (not the quantity of the medium of exchange), subdivided into its two components of current and deposit accounts, or checking and time accounts.

For example, if an entity acquires a currency in a business transaction as a medium of exchange, under IERS the entity would apply IAS 21, and since cryptocurrencies are not generally accepted as a medium of exchange, any payment received would be treated as a transaction in a foreign exchange.

With a singular purpose of replacing paper with plastic, the government was clear that only the medium of exchange was changing, and it made every effort to ensure that stored economic value was conserved through an aggressive remonetisation process.

VC is distinct from fiat currency or real currency-the coins and paper money minted and printed by the central bank of a country; designated and circulated as legal tender in the country; and used and accepted as a medium of exchange in the country.

It can be redeemed at any time and used as a medium of exchange, unit of accounting or store of value.

THE medium of exchange is not a commodity and that is the Islamic basis of viewing money anywhere.

Menger understands money as evolving in a process of selection from the most marketable goods to a few and finally one good that comes to be used as the most common medium of exchange. This process takes place over time as first a limited number recognizes the value of acquiring more marketable goods in exchange for less marketable and the other members of society subsequently learn from the success of these entrepreneurs.

'It also states that Philippine 'banknotes and coins are issued for circulation as a medium of exchange and to utilize them for other purposes does not speak well of the due respect and dignity befitting our currency,' it added.

It is a medium of exchange using cryptography so as to secure the transactions and to control the creation of additional units of the currency.

These digital currencies fare poorly on all three measures critical for the wider acceptance of any currency--be it a medium of exchange, a store of value or a unit of account.

They function as a medium of exchange, a unit of account and/ or a store of value, but does not have legal tender status in any jurisdiction.

They functions as a medium of exchange, a unit of account and/ or a store of value, but does not have legal tender status in any jurisdiction.