Bitcoin is a digital currency that is not supported by any country’s government or central bank. It can be traded for services or goods with sellers who accept bitcoins as payment. Bitcoin was first  introduced in October 2008. It was invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. The system is peer-to-peer (person to person using bitcoins) and transactions take place … Continue reading Bitcoin

Types of Money

Fiat money is a currency established as money by government regulation or law. It differs from commodity money and representative money. Demonetised currency are not fiat money as they are not legal tender Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange, while representative money simply represents a claim on such a good. Fiat … Continue reading Types of Money