So it seems that the ultimate fundamental difference between a highly developed Bitcoin system and our current Fed-based, paper-money arrangement is political--the tangible resource costs of creating the medium of exchange
are extremely low in both cases.
Moreover, contrary to Block's position, I contend that once fiat notes pass into the hands of the general public, their use as a medium of exchange
becomes legitimate by them, and involves nether fraud nor robbery.
The classic example of a commodity evolving into a medium of exchange
is the use of cigarettes in prisoner of war (POW) camps in Germany during World War II, as described by Radford (1945).
That is, a check is a means of payment and hence generally accepted in transactions, though it is not a medium of exchange
If you rely on a standard textbook definition, you'd describe money in terms of its functions, for example, "Whatever is used as a medium of exchange
, unit of account, and store of value.
As I am primarily interested here in the medium of exchange
role of private money, I will assume throughout that [phi] > 0.
Coins remained the most popular medium of exchange
in the United States until the beginning of the 20th century.
In the meantime, gold is the most desirable medium of exchange
for large transactions, such as property purchases.
The sessions will begin with a discussion of the use of "tobbacco" as a medium of exchange
and a girl of respect for services.
In such a framework, there is no need for a medium of exchange
and no role for money.
XML technology is turning the Internet into a powerful medium of exchange
, for business-to-business (B2B) and business-to-consumer (B2C) e-commerce, for education, for e-government, and much more.
Making comparisons is the medium of exchange
of economic analysis.